Interest Free Balance Transfer

Interest free balance transfer credit card offers are tempting, especially if you're deep in debt. You can save thousands by lowering your interest when you transfer your debt from high interest cards. And if you understand APR, compounded interest and credit in general, you may be able to beat credit card companies at their own game by paying off as much debt as possible once you juggle your debt to an interest free balance transfer credit card. Then before that interest free period runs out, juggle it to another similar card. This allows you to keep paying only on your principle, while spending no money in interest at all. This is tricky, though, it requires great credit for you to be able to get card after card, on time payments, large payments, and a commitment to paying down your debt.

If you qualify for a card with an interest free balance transfer, then as long as you're aware of when the interest free period ends, what kind of interest you might pay on purchases or ATM withdrawals, and how high interest will go once your introductory period is over, you may be able to make this work for you. At the very least you can pay your debt down substantially and save a lot of interest during that time.

Cards that offer interest free balance transfer might approve you to have one of their cards if you have only fair credit, and yet it won't be the one with the interest free balance transfer offer, you can be sure. Avoid these less attractive offers. If you already have less than great credit, you're prone to credit mistakes and could just end up owing more by attempting to get a card that offers interest free balance transfer.

Also, if you tend to pay late fees or check bouncing fees, don't even apply for cards that offer interest free balance transfer. If you did get approved, you wouldn't enjoy the low fees for long. With interest free balance transfer offers, one late payment defaults the card back to a higher interest rate.