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Posts Tagged ‘december’

Credit Card Balance Transfer Day December 11

By On December 8, 2011 Comments Off on Credit Card Balance Transfer Day December 11

Following the push that inspired bank balance transfer day in November, consumers are being urged to focus on a new goal, transferring high interest credit card debt to a new bank, lender or credit union on December 11th. Most consumers are being urged to seek out 0% apr card offers, to try and maximize their savings. Finding a card company offering a zero percent interest rate is not entirely challenging, the key is to try and find a company that offers both a zero percent rate and zero transfer fee offer.

Finding a great balance transfer deal is about doing your homework and applying some simple mathematical principles. Consumers need to examine the savings from the balance transfer, including any potential fees. For example, transferring a $10,000 credit card balance to a zero percent card offer, that includes a 5% fee, means you will be paying out $500 in interest charges immediately. So if you have a card with an interest rate of 7.9%, you are annually paying about $800 of interest (annually) the key is how much you can afford to pay monthly on your balance, if you have the potential to quickly pay down this balance this offer may not be financially beneficial to you. Zero percent offers can help reduce you monthly cash flow obligations and allow you to focus paying off higher balance cards with higher rates or other debts with higher rates, but you need to look at all of the numbers, including the rate your card will adjust to following the offer expiration for the balance transfer. Most card companies are offering between 12-18 months at most for a zero percent balance transfer offer. There are a few lenders offering 21 and 24 month balance transfer deals.

To qualify for a great rate, zero percent card offer you probably need to have great or exceptional credit. Consumers looking for alternatives may want to consider a local bank or credit union, that could offer a reduced card rate, without some of the big company restrictions. Take advantage of balance transfer day this year to improve your financial future and save on your interest expenses.