The Credit Card Balance Transfer Game

Do you do a lot of balance transfers and just can’t understand why you are not paying off your debt fast enough? Here’s the ultimate way to lock in a low interest rate on a balance transfer. First off before you do a balance transfer ensure the following.

1.You have a 0 balance on the card

2. You have not made any recent purchases or cash advances

3. Complete the balance transfer and figure out how long it’s really going to take you to pay off the debt.

They will offer you a 0% with 6 months or so to pay back in full before the interest rate adjust. They will also offer you something like 1.99% interest rate locked in for a year or so. How credit cards work is that they will charge the entire balance transfer at the 1.99% interest rate.

However if you made a purchase with the same card that you had the 1.99% interest on, the new purchases items or cash advance will now be at a higher rate. Here’s the key: Any payments you make at this point will be applied towards the lower interest rates. Do you see how important it is that before you start your balance transfer and during your balance transfer not to use the card again until it is paid off in full.

At one point in my life I was using credit cards for everything. To get reward points was one of my reasons to use a credit card. But the thing is you tend to overspend when you use credit cards. You feel no pain when you make purchases. I no longer believe in the use of credit cards. There’s a reason why credit card companies are in business and why they are so profitable!

Once you pay off your balance transfer don’t rely on the use of credit cards anymore. It’s just not the way to live. The tips that I gave you can help you lock in a low interest rate for a balance transfer so that you can methodically pay off your balance. Yes it’s true that you will have to pay at least 3% of your balance, but if it’s going to take you at least 6 months to pay off the debt it may be worth it for you to lock in the low rate.