(Newswire.net – March, 12, 2013) Los Angeles, CA — According to www.6 figureearnings.com, a site devoted to zero balance transfers, many users are unaware of the pitfalls and dangers of using 0 balance transfers. One of the ways you can do away with high interest credit debt is with zero balance transfer cards. Those paying high interest rates on their credit would do well to avail of these programs. That being said, it is best to be aware of some basic facts so you know what you’re getting into.
Not all these programs are the same. To make up for the 0%, some companies will charge you in other ways. How they will charge and where will vary per company. Don’t just focus on the zeroes; you’ve got to read the whole agreement. Also keep in mind that the 0 balance transfers have different annual fees. That’s why a lot of the zero interest offers are in the premium credit card class. They can afford zero interests because the annual fee is higher than the usual.
Before you join any program, be sure to do some calculating. You could end up in a program that charges a very high annual fee, costing you more than your previous interest-laden card. The Zero Rates are Not Permanent and offer may be valid for up to six months usually. Try to determine if you can budget to pay the transfer within that period. If not, you might want to consider getting a card with longer zero% rates.
Whichever zero balance transfer program you choose, remember the following: once the zero balance period is over, any unpaid balance will be charged at the regular rate. If you don’t think you can pay the balance within the 0% time frame, you should look at the regular interest rates; this is how much you will have to pay.
You must compare credit cards to find the best deals. There are several websites that offer credit card comparisons. Use this to your advantage. If you find an offer that’s particularly attractive, go to their website; the offer status may have changed since the time of the review. If you have any questions about the 0 balance transfer program, make inquiries. Do not get into a balance transfer program if you don’t understand the process completely.
Among the questions you can ask are the following: how long is the zero rate period going to last? What are the penalties for delayed and missed pay? Don’t forget to inquire as to how the card payment is set against your debt.
Most card companies will apply the monthly payment to purchases, the balance transfer charge and then the transferred balance. To avoid confusion, use different cards for making new purchases and for the balance transfer. Also remember that if you’ve got debts, you must pay a minimum amount even if you don’t use the balance transfer card.
A 0 balance transfer card is a viable option for people who are paying high interest rates on credit cards. However the offers and stipulations vary among companies. By understanding their range and limits, finding the right balance program will be a less complex matter.