This websites compares all general credit cards, so people who which one to pick.
If you have existing credit card debts which you can not afford to pay off in full, then you have come to the right place. You could save 100's of dollars by Balance Transfering your credit cards, so read on!
What is a Balance Transfer?
A Balance Transfer (BT) is the process of moving debt from an existing credit card to a new one. So why would you do that? Very simply, you would do that to reduce the cost of your debts, saving you 100s if not 1000s of dollars in the process. The credit card industry is very competitive, so card issuers are keen to steal business from their competitors. To do this, they offer deals to attract customers away from other lenders. One of the biggest enticements that they offer is the Balance Transfer card where they let you move an existing debt to their card and charge you a much lower interest rate than you are currently paying.
How much could I save?
This depends on your existing debts and what credit card offers are available at the time, but here is an example. If you have $10,000 of debt on a credit card with an interest rate of 18.9% APR and you move it to a new card that is offering 0% interest on balance transfers for 12 months, then you would save nearly $1400 in interest in one year!
(these calculations assume that there is a 3% BT fee payable on the new card and that you pay $200 off your bill each month). To work out exactly how much you would save, check for yourself using our Balance Transfer Calculator.
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