0% balance transfers can be a great tool to cut down credit card debt as you’re, obviously, paying nothing for interest. However, you need to know the rules of the game and how to play by them, or you could wind back up with a nasty APR. FiveCentNickel breaks it all down for you. He warns,
The biggest gotcha when it comes to balance transfers is fees. Many card issuers charge a balance transfer fee (typically in the ballpark of 3% of the amount transferred) whereas others don’t. Obviously, if you’re looking to maximize the value of your balance transfer, you’ll want to avoid fees. The good news is that there are a number of fee-free balance transfer options, as well as others that normally have a fee, but waive it for new applications.
0% balance transfers are a nifty way to manage credit card debt, just make sure you choose the right one and read the fine print. Hit the link for more info on the backend dos and don’ts, and a list of recommended cards. — BEN POPKEN
How to Profit from 0% Balance Transfer Credit Card Offers [FiveCentNickel]