What is a Balance Transfer Credit Card

With many credit card companies charging such high interest rates, more and more consumers are taking advantage of 0% balance transfer credit cards.Switching your outstanding credit card balance to one of the many 0% balance transfer credit cards can save you a substantial amount of money. And the higher your current balance, the more your will save by transferring to 0% balance transfer credit cards.

When you apply for 0% balance transfer credit cards you will be advised of your credit limit. You can then transfer as many other credit card balances as you like on to your 0% balance transfer credit cards (within your credit limits). 0% balance transfer credit cards will enable you to discard your high interest cards and save on interest charges for every balance that you transfer – and these savings can really add up.

Balance Transfer Credit Card Providers

• Goldfish Credit Card - 3.9% on balance transfers until 1st July 2010. Typical 17.9% APR (Variable).
• Intelligent Finance Credit card - 4.9% Life of balance on Balance Transfers. Typical 16.9% APR (Variable).
• Post Office Credit card - 0% on Balance Transfer for the first 8 months. Typical 14.9% APR (Variable).
• Royal Bank of Scotland Credit card - 0% on Purchases and Balance Transfer for the first 6 months. Typical 16.9% APR (Variable).
• Sainsbury's Credit Card - 5.9% Life of balance on Balance Transfers. Typical 15.9% APR (Variable).
• Sainsbury's Platinum Card - 5.9% Life of balance on Balance Transfers. Typical 15.9% APR (Variable).
• Virgin Credit Card - 0% on Balance Transfers for the first 13 months. Typical 15.9% APR (Variable).

0% balance transfer credit cards offer an interest free period of several months, sometimes a little longer. After transferring your balance to the 0% balance transfer credit cards, you should pay off the balance as soon as possible to avoid paying interest charges. Even if you can’t pay off the balance within that time, you will still have saved on interest charges for at least a few months by using 0% balance transfer credit cards.

There are many offers on 0% balance transfer credit cards, and you can find a great deal with minimal fuss. Browse and compare the benefits with each of the 0% balance transfer credit cards, and choose one that will be most beneficial to you. If you have several high interest cards with substantial balances, you could apply for two or more 0% balance transfer credit cards. This will give you the facility and credit limit to transfer all your credit card balances onto money-saving 0% balance transfer credit cards.