Balance transfer credit card is a card that you can use to transfer your existing credit card debt. Many people are having problems paying their credit card bills in full because their credit cards charge expensive interest rates. If you are looking for a way to pay off your credit card faster, you can transfer the balances to a balance transfer card with a long zero percent intro period.

Most balance transfer cards offer a 0% intro period that lasts for 12 – 21 months, which is sufficient for settling your credit card in full.
If you managed to pay off your card within the intro period, you won’t have to pay a single cent of interest fee just like you are on an interest free loan. This means you are just paying the amount you initially spend on the card and don’t have to pay any interest fee. You can save a lot of money in interest fee if you use a balance transfer card to pay your existing credit card debt.

There are two methods that the credit card company can make money from the balance transfer card. The first method is to charge a regular APR fee if you fail to pay off the balance before the intro period end. The second method is by charging a balance transfer fee when you transfer the balances from the credit cards that you want to consolidate. The balance transfer fee is about 3% – 5%.

Your credit report must show that you have a clean credit history in order to get approved for the balance transfer card. This means that your credit score must be either good or excellent credit score. The higher your credit score, the easier you will get approved for the balance transfer card. You should try applying for 1 – 2 balance transfer cards first. If you try to apply for too many cards, it may have a negative impact on your credit score.

After shifting your existing credit card debt to the balance transfer card, make sure you are committed set aside an amount to pay it on the due date every month. You should refrain from using the balance transfer card to make any purchases as they may charge an APR rate for purchases even though they are not charging any APR fee for the balance transfer in the intro period. You can only transfer balance from credit card of a different credit card company to the balance transfer card.

You can’t transfer the balance if your credit card is issued by the same credit card company that issues the balance transfer card. The best way to shop for balance transfer credit card is use an online credit card search engine tool that allows you to compare all current balance transfer card offers and see which one you are eligible for.