Low Interest Credit Cards With No Balance Transfer Fee
According to the consumer credit website, the average interest rate of one credit card is nearly 18.9%. It is pretty obvious that the amount is not at all fair. Getting to pay some debts with almost 20% of additional charges brought about by the interest rates would really lead the consumers to bigger debts.
Interest rates are usually charged by the credit card company once the user had accumulated some balances on his or her due payments. The problem is that most people tend to pay their minimum balance only. In fact, 48% of the credit card users were known to pay their minimum balances only.
0% balance transfers – what are they?
Balance transfer deals, what are they I here you ask! They are here to save us money and using one will be a great advantage to you. If you are not sure how they work read on and I will explain,
A balance transfer is when you move your balance from your existing card to another card that is giving you a better APR. A lot of companies are jumping on the bandwagon with this deal they will offer you 0% interest for a period of time, it could be 6 to 9 months or even up to a year. A typical example is say the card you had was charging you a an APR of 27.9% and your balance is £2000, your monthly payment would be £300 you will not have cleared your balance after a 6 months period, in fact you would have paid £494 in interest and you would still owe £694. If you could have put this amount into a balance transfer deal then the amount due at the end of the six months would be £200, saving you £494 how good is that!
Blue Cash® from American Express
- Up to 5% Cash Back with Unlimited
Cash Rewards - Earn unlimited cash back
- 0% Intro APR for 6 months
- Low Balance Transfer rate - 4.99% fixed APR for the
life of the balance - No Annual Fee
- Apply Now!
Remember…
1) Shop around for the best deal
2) Take into account your personal circumstances
3) Make sure you are aware of the new credit cards APR after the introductory deal is over
4) Do not apply for too many credit cards at once as this may affect your credit rating
