One of the most popular options for credit cards is known as the zero percent balance transfer credit card, one that offers tremendous benefit. For starters, if you have a current balance on another credit card but the interest rate is high, a significant amount of the money you pay each month is not reducing the balance but going toward the interest. As you can imagine, this means a lot of your hard-earned money is being wasted.
The investment of money with the correct and the right Credit Repair Companies is essential for the people. There is no less interest available at the amount to get the desired results. A pleasant experience is available to the individuals.
An example of how serious a problem this is, consider that if you had a credit card at 18% APR and the balance was $1,000, if you only paid the minimum payment of $25 each month, it would take almost 13 years for the entire balance to be paid in full! For a $1,000 balance using this scenario, you would pay more than $1,115 just in interest without the original principle balance being touched.
On the other hand, if you were to secure a zero percent balance transfer credit card that had a grace period of six to twelve months, you could transfer the entire $1,000 balance and during that timeframe, pay off the balance completely. In addition to eliminating the debt, you just saved yourself all the money that you would have otherwise paid on interest. Obviously, this provides you the chance to get out of debt but also improve your FICO credit score.
Although each zero percent balance transfer credit card is slightly different, on average the introductory period in which no interest applies is three to twelve months. The goal is to find a card that offers the longest introductory period but also one that keeps the interest rate low once this period is over. Additionally, you want a zero percent balance transfer credit card that would offer other benefits such as shopping rewards, cash back bonuses, and more.
Unfortunately, some people overlook the introductory period simply because they failed to read the details. Therefore, before accepting a zero percent balance transfer credit card, you need to know the associated terms. Finally, you would be in the driver’s seat regarding your debt and the way in which your money is spent. After all, you probably have other things you would rather spend $1,115 on than interest for a credit card debt. Today, finding a 0% APR transfer card is easier than you might think but to find the best, it would be worthwhile to conduct research.