13:18 24 April 2013
There are different types of credit cards available to you. Although each of them will give you credit, not all of them will offer you with the same benefits.
Balance Transfer Cards are for you if you have several credit card debts and you want to consolidate them into one card to make everything organize. These are also recommended for those people who would like to easily eliminate interest.
Balance Transfer Cards are usually introductory cards that help you pay your credit card much faster. You can transfer all your debts into this card and you’ll be given up to 6 months to pay all your debts without interest.
After the 6-month period, your credit card company will start charging with your pre-determined interest rate.
The key to really benefit from balance transfer cards is to pay all your debt within the first 6 months. If however, you cannot do that, you’ll still be happy to know that by the time the six months is up, you’re able to at least reduce the amount of your debt and this will reduce the interest rate significantly.
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