Do You Have Good Credit and Carry a Balance on Your Card?
You Should Consider a Balance Transfer to a Low APR Card

If you are one of the few consumers who has demonstrated good spending habits with your credit cards and other personal finances you are who the financial institutes are targeting. Almost every bank offers low interest credit cards that typically provide an intro low rate, typically a 0% APR with a low fixed ongoing rate after the introductory period has expired.

Some words of warning for those considering a balance transfer to a low interest credit card. You must fully read the agreement before you transfer your balance and check for the terms if you are late or miss a payment. If you are applying for a credit card that offers an interest free intro rate, missing a payment could be in violation of the terms and conditions and will allow the bank to begin charging you a high interest rate. Make sure that you will actually make your payments on time before you arrange a balance transfer otherwise it may cost you more than what you were paying. The idea of transferring your balance to a low rate credit card is to save money - be sure that you will actually be able to pay to take advantage of the interest savings.

You should also review the details when applying for introductory low interest rates for the ongoing rate to ensure the rate will be desirable in the long term. One of the conditions for the introductory offer might be a specific time period that you must be a cardholder. One of the conditions for a 0% intro rate might be that you must continue to hold the credit card for a certain time period after the initial card offer expires.

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