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2007
Transferring your credit card debt
Wednesday January 30, 2008
After spending heavily over the Christmas period, many people are now looking to start the year on a positive note by transferring their credit card debt to another bank.
Low or zero rates introductory offers are being snapped up as consumers look to make the most of the savings being offered.
While you can make a significant saving on a balance transfer credit card you will need to read the fine print associated with these cards.
Certainly, if you plan to just repay your "new" credit card debt off in a timely fashion then it really will be a money saving exercise for you.
However, if you are going to continue to rack up debt on your new card then you may find that you are actually worse off than if you maintained your original credit card account.
All new purchases or cash advances on your "new" credit card will begin being charged interest. The interest rate on your new card is probably higher than your old card.
Make sure that you understand how your credit card works. On the surface you may believe you have a bargain but depending on how you will use your new card will determine whether it is indeed a bargain.
