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Using the balance transfer technique is a way you can save money on your credit card expenses. Essentially, one credit card will be paying off the balance of your other cards. Normally, the reason you will transfer your balance from one card to another is because the new card has a lower interest rate.

In order to transfer balances or a balance form one card to another you need to request a balance transfer. Do not pay off your other credit card or credit cards by taking cash advance out on your new card. This would not be saving you money. The interest rate on cash advances can be very high. Instead, tell the new credit card company what debts you want to transfer to your new account.

If you have good to excellent credit, chances are good you can find credit cards that will offer you an introductory rate of 0 interest. Often this 0 interest credit cards are good for as much as six months. For those of you who do have very good credit, you could transfer your balances to a no interest credit cards each time your introductory period runs out. You should actually transfer your balance to a new card about a month before the offer runs out. By transferring your balance before you need to pay interest, you can have interest free credit card debt. This will not work for someone who does not have a good enough credit score.

Even if your credit is less than perfect, balance transfers can still help you to save money. You can look for credit cads that offer a lower interest rate than those that you are paying now. By transferring your balance to a credit card with lower interest, you will be saving money. In fact during the life of your balance you could save $1500 or even more by transferring balances to a card with lower interest rates.

Whether you have excellent credit, good credit or credit that is less than perfect, you can benefit from transferring balances to credit cards with lower interest rates. As mentioned earlier in this article, for people with really good credit, you may qualify for credit cards with 0% interest promotional periods. However, even though this is an excellent way to prevent yourself from paying interest on your balances there are things to keep in mind.

If you are forgetful and may not remember to switch your credit cards at the end of each 0% introductory rate period, you may just want to find one credit card with a low interest rate and keep your balance there. By moving your balances to a card with a lower interest rate than your current cards, you will still be saving money.

It is also important to know that many cards that offer 0% introductory rates, offer a relatively low credit limit. You may not be offered a limit that will cover all of the balances you wish to transfer. When you have transferred your balance to one of these credit cards, it is important to always make your payments on time. In many cases, if you forget to make a payment or are late, you will lose the promotional offer. Your interest rate will rise.

Using balance transfers can save you a lot of money. The higher the interest rates, the more money you are paying back to a credit card provider. By switching to a lower interest rate card, you could save 100ís or even 1000ís of dollars on interest. If you are able to continuously switch to credit cards with 0% interest promotional periods, you would not be paying any interest at all.