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Tuesday, 19 June 2012

Lifetime Balance Transfer Credit Cards

What is a Lifetime Balance Transfer Credit Card?

There are so many different credit cards available that there is also limitless information available on the internet about these cards, how to compare them and which one is right for you. One feature of credit cards which is advertised quite heavily is a balance transfer rate or offer running on a certain credit card, but before you go comparing offers, find out what it really means.

A balance transfer is going to be attractive to you if you have a significant card debt. By transferring that debt to a balance credit card you will be able to benefit from more time to repay your debt and lower interest rates. However, the choices available to you in balance transfer cards is as varied as those choices available when choosing any other sort of financial product so you need to compare each offer based on its rates and fees before you choose a card with a balance transfer. Remember, some cards have transfer fees where as others will not, check the terms and conditions before applying.

One type of balance transfer offer you may be considering is the 0% interest balance transfer, however it is the lifetime balance transfer credit cards which we will describe here, for those of you who have large credit card debt to repay, or want to stretch your repayments over a longer period of time. A lifetime balance transfer credit card applies a low interest rate to your transferred balance for longer than the standard 12 month period of a 0% interest card. It is important to note that not all lifetime balance transfers are for a lifetime, some are just for a little longer than normal, for example one to five years; if you do some careful shopping you can also find lifetime balance transfer credit cards which offer a low rate for the life of the balance, no matter how long that may be. A lifetime balance transfer credit card also offers a very low interest rate, and where the standard interest rate on a credit card is around 17%, where a balance transfer credit card can offer an interest rate at an average of 1.43%.

Before you choose a lifetime balance transfer card, make sure it is right for you; are you someone who doesn't want to chase the 0% interest balance transfer offers and fill out new applications when the end of the promotional period is approaching? Are you struggling with your credit card debt and can't meet your monthly repayments easily, or just want to be able to make more of a dent in your debt? Then you could benefit from comparing the many balance transfer offers available online or in your local bank branch.

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