Monday, March 12, 2012

Saving Money on Credit Cards

It can be easy to just assume that when we see promotions for balance transfer cards that they are just another way for banks to make money. But if we are clever, we can actually make them work very well for us.

If we can transfer any money we owe to a 0% credit card, then we can save a lot of money. There are fee for transferring balances over on credit cards, but if you save a significant amount of interest because you are not paying any for a fixed period, then it can be really worthwhile. Do some calculations and work out whether you can save.

The best thing about transferring to a 0% card is that you can start to pay off the balance rather than just paying back the interest. You will have some extra money each month and you can use that to pay off the debt that you owe, which can start to make a big dent in your debt.

Even if you cannot transfer to a 0% card, there are still some great deals out there and it is worth taking a look and seeing whether you can save any money. Even a small monthly saving can make a significant difference in the long term.

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