Searching for a Longer Balance Transfer Period

by : Andrew Regan

If you're a credit card user, it's likely that you'll be looking for ways to reduce your monthly repayments and consolidate your credit card debt. After all, with the spiralling levels of consumer debt in Britain and the wide choice available in the credit card market, you'll certainly be interested in saving as much money as you can by reducing your monthly credit repayments as much as possible. So, when you're thinking about switching credit cards, make sure to keep in mind that a long balance transfer period can hold numerous benefits.

Essentially, a credit card balance transfer involves you moving your debt from one credit card to another. Many credit card companies offer an interest free period on balance transfers to new customers, so it's a good way to save money. And the longer your balance transfer period, the easier it will be to pay off your existing credit card debt without incurring any interest.

Additionally, a longer balance transfer period may mean that you're able to transfer the balance from more than just one credit card onto your new card, thereby giving you the perfect opportunity to consolidate your debts. Whether you're paying zero interest during your balance transfer period or you're simply paying a lower level of interest, it'll certainly be within your interests to take advantage of deals on credit card balance transfers.

When choosing the best credit card for your balance transfer, it's important to take into account your personal credit circumstances. For instance, look at the size of your balance transfer and your existing credit card interest rate before you decide whether or not to make the change. Also take into account the amount of money you're willing to spend each month on your credit card, as well as the amount you're likely to repay each month - then assess the length of the interest free period on your balance transfer. Weighing up your options in this way will allow you to evaluate whether the balance transfer period that has been offered to you is really long enough.

What's more, when you're looking for a longer balance transfer period, don't rule out your existing credit card company from your search. On being informed that you're switching to a new credit card company at the end of your balance transfer period, some credit card providers may offer you a new credit card with a fresh balance transfer period in order to retain your custom.

So, when you're thinking about switching credit cards, make sure you search around for longer balance transfer periods to help minimise your monthly credit card repayments as much as possible. Ultimately, being a little savvier with your credit card repayments could help you keep those debt levels in check - thus granting you a lot more peace of mind where your finances are concerned!