Credit-card-surplus.com Offers Tips for Individuals Considering Balance Transfer Cards

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San Francisco, CA (PRWEB) August 26, 2007 -- With the average consumer carrying nine credit cards, juggling payments and balances can quickly become burdensome. With so much plastic, outstanding debt can add up fast. Balance transfer credit cards (http://www.credit-card-surplus.com/balancetransfer.php) provide a way to consolidate and pay down debt. www.credit-card-surplus.com offers a list of 0 percent balance transfer cards to help consumers save valuable money on interest rates right away. www.Credit-Card-Surplus.com offers tips for those considering a balance transfer credit card.

Perhaps the key benefit of balance transfer credit cards is the chance to pay off outstanding debt at a lower interest rate. Consumers who carry high monthly balances on their credit cards usually pay large amounts in interest. This can make it difficult to pay off the entire balance, as an increasing sum of money is used up in interest fees.

Many balance transfer cards offer an initial period of 0 percent interest. This gives the consumer an opportunity to make payments that are applied directly to the balance. If the debt is paid off during the introductory period, cardholders deplete a loan virtually interest-free.

While balance transfer credit cards offer a way to pay down debt, there are some factors to consider before applying for one. Consumers should be aware of the following:

- how long the introductory period lasts

- what the interest rate will be after the introductory period

- whether or not the card charges an annual fee

- other fees involved, such as late fees

In addition, before filling out an application, potential cardholders should check how the introductory rate will be applied. In some cases, the 0 percent interest rate applies only toward the transferred balance. New purchases will be charged interest. In these cases, the payments made are first used toward the balance. When the balance is paid off, the payments are used toward the new purchases.

Finally, some credit cards charge a fee for the balance transfer. This is often a certain percentage of the amount transferred. If the fee charged is higher than the other savings involved, consumers may decide to keep the credit card they have and not switch to a different one.

To compare the differences between other credit cards and balance transfer cards, credit-card-surplus.com offers a calculator. The calculator allows cardholders to figure out what they are currently paying in interest. It also shows what they would save in interest with a balance transfer credit card.

Balance transfer credit cards are a solution for consumers who carry a number of credit cards. They provide a way to consolidate debt and pay down credit card balances. Additionally, consumers can use the initial period of 0 percent interest to reduce outstanding balances.

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