How I saved some money transfering credit card balances
Recently I moved to a new apartment closer to where I worked to save on traveling expenses. However, the costs of renovating and furnishing the place is really taking a toll on my credit card expenses. Image by The Pug Father (Not my actual apartment 
)
Within 2 months of moving into the nice new apartment, I realized that I have overspent on many things. Instead of trying to save some money moving to a new place to cut on traveling expenses, I have instead spent more overall.
Anyway, I can’t go returning the new furnitures or get the contractor to undo the renovations. Instead, I need to find ways to pay off my credit card bills.
Since I owe the credit card company some amount in credit card debt, I did a balance transfer credit card and immediately I could save some money. In laymen terms, this translates to owing less money to credit card companies. If you’re wondering the sort of savings we’re talking about, it’s equivalent to about $100 or more in one year for every $1000 in credit card debt assuming 10% interest on the existing credit card.
One of the danger with credit card companies are unfair hikes and hidden fees. It’s like you automatically owe the credit card companies more without knowing about it. This is now a case of the past as recently, there is a new credit card protections : reforms to protect american credit card holders. So with this new reform, we as consumers are more protected from the dangers of credit card hikes and hidden fees. But if you are having some credit card debts now, it is advisable to perform a balance transfer now as the credit card ACT aimed to help consumers won’t be in effect for at least a few months. So, this means that your credit card company might have raised interest rates causing you to owe more.
If you’re interested to transfer some credit card balances, do check out this low apr balance transfer list. From this list, you should be able to select one which best suites your need. Also one important thing to note is that the length of 0% rates is declining from 1 year to 6 months. Hope it helps!
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31 Responses to 'How I saved some money transfering credit card balances'
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great post…nice article…thanks for full information..
Not so confident grabbing another card to replace the other card. However, very informative post with good tips to reduce debt over the long run.
You also have to take into consideration that everytime you open a new credit card account your credit score is slightly lowered due to the fact that they have to access your credit history.
Good information.Thank you for shairng:)
Many credit card companies will offer an enticing introductory rate on balance transfers in order to lure people into applying for their cards. Some even offer an initial period with 0% APR. These low initial rates are not necessarily a bargain. In order to make a decision about whether or not to transfer your balance, you need to consider what the interest rate will be once the introductory period is over. If the interest rate will remain lower than the rate you are currently paying, then making the transfer is probably a good idea, unless the annual fee on the card is high or there are other fees to consider
auto club
Good advice! And it’s good to read a little reminder that time is an issue for this matter…
Its depend on your credit card company that how much they charge introductory rate on balance transfer.
Graet Post! credit card company provides you to transfer your credit card balance bur its right that its depend on them , how much they will offer an enticing introductory rate on balance transfers.
Interesting post. I guess sometimes a little creativity can go a long way and result in some savings.
Good post – and too right. If you have the option to take out a new card and get a good deal on a balance transfer, DO IT – but keep careful note of when it will expire and make sure you don’t paying extra after it does!
hi…very great post.this is very inspiring post.the links are very useful.thanks for the post.
hm… maybe your article will be useful for me… thank you for the post
Terry Forsey
Saving money is very important. Most of the people waste the money for unnecessary reasons. I thinks this site is going to help lot of people. Great idea!!
Very precise information. Very helpful. Very interesting to read. This is a good post to help credit card holders be very careful of their spending….and in choosing the right credit card company…
Good post. Picture looks great.
Don’t most credit card companies charge like 3% for balance transfer?
Different Credit Card Company charge different rate for balance transfer. so it depends on your credit card company.
Nice information about Credit Cards and their usage. I don’t know much information about credit cards and all the stuff .After reading this article here I gained some good knowledge about balance transfer credit card, credit card protection etc. Anyway thanks for sharing useful information.
Thank you very much for posting information about credit card and about its hidden charges. I gained immense knowledge about credit cards after reading your blog and posts which you mentioned here.
Yeah the charge rate depends on the company and it differs from one company to another. But I just love to use credit cards.
Yes that’s true we all can save money by transferring credit card balances. But we need to be very careful in doing this as some of the credit companies charge high for this.
Nice article to share. I gained some important knowledge about how to save money after reading this post. Thanks for the info.
Great post to gain and learn lot of useful information to save some money transferring credit card balances.
Even I too gained some valuable knowledge after reading your post.
I usually use Credit cards for everything. I never know that these many things are associated with credit cards. After reading the article I decide to be careful in using it.
Good source of information about credit cards and saving money. I learned a lot about credit card protections and balance transfer.
I never thought this much stuff is associated with the Credit cards. Thanks a lot for the information.
Thanks much for that story! It gave me some real insight!
Thanks for sharing this post! This is really great! Honestly, I made my credit card go wild in Clapham shops and restaurants! I can’t blame myself, the food are great! But seriously, this post will definitely help me. I had so many problems regarding my credit card debt. Thank you for making this post!
Thanks for sharing this informative blog.This post gives me lot of information about credit card.I will back to visit very soon.I am so glad that i visited this blog.keep blogging.
I think not all credit card company have the same rules on that.