Erase Debt Faster 0 Intro APR Balance Transfer Magic
How to Maximize the Benefits
To truly capitalize on a 0% intro APR balance transfer, it's crucial to understand the terms and conditions associated with these offers. Here are some steps to ensure you're making the most of this opportunity:
1. **Evaluate Your Debt**: Before initiating a balance transfer, take stock of your current debts. Calculate the total amount you owe and identify which debts have the highest interest rates. This will help you determine which balances to transfer first.
2. **Compare Offers**: Not all balance transfer offers are created equal. Search options to compare different credit card offers, focusing on the length of the 0% APR period, any associated fees, and the interest rate that will apply once the introductory period ends2.
3. **Consider Balance Transfer Fees**: Most credit cards charge a balance transfer fee, typically ranging from 3% to 5% of the amount transferred. Calculate whether the savings from the 0% APR outweigh the cost of this fee.
4. **Create a Repayment Plan**: With a clear timeline of the promotional period, devise a repayment plan that allows you to pay off as much of the balance as possible before the regular interest rate kicks in.