By Andre Hansen
The United States is $12,773,480,722,256.35 in debt, with the average person owing $41,454.98. Every opportunity to save money takes time and effort in today's economy, with credit card holders at the top with high balances and unpaid payments. One way out of this scenario is to transfer credit cards with high balances to one with free balance transfers. Credit card teasers make this offer with a 0% Introductory APR for six months on purchases and 12 months on balance transfers. Other cards make the same offer but have no annual fee, earning one point for every dollar spent while others add unlimited cash rewards.
The purpose of free balance transfers are to help people in debt consolidate their credit card debts onto one card, saving money on the interest of each card by transferring all of it to one interest free card. Each card makes its own introductory rate, with card holders with excellent credit able to get the best promotional rates. Once a customer's credit begins to slip, the interest rates will go up. One such example is the AT&T Universal Card. One late payment causes a zero interest rate to jump immediately to 28.49%. However, there are many cards to choose from that offers free balance transfers. It may vary in their interest rates, with several offers consisting of a fixed APR on transferred balances on specific time frames.
With so many cards to choose from, it is difficult to choose the perfect one. A person's credit rating will always influence by his choice of card and followed by the amount of transaction fees just as influential. But once a choice is made for the free balance transfers, make sure the credit lines of all the old cards are closed or it will be tempting to charge on them also. Also, watch for the tiny print that offer 0% since not everyone will qualify. A person who is under the impression they are paying 1.9% in interest may instead pay a rate over 10% because of missed payments or bad credit.
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