If you have accrued debt on your credit card then you’ll know just how painful it can be to pay off the interest each month. Especially if you just pay of the interest and don’t pay off any of the actual balance. It just continues to rise the more and more you use the card. This is why the option of a 0 balance transfer for life credit card is an appealing offer to many people.
How does a 0 balance transfer for life card work?
What a 0 balance transfer for life card will do is allow you to transfer your existing credit card balance over to a new card and pay no interest on that amount at all. This all sounds easy doesn’t it? Well to some extent it is but there are always catches to look out for.
Most of the 0% balance transfers for life offers have terms that you must stick to. Some of them will make you purchase at least two items a month on your card. As long as you stick to this, you’ll still pay no interest on your balance. The card issuers do this because they will still charge you interest on your purchases, so they will get their money back in the long run.
Read the small print!
As with any credit card you apply for, always look at the terms and conditions before you sign up. You especially need to look out for what happens if you miss payment or are late, as some cards will increase your interest rate if this happens. As long as everything looks straight forward, then a 0 balance transfer for life offer can really save you a lot of money.
Like all debt though, you really need to look seriously at paying them off as quick as you can. All interest you get charged is just a waste of your money. Pay off the balances and only use your cards if you really need to.