With the multiple credit cards most consumers have these days; it is pretty easy to run up substantial credit card debt without realizing it. This is when those offers of 0% interest on balance transfers can make sense to explore.

More and more credit card companies are using incentives to attract consumer business and recent offers are quite appealing. Some issuers are luring new customers with offers to transfer balances from credit cards charging high interest rates to a card offering low interest rates, some as low as 0%. Doing some research will help consumers find the 0 APR balance transfer credit cards and save money over the long term.

Consumers Should do Their Homework

The first thing that a consumer needs to focus on is the goal for conducting the balance transfer, which is to save the most money possible. Consumers should review the terms and conditions of each balance transfer offer they receive. First, if it is a 0% offer, consumers should find out how long the 0% interest period lasts and what the interest rate or APR will be once the promotion ends.

Consumers should also be aware of how much money the balance transfer offer allows. For example, if the consumer has a $10,000 balance on a high APR card, but the balance transfer offer is limited to $2,000, then it may not be the right offer to pursue. Check all the terms and conditions and even keep a notebook of the different credit card offers to compare the terms.

Steps to Transferring

Consumers should start by gathering up all of their credit card statements. This allows them to get a big picture view of how much credit card debt they truly have. Make a list of each card’s balance and note the interest rate being charged. Consumers can then use a credit card balance transfer calculator to plug in the credit card balances and interest rates in order to estimate how much money they can save from the credit card balance transfer.

Apply for a Balance Transfer Credit Card

Once the consumer has identified the credit card that offers the best balance transfer deals, including annual fees, 0% interest rate periods and more, it is time to apply for the balance transfer. It comes down to applying for a credit card offering the 0% on balance transfers. Once the consumer is approved, the credit card issuer offers balance transfer checks or an online option to transfer the outstanding balance from other credit cards.