0 Interest Balance Transfers: Saving Up On Your Credit Card Debt

2007-06-20 15:49:53

( Financial )



If you have an excellent credit standing and debt free, then you could be the next individual to earn money. And you can accomplish it by utilizing the devices that credit card tarts have been utilizing long enough.

The Credit Card Tart System

Credit card tarts have utilized the rewards provided by lenders to their benefit for the long term. Such rewards frequently contain 0 interest balance transfers for a fixed period up to one year. Lenders with existing debt apply for a new zero percent credit cards and transfer their credit to that card. They make resettlements as they usually would, but the debt is decreased because no interest is being collected.

When the reward period is near its termination, credit card tarts scout for a fresh no interest deal. They apply for the card six weeks at the very least prior to the termination of the past deal, so they have enough time to move their current balance to their new credit card.

This serial card transfer permits the clearing of debts without any interest payment. Borrowers have started to rebound from losing a lot of interest. A lot of them are now charging a balance transfer cost of close to 2%. But, there are some remaining no charge balance transfers accessible, which is a bit of luck for the consumers with no debt planning to utilize the system to earn some money.

Earning Money from 0 Interest Balance Transfers

To earn money from 0 interest balance transfers, it is important to maintain a good credit standing and to get a couple of new credit cards. One credit card has a 0 percent balance transfer rate. This should be a credit card that offers no fees on balance transfers. The second permits credit card checks at no extra cost.

The lender can utilize the 0 interest balance transfer card to move certain sum of money that permits credit card checks. The lender can afterwards issue a check for that sum and settle it in a high interest rate savings account. This method is only effective if the interest accumulated is greater than the amount being settled. Lenders can utilize the same method to apply for a reduced interest loan. Long term rates on balance transfers are slightly reduced than the regular rates of interests on loans.

A Question of Legality

There is no impediment with borrowers utilizing their credit cards in this manner. For as long as they continue to make prompt and complete resettlements, there are no possible complaints. It is likewise important to maintain a minimum amount of credit card applications so that the credit standing of the borrowers will be untarnished. There is no cause for borrowers who keep these rules and make prompt payments should not earn money using their credit cards. And while they are trying to find ideal credit card, it could be worthwhile finding additional incentives too.


All rights Reserved © Tradenet Services srl
Do not duplicate or redistribute in any form.