{"id":84,"date":"2006-12-20T00:01:23","date_gmt":"2006-12-20T00:01:23","guid":{"rendered":"\/\/askmrcreditcard.com\/news\/how-to-choose-a-0-balance-transfer-card-to-reduce-your-credit-card-debt\/"},"modified":"2006-12-20T00:01:23","modified_gmt":"2006-12-20T00:01:23","slug":"how-to-choose-a-0-balance-transfer-card-to-reduce-your-credit-card-debt","status":"publish","type":"post","link":"https:\/\/www.askmrcreditcard.com\/news\/how-to-choose-a-0-balance-transfer-card-to-reduce-your-credit-card-debt\/","title":{"rendered":"How to choose a 0% Card to Reduce your credit card debt"},"content":{"rendered":"

If you want to reduce your credit card debt and still have good credit, one way to speed things up is to apply for a credit card with a 0% balance transfer deal<\/a>. You should then transfer any balance from the highest rate card to the new 0% credit card. <\/p>\n

You reduce credit card debt by taking the savings from the 0% card and using that to pay the credit card with the highest interest rate. Repeat the process until you have totally eliminated your credit card debt.<\/p>\n

However, to get the best 0% apr deal, you need to watch out for these things in the credit card.<\/p>\n

1. The longer the 0% deal, the better<\/B><\/p>\n

Looks pretty obvious, but 12 months is a good 0% introductory period to go for. If you get a deal for longer than 12 months in the mail, go for it. These days (post credit crisis), you will need a good credit score to get a 12 months deal. But hey, even 6 months is good enough. <\/p>\n

2. Get one with reasonable balance transfer fee<\/B><\/p>\n

Back a couple of years ago, credit card issuers were falling all over themselves to offer 0% deals with no balance transfer fees. But these days, most have gone back to charging a fee (ranging from 3% to 5%). There are some issuers that charge no balance transfer fee, but the introductory offer is normally not 0%.<\/p>\n

3. Choose a card which does not use the 2-cycle average daily balance method<\/B><\/p>\n

When you are aggressively paying off your debt (having a lower balance with each month), the 2-cycle method of calculating your monthly balance will result in a slightly higher monthly balance because you are taking the average balance over 2 cycles. Get a card which uses the normal average daily balance method. This used to be an issue but since the CARD Act, no issuer today uses the double billing cycle method.<\/p>\n

4. Avoid 0% Balance Transfer for life Deals<\/B><\/p>\n

These occasionally come in the mail. The catch to these deals is that you have to use your cards a couple of times a month and any minimum payments goes towards paying the 0% portion. Hence, you will be racking up interest charges to a card which is supposed to be 0%! Furthermore, there is no such thing as 0% for life. If you make the minimum payments of 4%, you will pay off the balance in 25 months. Better to get a 0% 12 month card and rollover to another one in one year’s time.<\/p>\n

Once again, these used to be popular deals, but they have all but disappeared.<\/p>\n

Recommended 0% Interest Credit Cards<\/b><\/p>\n

Please check our balance transfer credit cards list<\/a> for the best offers today.<\/p>\n","protected":false},"excerpt":{"rendered":"

If you want to reduce your credit card debt and still have good credit, one way to speed things up is to apply for a credit card with a 0% balance transfer deal. You should then transfer any balance from the highest rate card to the new 0% credit card. You reduce credit card debt […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[3],"tags":[],"yoast_head":"\nHow To Choose A 0% APR Credit Card To Reduce Credit Card Debt<\/title>\n<meta name=\"description\" content=\"If you have credit card debt, using a 0% APR credit card for balance transfer can help you to reduce your credit card debt. 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