Posted: 10 Jan 2013 07:00 AM PST
Are you looking to transfer your credit card balance? This is the process where you save money by moving your credit card balances to a credit card with an introductory rate of zero percent. You save money on interest, and this could be a serious amount depending on what you owe. When you owe thousands of dollars and are getting killed on interest, any bit helps. This is why balance transfers can be a handy tool when you’re trying to break free from your annoying debt.
We all know that the best way to get rid of your credit card debt is to pay it down or to not get into credit card debt in the first place. I compared credit card debt to a hangover in the past. A balance transfer will give you that extra boost when you’re dead set on becoming debt free and have the ability to stop using your plastic while you work on this.
I wanted to highlight a balance transfer credit card that you really need to check out today. I did my best to ask around and conduct my research to find a legit credit card. What’s the best balance transfer credit card around?
Discover it – 18 Month Balance Transfer. - The Discover it Card is excellent for balance transfers because it has a 0% intro APR on all balance transfers for the first 18 months. This card also comes with a 0% intro APR for al purchases made within the first 6 months. The standard APR will become 10.99% – 20.99% after the intro period, depending on your credit worthiness. The biggest hook is the 5% cashback that you can earn in certain categories (gas, restaurants, and department stores, all based on the time period). There’s no annual fee and no rewards redemption fee. You can sign up right now for this offer.
Upon looking further into this offer, I checked out the rewards schedule for the current time period. From January to March 2013, you can earn 5% cashback bonuses all the way to $1,500 at movies and restaurants. If you’re like me and you enjoy going out for food/not always streaming movies, then you can use this card to take advantage of the perks. Getting money back for something that you already planned on doing is pretty cool.
You also earn 1% cashback on all other purchases, with no limits! This means that you can automate your bills (cell phone, gym, and rent) to your credit card and actually get some money back in the process. I always enjoy seeing money come back to me from my credit card company.
There’s also a 1-on-1 Cashback Concierge (which I’ve never heard of before) that you can chat with to help walk you through your rewards options. This means that you don’t have to feel clueless or intimidated about your rewards structure. Everything will be explained to you.
When you think about it, a balance transfer is a helpful tool for helping you crush that last bit of credit card debt. The trick with any of these credit cards is to work on paying them off before the promotional offer expires. You don’t want to be stuck in the same situation one to two years from now. I highly recommend that you have a plan for when the introductory rate expires.
Please remember that just because you got yourself into debt with your first student credit card, it doesn’t mean that you have to stay in the same position forever. You have control over your money.
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