Not many people know that is you have credit card debt you can save money on something that’s almost like a get out of jail card 😉 . It’s called 0% balance transfer credit cards!
By transferring your credit card debt to a card with 0% APR you can save about $100 per year on a $1,000 debt if the interest is 13%. If your card got an even higher interest rates like for example 18% you can save even more, just by transferring your balance 😀 Since the average US household got about $8,000 in credit card debt at about 12% interest rate that means an annual saving of $700. Money you could use to do something much funnier then paying them to your bank 😉
A year ago the credit card companies gave away high credit limits like nothing seen before, but due to the financial crisis they have become more restrictive. There are also stricter government regulations forcing the credit card companies to limit their good offers, so it’s not just a choice by the credit card companies. Just see this press release from Senator Menendez on the credit card bill signing ceremony.
But don’t fear, the end of high credit limits with long 0% periods are not over completely, you just need to search a little bit harder to find the best offers.
