If you’ve got a lot of credit card debt, and the high interest rates have you locked in a never-ending battle to clear your balance, perhaps a 0% APR balance transfer is the best reward you could ask for.
Be warned: shopaholics need not apply. If you’re going to switch to a zero interest card, make sure you’re serious about using this break (usually 6-12 months) to get your debt under control.
Watch out for the small print too. Some ‘free’ rates still apply a transfer fee, and there could be other charges that reduce your benefits significantly (annual fees, zero rate on transfers but not new purchases, introduction rate void on any late payment, and so on).
As ever, look beyond the initial offer, and make sure that the long term conditions offered by any credit card are good enough. For a great article on how to make the most of the balance transfers game, check out Motley Fool’s tips: