Welcome!

News Feed Item

Why You Should Transfer Your Balance, According to CreditCardChaser.com

NEW YORK, NY -- (Marketwired) -- 07/09/14 -- There are many ways to lower debt levels, and they don't all involved increasing income levels and making larger payments. With smart changes, debtors can bring down the expenses associated with their debt to make their payments go further. They can speak with credit card companies about lowering interest rates, and they can also balance transfers to cards with more attractive terms. According to CreditCardChaser.com, a leading credit expert, here are three great reasons consumers may want to take another look at a balance transfer for paying off their credit card debt:

Watch for the Great Deals

Credit card companies make money in several ways, including monthly interest charges. If they can convince consumers to transfer an existing balance over to their company, then they'll ultimately start making money off existing charges. They offer special promotions as an enticement, and these promotions allow consumers to accrue substantial savings. Offers are typically for zero percent interest, and the special savings last anywhere from 6 to 24 months.

The savings with this kind of special are impressive. A credit card with a balance of $2,000 and an interest rate of 24 percent could accrue an additional $40 a month in interest charges. With the balance transfer, the interest charges are eliminated. When consumers maintain the same monthly payment, the balance will drop faster to help pay the card off in record time.

Consumers may also decide to pay a balance off in full during the introductory period. To do so, simply divide the balance being transferred by the promotional period. To pay off that $2,000 balance in 18 months, consumers would need to make a payment of $111.11 every month. This can make it easier for people to stay on track and pay debt off quickly so that they can improve their financial position in the long run.

Convenience of One Payment

It can become tiresome to keep track of different cards and try to remember all the payments. Late fees start to rack up, and interest is charged on late fees once they're assessed. Consumers can transfer all of their balances to one card and enjoy the great convenience of only making one payment. Late fees are typically avoided, and that also helps bring the balance down faster. When consumers have extra money, they don't have to make a choice about which card to pay down first. They can simply make an extra payment to the one balance transfer card and watch the remaining amount fall.

Lower APR

Other credit cards typically have higher interest rates, and that can become costly. In addition to offering special promotions, balance transfer cards generally have lower interest rates. Dropping the interest rate on a $2,000 balance from 24 percent to 12 percent saves consumers $20 a month in interest charges. That savings allows people to either reduce their monthly payment or pay their balance down more quickly.

Some Caveats to Watch For

Not all balance transfers are created equal. Some have a transfer fee that can be as much as three percent of the amount transferred. However, consumers can still save money with these specials. In the case of a $2,000 balance at 24 percent interest, the balance transfer fee is only $60. That's less than two months of interest charges, so consumers still benefit.

Before transferring any balance, consumers are encouraged to check their bills for discrepancies or disputed amounts. Once these balances are transferred to another company, consumers lose the ability to dispute them and have corrections made.

There's no doubt that balance transfer cards are an important tool in the consumer arsenal. The special promotions provide people with handsome savings. People can use the savings to lower their monthly payments or to pay off the remaining debt faster. Take care to avoid charging on a card that has been paid off through a balance transfer as this can lead to higher debt levels and a more precarious financial position. However, the card that now carries the balance can be used to replace all of the smaller store credit cards for more streamlined finances and better control over debt levels.

About Credit Card Chaser:

Credit Card Chaser is an authority credit card site that offers innovative comparison tools, reviews, calculators, and reports to help consumers find the best credit card for them.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
My team embarked on building a data lake for our sales and marketing data to better understand customer journeys. This required building a hybrid data pipeline to connect our cloud CRM with the new Hadoop Data Lake. One challenge is that IT was not in a position to provide support until we proved value and marketing did not have the experience, so we embarked on the journey ourselves within the product marketing team for our line of business within Progress. In his session at @BigDataExpo, Sum...
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
Interoute has announced the integration of its Global Cloud Infrastructure platform with Rancher Labs’ container management platform, Rancher. This approach enables enterprises to accelerate their digital transformation and infrastructure investments. Matthew Finnie, Interoute CTO commented “Enterprises developing and building apps in the cloud and those on a path to Digital Transformation need Digital ICT Infrastructure that allows them to build, test and deploy faster than ever before. The int...
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with budd...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, represent...
SYS-CON Events announced today that Ocean9will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Ocean9 provides cloud services for Backup, Disaster Recovery (DRaaS) and instant Innovation, and redefines enterprise infrastructure with its cloud native subscription offerings for mission critical SAP workloads.
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.