Credit card balance transfers are one of the financial world’s great empowering features, but they can only be done successfully if you follow the rules and don’t fall foul of them. Firstly you must consider the benefits, then the pitfalls. These two aspects are more or less permanent features of the credit card balance transfer system.
The benefits can be summarised as the product of a twofold strategy:
You can transfer credit card balances once the initial interest free period is up to another card, and so continue your interest free credit.
You can more or less plan to do this in advance as long as you have a way of finding new cards to transfer to, and you stay in control of your finances and spending.
Taking these two together – the transfers and the planning – you can aim to give yourself interest free credit for a long time, even interest free credit for years.
The pitfalls are as follows, and must be considered carefully. These are:
Overshooting the Interest Free period
This is a crucial and fundamental issue. There is no point taking out a card with a known zero interest period or low interest...
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