All about balance transfer credit card offers and what they can do for you

High credit card fees make many people anxious, angry and unhappy. No one likes spending money they don't have to credit card companies just for using their cards. It doesn't seem fair and it certainly isn't fun! But despite all of this many people still refuse to switch to low interest rates and fee free cards.

There are all sorts of ways to cut costs by switching to zero percent or low rate cards. However, before just switching cards rashly a card holder should examine exactly what they are looking for before making the switch. If you make a rash decision you just may end up switching again - which will not look good on your credit report.

Balance transfers offer card holders a lot of options and benefits that extend past just financial goodies. Balance transfers can make significant changes in how much you pay your credit card companies in interest and fees when you switch to a low rate card.

As a matter of fact, depending on your balance, you can save hundreds of dollars just by making the switch! While there are a lot of varying rates for balance transfers most of the good ones offer programs that involve zero percent interest rates for 6 to 15 months.

With a zero percent interest rate a card holder will have the introductory period to pay off their debts. This means absolutely no interest paid to their credit card companies until 6 or 15 months into having the card! Check out the online credit card offers from carriers VISA, MasterCard, Discover and American Express. A lot of these companies even have guaranteed approval credit cards.

Transferring a balance onto a new card can also come with some other benefits. One such benefit could mean card holders get the annual fee waived for the first year, they receive a longer grace period, they can earn cash back or they can choose one of a number of rewards. A lot of these cards also come with automatic rental car insurance or identity theft protection.

How can use I balance transfer credit card offers?

If you are interested in transferring your current balance onto a new credit card then this section is for you. You will find zero percent credit cards advertised everywhere. Not only is the internet stock full of online credit card offers that all seem to have the 'best credit cards' on the globe, it is also the best place to go to compare credit cards.

Once you find the card that interests you the most contact the credit card company and ask them how to best go about the transfer. Chances are they will be more then happy to assist you! Other ways you can transfer balances is by writing balance transfer or convenience checks. These checks look identical to personal checks but they will send your current balance from one card onto the low rate card you wish to have.

Total costs to expect

Banks have a tendency of treating balance transfers like cash advances and will likely charge similar transaction fees. In special offer cases there will most likely be no balance fees. Many banks will charge a 2% to 5% balance transfer fee for normal transfers. In addition to these fees there are also some other fees that some banks will try and throw at people to catch them by surprise. Here are a few of their special fees you should be aware of:

• Late fees: Many banks will impose a late charge the day after the payment was due. The late fees are usually charged as a flat fee or as a percentage of the total balance. Before you think of doing a balance transfer make sure that you find out your financial institutes policies. Usually you can either make your payments through the mail or at the banks branch.

• Over the credit limit fees: These fees will be made if you go over your credit limit on your certain credit card. This charge will be assessed every time you make a purchase over your credit limit so make sure that you stay under your limit!

Making payments is crucial!

Once you have transferred your credit card balances onto a new card then it is especially important that you make all of your credit card payments and make them on time! If you miss a payment just one time or make a late payment then you will probably get hit with a much bigger interest rate then before. Larger interest rates are not what a card holder wants!

When you are making payments on a lower rate card make sure you remember that you will be paying the higher rates of interest before you even begin paying off your zero percent rates. For this reason a lot of people take out a second credit card to use when they make their everyday purchases.

If you keep only your transferred balances on the card with zero percent interest then you will always be paying zero percent on that card. It is a wise move for a wise consumer.

Once the introductory low rate period ends...

Credit card users who transfer their large balances onto a zero rate card should be aware that the zero percent periods will not last forever. In most cases the intro period goes for about 6 to 15 months. As soon as it expires the regular interest rates will then take their place and the customer will start paying these rates instead. Whatever your credit score is will determine what your new interest rate will be.

But don't be fooled by thinking you will be paying only the zero percent rates forever, you will be soon be paying real interest rates in around a year so making sure most of your balance is paid off is the best thing you can do. While you have the zero percent interest you should pay off as much of the balance as possible.