Handling the Credit Crunch with Balance Transfer Credit Cards

Balance transfer credit cards are handy tools to have in your wallet, especially if your debt is beginning to increase. Several individuals in Ireland who are on a fixed income are beginning to use their credit cards during the credit crunch. For those with a pension it is easier to use a credit card than to find a loan. However if you want to reduce the amount of income that is outgoing then there are couple of things you can with credit cards.

Credit cards offer a cycle that is hard to get out of, especially if you are on a fixed income. Balance transfer credit cards have a specific use. They are not meant for purchases. Instead these cards are meant to help you get a high interest balance off of one card and move it to a better interest rate. For the Irish market there are several credit cards offering balance transfers at zero percent interest. There is a 3 percent fee for the transfer to take place or up to 99 Euros. The amount can be rather high if you are transferring a bit of money; however it is well worth the savings the zero percent interest will offer you.

Balance transfer cards don’t need to have rewards or purchase options to make them a decent card to have. A lot of the cards available in the Irish market have a dual purpose though. So if you want to look for a balance transfer card offering rewards that you will use at some point that is a good choice. You don’t want to use the card for anything other than the balance transfer if that is what you have the card for though. The payment options will pay down the lowest accruing interest first.

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This entry was posted on Wednesday, August 20th, 2008 at 7:29 am and is filed under Types of Credit Cards. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.