If you have a large debt on one of your existing credit cards you should do a comparison between cards that offer 0% balance transfers vs. balance transfer for life [http://www.balancetransfercreditcard.com.au/balance-transfer-for-life]. This way you can find out what type of card you really need.
When you compare 0% balance transfers vs. life of balance transfers you will see a lot of differences between the two types of cards. The one you need will all depend on how well you take care of your finances, how high your debt is and how well you can control shopping habits.
0% balance transfers vs. life of balance transfers
Here is some helpful information to help you compare 0% balance transfers vs. life of balance transfers on various credit cards.
The size of your debt
Since most 0% balance transfer cards [http://www.balancetransfercreditcard.com.au/0-balance-transfer] only offer a six-month promotional period for the interest rate, you will need to figure out whether you can pay off your debt in that amount of time. If you can, it would be the most logical decision to go ahead and apply for one of these cards.
If you have a larger debt and don't really know how long it will take you to pay it off then you should take a look at lifetime balance transfer cards. These cards will give you an extremely low interest rate for your balance transferred for as long as the balance remains on your card. A lot of people look at cards with 0% balance transfers vs. life of balance transfers and opt for the second choice because it gives them more time and freedom to handle the debt.
Financial management
There is a possibility that you will be able to get a second 0% balance transfer card after the time period on your first one has expired. Some people apply for a second card with another 0% balance transfer offer so that they have a full year with a 0% rate of interest. You have to be careful doing this, however, because every time you apply for a card it is noted on your credit file and can reflect negatively on your credit history.
Make no purchases on the card
Many people are tempted to spend using the new balance transfer card and this is something that needs to be avoided. You will be charged interest on your purchases and will not be able to pay off your purchase balance until the balance on your transfer is completely cleared. You should have a separate card to make your purchases so that you don't get stuck paying heavy interest on your new balance transfer card.
Take a look at the points above when you are comparing cards with 0% balance transfers vs. life of balance transfers. While both of these cards are great for clearing up debt, one will be better for you than the other.
When you compare 0% balance transfers vs. life of balance transfers you will see a lot of differences between the two types of cards. The one you need will all depend on how well you take care of your finances, how high your debt is and how well you can control shopping habits.
0% balance transfers vs. life of balance transfers
Here is some helpful information to help you compare 0% balance transfers vs. life of balance transfers on various credit cards.
The size of your debt
Since most 0% balance transfer cards [http://www.balancetransfercreditcard.com.au/0-balance-transfer] only offer a six-month promotional period for the interest rate, you will need to figure out whether you can pay off your debt in that amount of time. If you can, it would be the most logical decision to go ahead and apply for one of these cards.
If you have a larger debt and don't really know how long it will take you to pay it off then you should take a look at lifetime balance transfer cards. These cards will give you an extremely low interest rate for your balance transferred for as long as the balance remains on your card. A lot of people look at cards with 0% balance transfers vs. life of balance transfers and opt for the second choice because it gives them more time and freedom to handle the debt.
Financial management
There is a possibility that you will be able to get a second 0% balance transfer card after the time period on your first one has expired. Some people apply for a second card with another 0% balance transfer offer so that they have a full year with a 0% rate of interest. You have to be careful doing this, however, because every time you apply for a card it is noted on your credit file and can reflect negatively on your credit history.
Make no purchases on the card
Many people are tempted to spend using the new balance transfer card and this is something that needs to be avoided. You will be charged interest on your purchases and will not be able to pay off your purchase balance until the balance on your transfer is completely cleared. You should have a separate card to make your purchases so that you don't get stuck paying heavy interest on your new balance transfer card.
Take a look at the points above when you are comparing cards with 0% balance transfers vs. life of balance transfers. While both of these cards are great for clearing up debt, one will be better for you than the other.