How much money could you save by transferring your credit card balance? (Credit Cards in general)

Member Name: Sandra-M

Product:	Credit Cards in general
Date:	26/07/01 (32 review reads)
Rating:

Advantages: Saves money!, Allow you to have an interest free "payment holiday"

Disadvantages: None I can think of

If you have a balance on your credit card or even if you don't you could benefit from transferring your balance to another card.

Various credit cards are offering 0% interest for an introductory period for balance transfers as an incentive to apply for their card. I have found a site that will calculate how much you can save by transferring your balance to another card.
Go to www.moneysupermarket.com/cards/CardSelect.asp

Type in your balance owing and select your current card. Moneysupermarket will then work out how much you can save by transferring your balance to a different card taking account of the introductory rates and prevailing market rates. Obviously the best deals will be the ones with the 0% interest balance transfer deal but the amount you save will vary depending on the card's APR when the introductory offer finishes. The site offers links so you can easily complete your application once you have chosen your card.

Even if you always pay off your credit card you can take advantage of an interest free payment holiday.

I worked out I could save on average £70!

Summary: