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Super Balance Transfer Credit Cards
By: Peter Kenny
Credit cards are a great way to spend money that you do not have and we all know
that so it is nothing new to us. A credit card is a spending tool that many of
us would feel as if we had had a limb cut off if we could no longer have one,
would also ring true to a lot of people.
Start Making Money
There are ways to make money from credit cards, rather than them being a drain
on your finances. One such way that many may do not know about is the 0% “Super
Balance Transfer”, another step up from the 0% Balance Transfer, which lets you
move your debt around to save you from paying interest charges. The 0% “Super
Balance Transfer” allows you to pay other debts.
This is how it works, a 0% “Super Balance Transfer” can be used to pay off any
debts that you have that are not credit card related. This is done by paying the
money that you will get from the new credit card straight into your bank
account, leaving you free to pay off any manner of debt that you have, this is
where it differs from the normal 0% Balance Transfer facility.
You can pay off any debt that suits
This cash can also be transferred into your account even if you are free from
any debt, which means that you can place your credit limit into a high savings
account, then once the 0% interest period is almost over, you take the cash that
the credit card company “lent” you and pay it back into and thus clearing the
credit card debt. Always remember though that while this cash is lying in your
savings account gathering interest you will still have to meet the minimum
payment set by the credit card issuer, which is normally 2% of the balance or a
minimum of £5.00.
The golden rule! Do not use this card to make purchases!
Once you have paid off the credit card you will be left with a profit for
borrowing someone else’s cash, but what you have to remember is that you don’t
spend on the credit card, this will only eat into the profits that are there to
be made and could defeat the whole purpose of why you were doing it in the first
place.
Finding the credit card companies who offer this service wont be too difficult,
but most will require a fee to transfer your credit limit into your account,
this will normally be a 2% charge to a maximum of £50, though you may find that
a few credit card companies will not be charging as much as this.
About the Author:
Peter Kenny is a writer for creditcards-gb.co.uk. For additional articles and an
extensive resource for everything about credit cards and loans, please visit us
at
http://www.creditcards-gb.co.uk and http://www.creditcards2go4.com |
