Do you have outstanding balance on your credit card that you’re paying interest on every month?
What if you could reduce that interest to zero, today?
You can do this through 0% balance transfer credit cards. All credit cards allow you to transfer balance to another card, but only some cards charge you interest on this. With a 0% balance transfer card, you can effectively borrow money at zero interest.
In this video, filmed at the Super Charge Summit in London, Chris Rowell walks you through how to apply for a 0% balance transfer card and start using it.
STEP 1: COMPARE THE CARDS
To begin your hunt for a 0% balance transfer credit card, head over to a price comparison website. In the United States, a good one is Motley Fool. In the UK, the best-known one is Money Supermarket. There is sure to be an equivalent one in your country.
These price comparison websites often list many different kinds of finance deal, from mortgages to insurance. You want to look at the credit card section, and then you want to narrow it down to the subcategory for 0% balance transfer cards.
The other subcategory is purchase cards. Ignore this subcategory if you already have a credit card. Your intention is to transfer the balance of your existing card.
STEP 2: APPLY FOR A CARD
You may not realize it, but your price comparison website earns a commission whenever someone applies for a credit card through the website.
When the price comparison website lists out the different 0% balance transfer cards that you can choose from, they will usually sort the one paying them the highest commission at the top.
This is good for you as well. The card that is paying more to buy you as a customer is the one most likely to accept you.
Apply for this card over the phone, say that you have a balance to transfer. They will transfer that balance today and you’ll immediately stop paying interest.
STEP 3: BORROW MONEY AT ZERO INTEREST
If the card you apply for features 0% balance transfer for 36 months, that means you can borrow money for 3 years at no interest.
Most credit cards will charge you a fee plus interest if you want to take out cash. With some 0% balance transfer cards, you can even transfer cash into a bank account. This can be just like taking out a $10,000 loan, but with no interest to pay at all.
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