It makes sense to apply a balance transfer card even if you owe lesser than $1,000 in credit card debt. Some people find it difficult to pay off their debt because their income is not enough to cover up the credit card bill. If you have a good credit score, you should consider applying a balance transfer card as you can easily qualify for a card that offers a long introduction period. The zero percent intro period can last for as short as 3 months and as long as 21 months. It is important that you know how long the intro period will last as many credit card companies do not send reminder at the end of the intro period. You must read the fine print to find out the time limit for the validity of the zero percent interest rate.

Getting a balance transfer card can relieve you from your burden of having to pay interest fees so that you only pay the actual amount that you owe on your credit card. It can significantly reduce your overall costs of repaying the credit card debt. Most people are able to pay back their credit card debt in half the time when they did not have to pay the interest rate in the balance transfer card.

Before applying, you should do some calculation to see if you are able to pay off the credit card debt that you owe by the time the intro period ends. By doing a calculation, you will know how much you need to set aside every month so that the credit card debt will be fully repaid by the time the intro period ends. If you can’t fully repay the credit card debt within the intro period, it won’t be worthwhile to apply for the balance transfer card since the normal interest rate will apply.

Many balance transfer credit cards also charge balance transfer fees which can range from 3% – 5%. you need to take into account the balance transfer fee when doing the calculation so that you know the exact cost of repaying the debt with the balance transfer credit card. There are lots of balance transfer credit cards with the interest fees waived provided that you transfer the balance within a certain time period, for example 60 – 90 days.

The zero percent balance transfer credit card is suitable for you if you always make on time repayment. This is because late payment can cause you to lose the zero percent intro period promotion offer. The balance transfer card should only be used for the purpose of repaying your credit card debt. It is advised that you don’t charge the card for any purchases as it will add to your debt burden.