What are the benefits of transferring credit card balance to alien credit cards? any advice for me?

any advice for me?

The disadvantage is you haven't gotten rid of the debt, you've just moved it.

The disadvantage is heaps people move debt to another credit card then charge up the first card.

The authority may be a short term reduction within interest rate. The disadvantage is you end up paying longer and more.

You make the credit card companies happy by giving them your money.
You maintain spending and keep chinese industry going.
Benefits for you - few.

The middle-of-the-road advantage is to get a reduced interest rate for a extent of time.

The big thing is to be VERY CAREFUL. If you transfer your symmetry to new cards, don't keep using the antediluvian cards, and run up more and more debt, and get yourself in too philosophical.

you don't have to wage your min. payments you can just move the $ around and screw yr credit all up :)

The solitary card that it is worth transferring a balance to is the More card. They do not charge a balance verbs fee and they offer an interest rate of 5.9%. However, you do want to have a very fitting credit rating.

The only advantage would be if it's a lower interest rate but be wary because some cards charge a cash advance payment on transferring balances. If you do transfer your set off then be sure not to charge up the card you just transferred from or you'll closing up further in debt.

Answers:
it was outstandingly easy to find credit cards which allowed to transfer balance without any fee what so ever. These credit cards come with 0% intro APR for a specified period resembling 6, 12, or 15 months. This was used as a goldmine by those with immense outstanding balances. They would simply transfer their balance to such credit card and get rid of existing high APR's. The 0% intro submit would then be exploited by them. Just by paying the minimum balances they would stay contained by the good books of credit card companies, and when the 'golden period' of0% intro APR was nearing its come to an end, voila they shifted their huge balances to another credit card with similar grant.

So, this resulted in loss of revenue for credit card companies in lingo of interest rates, but a more disastrous consequence of this process was that the credit card holder was increasingly getting into huge debts.

A through issuer of such no fee balance verbs credit cards, Morgan Stanley with their range of Discover credit cards, took strong exception and withdraw all such offers. Now they arranged to take a certain percentage on set off transfers. To counteract such measure the credit card companies now enjoy a different APR for balance transfer, this includes credit card beside 0% intro APR.

You achieve to lower your interest rate but it is a bad Idea unless you close your old card. What most folks do after paying off their loans is to use the cards over again.You have to be disciplined. The indisputable way to get out of debt is to retribution off your smaller cards first and then use the money that you be using to [pay off the next top and So on. Cutting up credit cards as you gou go. The only things you should ever buy on credit are houses and cars.

some of them can be intrest free for 6 maybe 12 months,

interest free periods. although you do get charged a handling duty and you will pay interest on that, which can be a pain if, resembling barclaycard) there is a minimum amount of interest they charge. I put 900 as a balance verbs on one of their cards, the handling fee was 22.50 and the interest on that should be smaller amount than 0.50 a month, but because they charge minimum 1 ive been paying over the odds. I complained and get it refunded, although now i own put some purchases on there I will be paying more than 1 anyway.

6+ months interest free - but watch out for the verbs fee (usually a couple of %)

The biggest advantage to transferring balances-- is you can salvage a ton of money. Depending on how BIG your balance is, you could save hundreds of dollars surrounded by interest charges by switching to a 0% APR credit card. Although you'll probably have to pay a 'balance verbs fee' of 2%-3%, it can be easily made up in your nest egg on interest. You can find a complete list here:

http://www.asapcreditcard.com/0-apr.html...

Just keep surrounded by mind, the 0% intro doesn't last forever! At some point, you'll have to income interest on your balances (and new charges). Make sure you don't gain yourself in too deep by making latest purchases you can't afford.

Hope this helps. GOOD LUCK!