Finance

Benefits of balance transfer to 0{f35b16eb0048c74681985a1969674bbcc954290adb4d0e54cc91fa746b5957d4} apr credit cards

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If you have been trying to figure out how the best way to deal with a loan you’ve been paying on forever and get it wiped off the books, one way you might consider is getting a 0{f35b16eb0048c74681985a1969674bbcc954290adb4d0e54cc91fa746b5957d4} APR credit card. Few people know that using one of these cards to pay off a loan balance is an available and resourceful tool to help them reach financial goals. Student loans, your car loan, or clearing up a home equity line of credit are some of the expense burdens that you might consider retiring with a 0{f35b16eb0048c74681985a1969674bbcc954290adb4d0e54cc91fa746b5957d4} APR credit card.

The way you can use this to your advantage is through the introductory period for 0{f35b16eb0048c74681985a1969674bbcc954290adb4d0e54cc91fa746b5957d4} interest that comes with these cards. The 0{f35b16eb0048c74681985a1969674bbcc954290adb4d0e54cc91fa746b5957d4} interest is only available to you for a specific period of time once you receive the card. So the plan would be to apply for and receive an introductory 0{f35b16eb0048c74681985a1969674bbcc954290adb4d0e54cc91fa746b5957d4} APR card when you are nearing the end of the loan you want to retire. Say you have 6 to 12 months of payments left to go on your loan. If there is no penalty for paying off early, the amount of money you save on not paying interest on the loan amount over that course of time could significantly lower the total amount to be paid. If you were then to be able to pay off that lowered amount with a 0{f35b16eb0048c74681985a1969674bbcc954290adb4d0e54cc91fa746b5957d4} APR credit card, you would then have the introductory period from the card to make monthly payments on that reduced amount over time without additional interest added. Should you choose to get an introductory period 0{f35b16eb0048c74681985a1969674bbcc954290adb4d0e54cc91fa746b5957d4} APR card where the time frame is 18 months, then you would be able to either schedule yourself much lower payments over that whole period of time, giving yourself more cashflow throughout, or you could choose to continue to make payments at the higher loan payment amounts you’ve been used to and get the whole thing wiped out much, much sooner. This would allow you to greatly increase your cashflow sooner that sticking with the loan for its duration.

Things to consider in making a plan to use 0{f35b16eb0048c74681985a1969674bbcc954290adb4d0e54cc91fa746b5957d4} APR cards in this manner are balance transfer fees and any additional penalties that could be applied if you fall outside the rules set by use of the card. If you think, for any reason, that you might not be able to pay off the amount of the loan transferred to the card within the introductory offer’s time frame, this would not be a wise choice. Once the higher interest rate on the card starts after the offer expires, you could be faced with an even higher debt to repay – not a good move. You also need to consider the transfer fees that are commonly associated with these special cards. How much will those fees add to the amount you owe and whether they are offset by the savings generated from the early loan payoff should bring a positive lowering of the balance. Once you have worked through the pros and cons, however, and decided the outcome is a good thing for your financial future, shop for the best card to meet your needs at 0aprcredit.cards. You can also find 0{f35b16eb0048c74681985a1969674bbcc954290adb4d0e54cc91fa746b5957d4} credit cards to apply for here: https://www.nerdwallet.com/blog/credit-cards/apply-for-a-credit-card/

Use your good credit to manage your money. Visit 0aprcredit.cards and open a 0{f35b16eb0048c74681985a1969674bbcc954290adb4d0e54cc91fa746b5957d4} apr credit card account today. You will be glad you did.

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