Super Balance Transfer Credit Cards
By Peter Kenny
info[at]creditcards-gb.co.uk
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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
Source: www.isnare.com
Published - November 2005
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