Credit cards charge high interest that cut into the savings and household finances and cleans out your balance, making it difficult even to make monthly payments. To handle this problem or you can say to reduce it, some people turn to 0 interest on balance transfer credit cards. They move the high-interest balance to a single card that charges low or no interest at all for a certain period often 12 to 18 months. Credit card issuers have been using 0 interest on balance transfer as a marketing strategy for years now. Many have been using this as a method of transferring the balance until the debt is paid off. A study in 2000 concluded that 17% of the credit card balance is transferred annually with this method. All the cards are not the same; some offer this for a longer period than others. It is a rare case that you will find a card that does not charge 0 interest balance transfer fee. Credit card companies make 0 interest on balance transfer offers because they want to steal business from their competitors. So, it makes sense that the banks will not let you transfer balances between two credit cards offered by the same bank. If you have an airline credit card or a store credit card, just make sure you know which bank issues the card before you apply for a balance transfer.

A balance transfer fee is what you are charged when you transfer the debt you owe on one credit card to another card. The biggest advantage of balance transfers is that they lower your interest rates and enable you to pay off your debts sooner. The debt from the previous card with high interest has been paid off by the current one and you pay the debt on the new one at a lower interest. However, you have to factor in the fact that, usually, balance transfers don’t come for free. You have to pay a balance transfer fee. If you are going in for a balance transfer, look for free balance transfer credit cards. There are quite a few of them. The most successful way to pay off a debt with free balance transfer credit cards is to choose one with a long 0% APR period which doesn’t charge a balance transfer fee. Some of the top free balance transfer credit cards include the following: Barclaycard Ring MasterCard: This is probably the best in the market for balance transfers. It has no balance transfer fee, no annual fees, and no foreign transaction fees. It has a 0% introductory APR rate for 15 months, one of the longest periods of time.

Taking a stand on which best balance transfer card is the right choice for you can seem like a daunting task. Being up to date and knowledgeable about the best balance transfer process can help you sail through this issue hassle and problem free. Generally, choosing the best balance transfer card boils down to the various factors listed below: The balance transfer fee : A fee is charged by most cards to move your balance from another card. This is the typical cost that an individual incurs when transferring their balance to a new card. The transfer charge is normally anywhere between 3% to 5%. The fee can be tacked on to your balance by the bank, rather than making you pay the transfer fee upfront. But keep in mind that you will have to pay the transfer fee charged by the bank. This fee could add an additional amount to your already existing debt depending on the size of the balance that you are transferring and the interest rate that you are currently paying for it. This could actually prove to be enough to wipe out the interest savings from the 0% APR period. Majority of the cards available have a transfer fee attached to them, but there are a few of them who don’t.

The entire gamut of planning, organizing, directing and controlling the monetary operations of any establishment is financial management. Irrespective of whether the liability is for a minuscule business, one subsidiary of a large corporation or the whole conglomerate itself, the process of handling finance is the same. There could be variations in the methods and magnitude of acquiring and utilization of funds certainly, but the importance of skilled financial management is unquestionable. Checking cash flow of both receipts and expenditure, forecasting the movement of money to observe whether there will be shortage or surplus and plan accordingly for loans or investments as the case may be, insuring against risky negotiations and lawsuits, commanding hedge funds to reduce the risk of losing money on shares, bonds, etc. that the company may own, limiting the consequences of risks arising from disasters caused by products or processes of an industry, establishing and updating accounting systems for international business dealings, restraining damages caused by competitors or natural phenomenon, cashing in on profitable purchase or sale of fiscal products for the company, fixing the quota of dividend sharing with shareholders, designing the growth and diversification programs that is best suited for the business, are just a handful of the infinite functions of financial management.

According to the Federal Reserve, around 43% of people in the country end up spending more than they earn and use their credit cards to finance the shortfall. Piled up credit card debt is a financial burden and does not seem to get off your back easily. Transferring the credit card balance is a great idea that can help you to pay off the existing balance and rebuild your credit score. What is a balance transfer credit card? It works just like a regular credit card but comes with the option of transferring an existing balance. You can move a single balance or multiple balances from one card to another with the help of a balance transfer credit card. Whether you have a Visa and want to move the balance to a Mastercard or looking to move a store credit card balance to Discover, a balance transfer option works in every scenario. However, you cannot transfer the balance between cards issued by the same company. For instance, the balance transfer option is not applicable when you want to move it from a Chase Sapphire Preferred® Card to a Chase Freedom® car d . Balance transfer credit cards come with a 0% introductory interest rate offer for a specific period and if you don’t settle the balance within the set duration, you end up paying a higher interest rate.