Over recent years 0% balance transfer credit cards have become a valuable tool for consumers that want to try and pay off their credit card balances without being charged further interest. Credit cards are known for the high rates of interest charges on outstanding balances, and many of those with one large credit card balance or even several credit card balances are paying huge sums of interest each month. However, by transferring to a 0% balance transfer card consumers can combine their credit card balances into one, and then enjoy an interest free period during which they should try and repay the total balance in order to avoid paying any interest.

However, although these 0% balance transfer credit cards can prove valuable for those that are able to repay the total transferred balance within the interest free period experts are warning that they are not the most suitable option for everyone. For instance, those that cannot repay the balance within the interest free period will suddenly find the remainder of the balance charged at very high rates of interest once the interest free period expires. Additionally, many will be hit with huge transfer fees when they transfer balances, which can add to the cost.

According to some experts many consumers that are currently paying off credit card balances at high rates of interest may fare better with a low interest balance transfer credit card, which charges a low interest rate on a transferred balance for the life of the balance, so there is no rush to get the balance paid off providing the minimum repayment is being met each month. With these low interest life of balance transfer cards consumers can also avoid the need to pay a transfer fee when transferring their balances.