Many credit card users have benefited from balance transfer credit cards over recent years, as these credit cards have enabled savvy consumers to save a fortune on interest on their credit cards debts. Most standard credit cards charge very high rates of interest, and those that do not pay their balances off in full each month often end up paying a fortune for the privilege of using a credit card.

This all changed when balance transfer credit cards arrived, and consumers flocked to transfer balances from high interest credit cards onto low interest balance transfer cards, or even balance transfer credit cards that charged no interest at all for a specified period. A 0% balance transfer credit card offers an extended period of interest free credit within which to clear your balance, such as six or twelve months, but most do charge a transfer fee of 2-3 percent of the total amount being transferred. You will also be charged interest if you do not clear your balance within the 0% period.

An effective solution for those that are looking to save money in interest on their credit card debts but cannot make huge repayments on the balance each month is a life of balance transfer credit card. These cards offer more time to consumers who may struggle to get their transferred balanced paid off within a relatively short time period, and another benefit is that no transfer fee is charged.

With the life of balance transfer credit card you transfer your existing higher interest credit card balances in the same way as you would with a 0% balance transfer card, which means that you can transfer debts up to the credit limit in your new card. You will then be charged a very low rate of interest for the life of the transferred balance providing you make at least the minimum repayment each month, although if you can make larger repayments that is better as you will pay less interest overall.

With a life of balance transfer credit card you do not have to worry about making huge repayments each month in order to get your balance cleared within a certain number of months as you would with a 0% balance transfer card. You can take more time with your repayments and pay less each month, which is important to many people in the current financial climate where household finances are strained, and you will still be charged a very low rate of interest. This means that whilst your debt will not be interest free you will save a fortune compared to what you would have paid with your higher interest credit cards.

The interest rates charged on life of balance transfer credit cards can vary from one provider to another, so make sure that you browse and compare a number of cards from a variety of providers in order to try and get the lowest rate of interest, thus saving as much as possible on the interest that you pay on the whole of the transferred debt.

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