With all the new lower interest rates hitting the scene, many are starting to wonder if it is worth the hassle to move the higher APR’s to a lower credit card to save a percentage or two on the interest payment. If you have ever thought twice about this, that is one time too many. It is crucial and essential to find the lowest possible APR and transfer all the balances of your other credit cards to that particular card. Many new cards will give you a 0% APR for a certain amount of time for any balance transfers, so do not wait and get it moved now!

How do we do that? Find a credit card with the longest 0% APR time frame, but do not overlook the APR after that time. No need to transfer everything over if you can not pay it off in that time frame and end up having a higher APR than before. Transfer however much you feel you can pay off in that time frame and send in the paper work. It’s that easy! Rarely will you ever have to talk to anyone, everything is done in house with the company. Along with the consolidation of several cards into one, you can also use this as a negoitiation tool.

After you have transferred everything over from the higher card, cut it up and call their customer service hotline. Tell the attendant on the other end you want to cancel your card, and if they ask why be very honest and blunt with them. You were not happy with the high APR and found another company that was more condusive to your financial needs. It is not something they hear everyday and it might lead to a better deal down the road to earn your business back. Credit Card companies only make their money on the finance charges and APR’s, so if you are not a customer then they make no money at all.

You might ask, “why would a company be willing to give me 0% for a few months?” In addition to having your money in their system and the hopes you might not get it all paid off, they are trying to buy your business for the future with a great deal now. It is an investment for them right now with the understanding and hope that you stay around for the long run.

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