There is an excellent method of lowering the costs of your credit card debts that will make it easier to pay off your credit card balance. It is called a no annual fee 0% balance transfer card.
The way such a card works is very simple. When you get approved for the card you get the option of transferring a balance from an existing credit card to the new card. Once the balance is on the new card an annual cost will be charged on it. Many of these cards also give you several months of 0% interest (no interest) on the balance you transfer.
This will reduce the cost of your credit card balance and make it easier to pay off your credit card bill. Something to be aware of is that the interest rate of 0% and annual fee free deals usually don't apply to purchases you make with the new card. They only apply to balances that you transfer.
Some other benefits of no annual fee 0% balance transfer cards
Many no annual fee 0% balance transfer cards come with other benefits as well. This makes these cards a tremendous deal for those with traditional cards with an outstanding debt. Anybody with a credit card and a balance should consider switching to one of these cards.
Many of these cards feature no annual charge for the life of the card. This means that you will never be charged an annual fee as long as you have the card.
Another really good benefit is non interest on purchases for the first 55 days you have the card. This can enable you to save money because you can pay off the balance with no interest.
A way to increase your purchasing power is get a balance transfer card that gives you points. Frequent flyer cards for example allow a person to accumulate points that can reduce the cost of flying on specific airlines. There are also cards that enable a person to get discounts at specific retailers.
How to get an annual fee free transfer card
To get a $0 annual fee charge card you will have to have a good credit rating.
These cards are generally not available to those with bad credit ratings. It is usually a good idea to check your credit rating to make sure you qualify before applying for such a deal.
A person will also generally have to have other credit cards with a balance on them to get these deals. It might be a better offer for a person with a small balance on an existing card to simply pay it off rather than get one of these.
To get an annual fee free 0% transfer account from an Australian bank you will have to be a permanent resident of Australia. Many of the card providers have income restrictions on these cards.
A person will generally have to make a make a minimum of $20,000 a year to qualify for such an offer, and you will normally have to provide proof of income in order to meet the income qualifications.