You will find it very common to receive emails from high standing credit card companies offering you 0% life of balance transfer rewards packages that may or may not exist. Many times after reading through these sales emails, you should immediately visit the corresponding credit card company website and check for this offer for official confirmation. The truth of this offer is that often times, you will not find it on the company’s website and you may be entering a scam if you do not take the time to confirm this unheard of interest offer.
On the other hand, if you check the terms and conditions of the credit card company’s 0% life balance transfer, there may be catch. Often times a credit card company does offer this incredible interest rate for balance transfers but the catch is you have to charge at least 2 items to your credit card at least twice a month and your minimum monthly payment must be at least 4%. This minimum payment you pay will first go to the fees with the lowest interest rate which is of course your balance transfer. And while you are only paying for your balance transfer, the items that are being charged to your card to keep this 0% for life deal are accumulating interest.
The problem with this system is that the obligation to buy at least 2 items a month using this card can turn into far more items and far more money. Many people think that they can cheat the system and buy a chocolate bar or package of gum but many times these smaller items are missed by the computer and may not register. This type of spending puts you at a greater risk to lose your 0& life balance transfer so many people end up spending more than they are saving with these reward programs.
For many people finding a 0% balance transfer credit card is the perfect solution to help bring down large credit debts faster, but this 0% for life deals can complicate this situation. When you choose to take advantage of one of these systems it can be a fine line between saving money and eliminating credit card debt and spending more money than you want because of the obligation to use the card twice a month.
Lastly, when you read through this article again closely, you will see the 4% minimum payment which should clearly tell you that there is no such thing as 0% balance transfer for life because in order to achieve this deal you still have to pay the 4% minimum monthly payment. If you have large credit debt than it is best to find a 0% balance transfer credit card with a threshold of 12-15 months for best results.
