The 0% balance transfer type of credit card is ideal if you are paying a high level of interest every month on other credit cards or store cards and you can quickly reduce the balance you owe rather than concentrating on just the interest. As a result you can significantly reduce the amount you owe in a relatively short period of time.

Some people choose to switch their balance from one credit card to another as soon as the introductory offer period has expired, which is a good method providing you have the time available to keep resourcing other 0% balance transfer deals and then arranging the transfers. It may be worth considering the rate of interest charged to the card once the initial has expired.

The majority of credit card providers charge a handling fee in the region of 2-4% of the balance you transfer and you need to consider these costs in your calculations in your budget before you transfer the balance. Another point worth considering is that if you need to use the 0% balance transfer credit card for purchases then it may be beneficial to go for a credit card that charges 0% interest on purchases as opposed to making transactions on the 0% balance transfer card as you could end up pay a much higher rate. In conclusion, it is vital that you read all the information regarding the various balance cards before you apply.