Super Balance Transfer Credit Cards

We should all have heard of balance transfers by now, where you will buy into a credit card that will let you shift your current debt on a credit card, to the new credit card with most giving you a 0% period to entice you over to the new credit card, this will give you the chance to reduce your debt for the duration of the interest free period and to put back into it the interest that you would be normally be paying the other credit card, meaning you can also do it in a shorter period of time.

But there is a new kid on the block that will make you money, rather than save you money, it’s called a “Super Balance” transfer (very original I know but it will have to be called something I suppose) which will let you increase your cash flow with little work, all it will need is a good memory for dates.

The credit cards that will offer up this facility are not in the numbers that will give you the option of a balance transfer, which you can get from almost 50 of the leading credit cards on the market, only a few can be used to make use of the “Super Balance” transfer facility, these will include, Virgin, Egg, Mint, Alliance & Leicester and Abby. The way that you will then make it work for you is by the fact that the difference from the normal balance transfer and the “Super Balance” transfer is that you have the option of paying the credit that the new credit card allows you, straight into a bank account.

The set up of the “Super Balance” transfer is quite simple and easy to do. Once you have got the credit card that you have chosen up and running, you will contact your credit card issuer and ask them to balance transfer the amount of your credit card into your bank account, this should always be done this way, with the exception of Mint who will require you to have a “Transfer and Save” cheque, so that you can pay your amount into the bank that way. What ever you do, DO NOT do your transaction in the form of a cash withdrawal or payment, as you will be hit with a much higher interest rate, because you are trying to make money not lose it.

By being able to do this and to make the amount of cash to be made as much as possible, is by trying to get it into as high an interest rate as you can, this will maximise the cash that will be left in your account at the end of the interest free period on the credit card that you have taken out in the first place.

The next and only further step that you have to do is the memory one, remember to always make sure that you pay the minimum monthly payments, that way you will not incur any penalties or interest being added to your account, making the whole practice pointless. The next test of memory is to make sure that you pay off the balance to the credit card company, before the interest rates will kick in, when this is done you will have a right good profit lying in your bank account, for doing next to nothing all thanks to your credit card giving you a kindly 0% interest free loan.