How To Move Your Debt To A Cheaper Credit Card

The question I often come across is whether it is possible to move one’s debt to a cheaper credit card? Yes, it’s very possible and even more beneficial to the cardholder!

During the course of the last four or five years, credit card providers have progressively tightened up their acceptance criteria for customers.

“Quality lending” is very much their mantra and this has effectively developed a three-tier market for consumers looking for a credit card.

If you have a good credit rating you can largely take your pick from the best deals available.

If you are still deemed to be acceptable in terms of credit risk, but your credit rating is not top notch, then you will still be able to get a credit card. However you may find the interest rate charged is higher than the keenest rates advertised.

As a credit status deteriorates an increasing number of consumers are unable to get credit cards.

Special Deals

For now, there remain some very attractive offers. For instance, you can get a 0% introductory rate on balance transfers for as long as 17 months or a 0% introductory rate on purchases for 13 months.

Because introductory offers are often the most attractive deals, there is still a significant incentive for those with good credit ratings to change their credit card on a regular basis.

The new “positive repayment hierarchy” has lessened that incentive somewhat. For example, it paid to use your 0% balance transfer card only for that purpose and not use it for making any purchases.

But there are still reasons to have more than one card. This is because the longest 0% introductory purchase deal will almost certainly be from a different card than that offering the longest 0% balance transfer.


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