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Super Balance Transfer Credit Cards
Credit cards are a great way to spend money that you do not have
and we all know that so it is nothing new to us. A credit card
is a spending tool that many of us would feel as if we had had a
limb cut off if we could no longer have one, would also ring
true to a lot of people.
Start Making Money
There are ways to make money from credit cards, rather than them
being a drain on your finances. One such way that many may do
not know about is the 0% "Super Balance Transfer", another step
up from the 0% Balance Transfer, which lets you move your debt
around to save you from paying interest charges. The 0% "Super
Balance Transfer" allows you to pay other debts.
This is how it works, a 0% "Super Balance Transfer" can be used
to pay off any debts that you have that are not credit card
related. This is done by paying the money that you will get from
the new credit card straight into your bank account, leaving you
free to pay off any manner of debt that you have, this is where
it differs from the normal 0% Balance Transfer facility.
You can pay off any debt that suits
This cash can also be transferred into your account even if you
are free from any debt, which means that you can place your
credit limit into a high savings account, then once the 0%
interest period is almost over, you take the cash that the
credit card company "lent" you and pay it back into and thus
clearing the credit card debt. Always remember though that while
this cash is lying in your savings account gathering interest
you will still have to meet the minimum payment set by the
credit card issuer, which is normally 2% of the balance or a
minimum of £5.00.
The golden rule! Do not use this card to make purchases!
Once you have paid off the credit card you will be left with a
profit for borrowing someone else's cash, but what you have to
remember is that you don't spend on the credit card, this will
only eat into the profits that are there to be made and could
defeat the whole purpose of why you were doing it in the first
place.
Finding the credit card companies who offer this service wont be
too difficult, but most will require a fee to transfer your
credit limit into your account, this will normally be a 2%
charge to a maximum of £50, though you may find that a few
credit card companies will not be charging as much as this.
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