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Posted by Mommy Woobie on June 8th, 2008 in Mommy Thoughts

Starting a new life this month. New life means I left my job and am now freelancing. I’ve never had another formal job, and I was doing the job I left since I graduated. Almost a decade of experience in content writing, who knows where this change will lead me? Frankly, I’m more excited than ever.

One financial resource I have always had are credit cards. Through the years, it’s always been a resource that I found useful. If not for the sometimes unreasonably high interests, it will be the perfect resource for the credit-wise girl.

I just learned of credit card companies that offer 0 APR balance transfers. I’ve been thinking of managing all my credit card transactions in one account, and by this no fee balance transfers, I could save a lot on the interest rates that I could incur under a program with no such offer.

It’s a little difficult if the annual interest is high. While I could be tempted to use it with thoughts that monthly interest rates are low anyway, these pile up, and the total for the year is actually higher than I can handle. During the year, carrying a balance on a high interest credit card will result in much more interest charges, so that the amount will equal a 2-month paycheck or more.

I am more wary of offers now, about rebates and gift checks, I always look at the long term. Interest rate is the first thing I look at in an offer, because in my experience, any other offer is not worth it if the interest rate is too high.

Now about balance transfers , by simply transferring a high balance to a credit card that is on 0% APR balance transfer, the money used to pay the interest rate can be saved and used for other things, i.e. to pay the existing credit card debt. Once the 0% APR balance transfer period expires, transfering the balance to another credit card offering a 0% APR is the best move. There is a good credit score to maintain, but that is easy enough, as long as I keep my perspective with handling my credit, as I have so far.

Taking advantage of a 0 balance transfer will definitely save money. As I receive my last paycheck, I am sure to be thinking more of my credit score, credit balances, and interest rates. This is only the start. The purchases will have to be more thought out and offers for credit limit expansions looked into more deeply.

With so many options available, there truly is no reason to continue paying interest on our credit card balances. All I need is good credit standing and about 5 minutes to compare credit card balance transfer programs.