Pay off Debt Sooner with a Low Balance Transfer Credit Card
Like many Canadians, are you worried about not being able to pay off the amount you owe on your credit card?
Many credit card institutions in Canada offer an enhanced limit on your credit to entice you into using spending up to the maximum limit while paying the minimum monthly balance. However, the hidden charges and the interest rate charges on your credit card balance can get you into serious debt trouble. You may find yourself trying to catch up with your debt, but it only continues to increase, placing you in a vicious cycle of debt!
Avoid Debt Using a Low Balance Transfer Credit Card
You can fight off the debt if you find a way to reduce the interest rate being charged on your credit card balance, which will reduce the overall amount you need to pay. Low balance transfer credit cards do just that–they allow you to transfer your current credit card balance onto the low-interest credit card. The interest rates remain low for a specified period.
The Scotia Momentum VISA Infinite is a Canadian credit card that offers you a 0.99 percent interest rate on the amount you transfer to the card by paying off the amount you own on other credit cards.
Why Should You Get a Low Balance Transfer Credit Card Like the Scotia Momentum VISA Infinite?
You can use your low balance transfer credit card funds to pay off the debt you owe on your other credit cards once and for all. Then you can focus on repaying the credit card balance that is subjected to high interest charges, making it easier for you to get a good credit rating by paying off debt sooner.
If you are a Canadian who is stuck in debt, getting a low balance transfer credit card may just be the answer to your problems!
Pros of Low Balance Transfer Credit Cards
- The interest rate you would need to pay on your credit card balance will be significantly reduced during the promotional period (usually six months) from 20 percent to as low as 1 percent!
- The credit card balance with a lower interest rate is much easier to pay.
- The ease of paying off debt with relatively no interest may allow you to pay it off in a lesser period.
- Having paid off your debt in a lesser period will free your funds for other uses and up your credit score.
Cons of Low Balance Transfer Credit Cards
- The period for which you will be charged a lower interest rate lasts for a limited span of time, usually about six months, after which your credit balance will be subjected to a higher amount of interest rate again.
- Only people with a good credit rating and pay-back history can apply for and get a low balance transfer credit card.
- Some credit cards that offer lower interest rates in Canada require you to be earning a good annual household income.