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Many people get into the habit of getting several different credit cards with little credit limits, possibly from when they started to establish or re-establish credit. Not only does this cause your instalments to be higher, but your interest payments may be as well especially for those who have several high interest low credit line charge cards. The inconvenience of transacting business by doing this makes it more feasible to consider those small credit line balances and obtain a card with a higher credit line and lower rate of interest. If you have established your credit for a minimum of a year, it shouldn't be difficult to find credit cards with a credit line high enough to let you have fewer cards by transferring the balances on the cards you need to another one. When you consolidate your charge cards, you want to be careful as well so you don't take something with a higher interest rate to be able to have the freedom to make balance transfers in a low rate. For example, you may find a card without any interest on balance transfers for the first six months but with a higher overall interest rate than the cards you consolidate. It's essential to check out all of the angles and choose the one which is the cheapest in all methods. Card issuers use balance transfers to lure customers into their programs and then raise the eye rates substantially when the introductory time period is expired. Sometimes choosing cards by having an introductory rate on balance transfers isn't in your best interest. For instance, if you are paying on several cards at a typical rate of 19. 9%, the 3% balance transfer fee that many card issuers charge is minimal if you are accepting a card with a 9. 8% rate of interest. The key is finding a greeting card with a lower interest rate that will be beneficial to you as the card holder. Paying a one-time 3% transfer fee from the card with a 19. 9% rate of interest to one with a 9. 8% rate of interest is certainly in your best monetary interest. In order to avoid these types of situations totally, develop the habit of paying down your credit cards each month and trying to get cards that have a lower rate of interest initially. Even if you are creating or re-establishing credit, there are credit card providers who offer lower interest rates on small lines of credit with regular credit line increases. Look for the offers on those types of cards instead of taking high curiosity ones and looking to consolidate later to save money on interest payments and monthly obligations.






Michael writes for Card Sense where one can compare credit cards including those having a 0% balance transfer facility.

View this post on my blog: http://creditcard.valuegov.com/save-money-by-consolidating-your-credit-cards/