If you want to use lifetime balance transfer cards to pay down your debt you must take the time to compare offers. Just like anything, not all credit card offers are created equal and while there may be perks to some the decision has to come down to what will suit your bank account the best.

The idea of balance transfers is simple, save money in interest by moving your balance from a higher rate card to a lower rate one. That being said, you have to take into account not just the interest rate but the length of time you will be eligible for that rate.

This is where the idea of lifetime balance transfer credit cards comes into play. If you only have a small amount to transfer then you can use a zero interest balance transfer that is good for around six months.

If you have an extremely large debt to repay you might want to consider a personal loan to help stabilize your finances. But, for those debts that fall in the middle too large to be paid off in six months or a year but not large enough necessarily to need a multi year personal loan, then a lifetime balance transfer card will work for you.

What to compare on lifetime balance transfer cards:

•    Terms of the card

  • How soon do you have to make the transfer to get the lifetime rate?
  • How much can you transfer at a time?
  • What are the fees associated with the account?

•    Interest rate

  • Fixed rate - This means that the rate will stay the same regardless of how the market interest rate moves.
  • Variable rate - With a variable rate the interest rate on your card adjusts with the market rate. This can save you money when the rates drop but can also raise the amount of interest you pay as interest rates rise.

There is no question that lifetime balance transfer cards can help you get out of debt. Your job is to find the card with the right rates and terms for your needs. This will require you to look seriously at the debt you want to transfer and the amount that it will cost to leave it as it is or transfer the balance.

Typically, a balance transfer saves a lot of money, but there are choices when it comes to paying it off in the short term or over a longer period of time. Remember that the words lifetime balance transfer only refers to the length of time you take to pay off your original balance transfer. So be sure to include all of the high interest rate cards in your transfer, especially those store cards which often carry the highest interest rates around.

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