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If you are looking consolidate credit card debt, it is worth taking advantage of the 0% interest introductory rates offered with many credit cards. Many cards offer 0% on balance transfers for the first 12 months, and this feature can help you sort your finances out and start to pay back the money you owe. But when looking at ‘consolidating credit cards’, make sure you’re aware of what happens after the introductory offer is over, because many cards will have very high standard APRs. When looking to consolidate credit card debit using a card with no balance transfer fee, make sure you:
- Check the duration of the 0% interest introductory period.
- Keep track of any attached conditions, such as normal interest levied on purchases.
- Check the interest rates that will be levied after the introductory period is up – this is less important with no balance transfer fee since you can change to a new card without penalty.
You should also be careful to read the small print for any other limitations that might affect your use of the card and ability to change to a new balance.