Are you feeling the load the on your business credit cards and wondering how to pay off interest? Well, there is a solution to help you pay off business credit card debts without loads of interest charges.
In these times of consumer society we're all out shopping like tomorrow does not exist and piling up credit card bills, the banks are desperately trying to trap us and take on all interest repayments, to the extent that they're ready to offer you an option to switch business credit card balance to them.
This marketing strategy is designed to give benefit for a short term with the hope that we will stay with them and keep paying them interest (and thus helping them make money) continuously after the offer of interest free has expired.
For example if Bank A offers a business credit card deal on balance transfers for 6 months at zero percent.
Fine, now the obvious question is what the meaning of this is? Well, it says that in turn for transferring debt to their bank they're ready to give an interest free loan for 6 months to cover your balance.
That's great.
So, we get away with those interest payments and begin to focus on reducing the balance of card for coming 6 months.
But, after 6 months we will begin to pay them the interest and, if the balance is not cleared by then, we will be back to square one.
OK, so what's good about it then? All we have got is saving 6 months interest payments and we are still in debt, paying interest back and not in a better off position.
Rather than balance transfer and putting that old business credit card in our pocket, enticing us to play on, we should cancel it as the clearing of balance is done, and shred it.
Following this in no time (depending on the size of your balance and your ability to pay it off), we are left with no high debts, only one business credit card in our pocket and a satisfied feeling that we have got the banks to pay off all our business credit card balances without a penny of interest.
In these times of consumer society we're all out shopping like tomorrow does not exist and piling up credit card bills, the banks are desperately trying to trap us and take on all interest repayments, to the extent that they're ready to offer you an option to switch business credit card balance to them.
This marketing strategy is designed to give benefit for a short term with the hope that we will stay with them and keep paying them interest (and thus helping them make money) continuously after the offer of interest free has expired.
For example if Bank A offers a business credit card deal on balance transfers for 6 months at zero percent.
Fine, now the obvious question is what the meaning of this is? Well, it says that in turn for transferring debt to their bank they're ready to give an interest free loan for 6 months to cover your balance.
That's great.
So, we get away with those interest payments and begin to focus on reducing the balance of card for coming 6 months.
But, after 6 months we will begin to pay them the interest and, if the balance is not cleared by then, we will be back to square one.
OK, so what's good about it then? All we have got is saving 6 months interest payments and we are still in debt, paying interest back and not in a better off position.
Rather than balance transfer and putting that old business credit card in our pocket, enticing us to play on, we should cancel it as the clearing of balance is done, and shred it.
Following this in no time (depending on the size of your balance and your ability to pay it off), we are left with no high debts, only one business credit card in our pocket and a satisfied feeling that we have got the banks to pay off all our business credit card balances without a penny of interest.