If you carry a balance on your credit card from month to month and are looking for a way to save money on interest payments, you might be interested in balance transfer credit cards. The idea is simple enough. You get an introductory offer with low interest on balance transfers, and that gives you time to pay down your balance while saving money on interest. How can you find the best balance transfer credit card for your needs though?

Here are several factors you should consider when comparing balance transfer cards:
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Balance transfers can seem like the greatest credit card feature to some consumers. If you don’t like your current credit card terms, you can essentially start over by moving your balance to another credit card issuer. Balance transfers can indeed be a good deal. They can also be used to help you get out of credit card debt through balance transfer debt consolidations. They can also cause problems though, and it’s important that you be aware of common credit card balance transfer mistakes before potentially making them yourself.

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Here are three common credit card balance transfer mistakes, and tips on how you can avoid them:
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It’s become something of a tradition: spend too much at Christmas, put it all on the plastic, then clutch up when the bills arrive and resolve never to do it again—at least not until next Christmas.

In 2006, Australians spent $32.85 billion over Christmas. In 2007, that rose to $36.5 billion. In 2008, it was $37.0 billion, and in 2009, $38.7 billion.

We’re not learning.
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If you want to initiate a balance transfer to save money on credit card interest, you have to compare balance transfer offers. There are so many to choose from though. Where should you even start? Rather than comparing every single balance transfer credit card side by side, we’re going to help you out. Today we’re going to share our top five picks for balance transfer cards, and tell you exactly what highlights set them apart from the competition.

Here they are — our top five picks for the best deals in balance transfers (current as of the published date): read more..

You’ve just financed a $2000 purchase with your credit card. Your bill comes telling you what your minimum payment is for the month (or other statement period). Should you make that minimum payment or should you pay off more of the balance? How do you figure out what to really pay each month?

The answer to that question is pretty simple on the surface: pay as much as possible! Or better yet, pay off the balance in full every month, and don’t use credit cards to finance things you couldn’t afford to buy outright with cash. There. Question answered. Problem solved. read more..