by Michael Restuccia

Created on: May 26, 2010

Some of the best credit cards on the market may be ones that you have never considered before. You may be busy looking for a great rewards card or simply a card that has the best rate of interest. While these cards can be great, you may want to consider getting a balance transfer card that also has a low rate of interest and perhaps a rewards program or special extras along with it.

A lot of credit card companies are offering special deals to entice new customers to get their card. This can add up to hundreds or even thousands of dollars worth of savings for you if you are willing to switch over to a new card.

Many people remain loyal to the card company they are currently dealing with, and this is not always a wise decision. Credit card issuers are always looking for new clientele and sometimes the deals are simply too good to pass up. These deals are usually not offered to existing customers, which means you don't get a chance to enjoy some of the spectacular savings by remaining loyal.

The best credit cards for getting rid of credit card debt are balance transfer cards. These cards allow you to transfer over an existing balance from one of your cards with a high interest rate to a new card with a promotional interest rate. The rate can be as low as 0% on some of these cards, which can really give you a chance to get caught up on your debt.

If you have a card with a 20% rate of interest and switch over to a card with a 3% introductory offer for a balance transfer, you can save an incredible amount of money. If you make payments of $175 per month on the card with a 3% interest rate, it will take you a little under a year to pay off a debt of $3141, which happens to be the average balance on an Australian credit card. If you look at a card that has a 19% interest rate, the payments would have to be $289 per month to get the debt paid off in the same amount of time.

By getting the card with the 3% interest rate you would be saving $114 every month and a total of $1368 in the year. These calculations are an indication of how much money you can save by making a switch over to a balance transfer card.

If you're looking for the best credit cards, be sure to check out balance transfer cards. They often come with great features and low interest rates like other cards, but they also give you the chance to get rid of some of your credit card debt at the same time.

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