Many people tend to browse through balance transfer offers searching for the lowest interest rate they can find, however depending on the balance you are wishing to transfer one should also consider the term of the balance transfer as you will usually find that the very low rates are reserved for shorter term balance transfers.

For example, you might find that the rates 1.99% or even 0% are on offer for just 6 or 9 months. At the end of this short term, your interest rate will revert to the much higher purchase interest rate and in many, worst case scenarios the even higher cash advance rate.

If you haven’t paid off your balance by the time the introductory offer ends, you could potentially be paying much more interest than you should be.

There is however still options available for those with larger credit card debt. If you have an outstanding balance that will take longer than 6 or 9 months to repay, it may be worth looking into a long term balance transfer credit card, as you’ll benefit from keeping the low rate for the life of the balance transfer.

Life of the balance transfer credit cards are ideal for those people with larger balances to repay, as it allows one time to pay down the outstanding amount owing, whilst still benefiting from the low rates on offer.

An excellent example of this is the Citibank Platinum Credit Card which offers the longest possible term on the balance transfer offer.  It is a “life of the balance transfer offer” allowing customers to enjoy a low 4.9% interest rate on the balance for however long it takes to be repaid.

When you compare this interest rate over a longer term to a slightly lower interest rate over a short term, you’ll find that you’re able to save far more money on larger balances by opting to retain this interest rate for as long as you need to repay the outstanding balance.