Next Steps

Common Question About 0% Balance Transfer Credit Cards

Many people look at 0% Balance Transfer Credit Card offers and wonder, “what’s the catch?” So let’s dive into this question.

QUESTION: Is the interest rate really 0%? 
The answer is, “YES!” Many of these offers do, however, have a small transfer fee – usually around 3%. 

Let’s use an example to see how this works.

Suppose you transfer a balance of $5,000 from a card that has a 21.99% interest rate. You apply for a 0% balance transfer credit card. This offer comes with a 3% balance transfer fee, but it also provides 0% for 18 months.

Upon acceptance of your application, the 3% balance transfer fee ($150) will be applied to your balance on the new credit account making your total balance owed equal $5,150 ($5,000 balance that was transferred PLUS the $150 balance transfer fee).

Now comes the good part! You now owe 0% interest for the 18 month period – as long as you make all of your payments on time, of course. Let’s see how this plays out while making $200/month payments – 21.99% credit card vs 0% balance credit card.

The I Was Broke. Now I’m Not. Team keeps a running list of 0% Balance Transfer offers HERE.

0% Balance Transfer credit card offers

Just by making one decision that takes less than 15 minutes, you can make a HUGE difference with your finances!

How to Make Credit Debt Disappear Quicker

It’s no surprise that I’m not a huge fan of credit cards. This is mainly because, in the past, I ran up huge balances on them three separate times. As a financial teacher, I have seen a large amount of people entangled in credit card debt and paying huge interest charges. While this is not an ideal situation to be in, there is always HOPE and a way out! So how do you make credit debt disappear quicker? One way is 0% Balance Transfer Credit Cards!

Here’s an example – I recently met a family that had several credit cards. They were paying 7.99% interest all the way up to 22.99% interest. We used the Actual Cost of Debt Calculator to calculate the amount of interest that was being paid each month. It was a ridiculously large number! So I encouraged them to apply for a 0% balance transfer credit card. This type of credit card would ensure that 100% of their payment would go towards reducing the principal. Guess what? They tried it and were approved and the balance was transferred to 0% for 12 months. In just fifteen minutes, they had reduced their interest fees by over $100/month. Over $100/month for fifteen minutes worth of effort is a pretty good paying job! That’s a savings of OVER $1,200 PER YEAR! Now they are working their way to 100% debt freedom even quicker!

Are you paying high interest on a credit card balance? If you are, why not roll over that debt to a 0% interest card so that 100% of your payments will go towards the balance owed? Having trouble finding a 0% balance transfer card? Just click HERE.

If you’ve already switched to a 0% Balance Transfer Credit Card, how much is it saving you every month?

Budget Booster Update – Swagbucks

I first wrote about Swagbucks back in November 2008 when I first signed up for the program.   Swagbucks is a search engine just like Google, Ask, or Bing with one key exception – they PAY you to search!!!   Every so often, they reward you with a Swagbuck (or Swagbucks) when you search.   The Swagbuck is their own currency, and they can be redeemed for gift cards or merchandise.

I just redeemed my Swagbucks for another $20 Target gift card.   So far, I have personally earned 389 Swagbucks!   It takes 235 Swagbucks to obtain a $20 Target gift card.   It is FREE money!   YES!

Here is a great feature of this program.   Once you register, you can refer your friends.   For their first 100 Swagbucks, you can earn a matching Swagbuck!

You can check it out and register HERE.

NOTE: We have a TON of additional “Budget Boosters” located on the Next Steps site – I would recommend you start with the Top 5 Lists!

Next Steps Site Update – Free Samples

For this Saturday morning, we have updated our Next Steps site "Free Samples" section with a link to  It is a great place to sign up for a variety of free stuff – if you don't mind increasing the quantity of e-mail and regular mail!

Check out the free samples link HERE.  You might just want to browse the entire "Budget Boosters" section while you are at it.  It is how me and my team have saved TONS of money!

Check Out The FREE Tools

How long has it been since you checked out the FREE (HERE) financial tools available via the I Was Broke. Now I'm Not. website?  Chances are pretty good that there are several tools that can really help you take your finances to the next level – and they are FREE!

It is our passion to help others accomplish far more than they ever thought possible with their personal finances.

This passion is the reason we offer the free tools.  It is the reason I write a blog post about personal finances every day.  It is the reason that I write a weekly newspaper column.  It is the reason I travel the nation speaking and teaching.  It is the reason that I wrote I Was Broke. Now I'm Not. and its related Group Study.  It is the reason that I am writing a book directed toward those young people who are about to embark on their big adventure into the real world.  It is the reason that we offer free financial counseling through over twenty churches (and increasing!).  It is the reason that I have been training team members at every single live event.

I'm FIRED UP and sold out to this God-given call on my life.

However we can serve you, it is our honor.