Zero Balance Transfer Techniques

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One of the easiest ways to increase cash flow is by transferring a credit card balance from one bank to another bank that has a lower interest rate, often known as a teaser rate. Learn about how teaser rates will most likely increase after the first couple of months with help from a portfolio manager in this free video on money management and personal finances.

Part of the Video Series: Investing & Money Management
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Video Transcript

Are you looking for ways to increase your cash flow? Hi this is Roger Groh at Groh Asset Management. One of the easiest things to do is to transfer your credit card balances from a bank today where you're paying a high rate of interest to another bank that probably has a teaser rate at a lower rate of interest. What's a teaser rate? It's a low rate of interest that's only going to last for a little while. How short is little? Month, two months, six months, maybe longer in some cases. But the point is, it's a lot lower and you should be able to save a substantial sum of money by doing that. You need to read the prospectus carefully to really understand the total expense structure in wherever you're going to be transferring your money. So read before you move and if it sounds too good, don't do it. Last, if you do your homework, there are plenty of websites that will list any number of low interest rate credit card companies that really want your balances. There's no shortage of them. Remember that even though the teaser rates only last for a short while, in theory you can just roll it again as long as there wasn't a fee to do that. So it may not be something you do once, it may be a continual thing that you do over the life of the loan. The best way? Pay the loan off. I'm Roger Groh with Groh Asset Management, thank you very much for spending time with me.

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