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One of the leading success stories in credit cards during the last ten years has been the nought per cent balance transfer promotion, where clients could arrange not to pay interest on the arrears by moving it on to a newer credit card that incurred no interest charges for a restricted period on debt transferred onto it.

Not simply was this hugely popular among shoppers, who were able to avert paying interest fees on what they owed more or less indefinitely by changing the debt owed from card to card, it became a hotly fought for marketing point for credit card companies who needed to present longer and longer promotions to entice brand new consumers. Unfortunately, this scenario was doomed to failure - it was simply costing the credit card companies an excessive amount of income in lost interest charges, and therefore the attractiveness of balance transfer promotions started to be constrained by additions including a balance transfer fee, where a flat proportion of the debt moved onto the credit card was billed as an upfront fee.

At this point, zero per cent transfers are still out there, but the diminishing variety of card account providers means that it's very hard to find a new organization to shift the balance to at a 0% rate. What can you do if you've kept a large account balance, and would like to pay as little interest as you possibly can? The answer is a long term low rate balance transfer deal.

With these specials, rather than paying 0% for a few months on your balance, followed by the full standard APR of the account once the discount offer has run out, you agree to pay a minimal percentage rate of around 5% APR that is fixed until the remainder has been totally repaid. Although you're still having to pay interest charges, these deals are far more affordable than regular borrowing on a credit card, and in most cases are also more affordable than other kinds of debt along the lines of personal loans or bank account borrowing.

If possible, you'd take the chance presented by this minimal rate to target all your financial firepower on eradicating the debt as fast as you can, and you certainly shouldn't shop with your lifetime balance transfer card if you want to make the most of the low rate on offer.

Accordingly, when you've got a large credit card debt owed and just want to begin clearing it in the most efficient and affordable way you can, a balance transfer for life package is really worth contemplating.

Article provided by lifetime balance transfer deals.