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Watch out for the 'revert rate' on balance transfer offers. In order to tempt you to switching to their credit cards, banks and other card providers are offering great balance transfer offers to existing card holders. These rates have hit rockbottom as low a 0 per cent. This means any outstanding balance you may have on your old rival credit card can be transferred to the new card with no interest charged on that money. But the balance transfer offer will generally only run for three to six months, after which the standard interest rate for that card, or the 'revert rate', will apply. And new purchases will be subject to the standard rate straight away. By all means take advantage of balance transfer offers to help you pay off your lingering credit card debt, but try to pay off the old debt before the balance transfer period runs out. And make sure the revert rate is reasonable too. No one should need to pay credit card interest rates of 17 to 19 per cent anymore.

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