(PRWEB) June 19, 2006 -- In today's marketplace, credit cards companies are everywhere, marketing their products to consumers with little knowledge or experience with the business of credit cards. They sell credit cards with low APR or high APR, credit cards with no annual fees, low annual fees and high annual fees, and credit cards with cash back bonuses or free travel with the accumulation of airline miles to name a few.

All of these credit card options have one thing in common: they allow a person to accumulate a large amount of debt over a short period of time while accumulating interest. Many people find themselves caught in this sticky situation, which has resulted in a recent trend toward balance transfer credit cards (http://www.creditcardassist.com/balancetransfer/creditcards.html).

With a balance transfer credit card, people can transfer the balance of their existing credit cards to a new lower interest credit card. Balance transfers typically allow people to take an advantage of a 0% interest rate for a period of time, usually 6 months to a year, and then a low interest rate after that, usually less than 10%. This gives them a window in which to get their finances in order and ideally pay down some of the balance transfer.

This is a product that saves consumers a lot of money in accrued interest and also allows them to decrease their debt load. However, if people's finances are already in disorder, a balance transfer is unlikely to help in the long run. Increasing their knowledge about balance transfers, can increase the likelihood of a successful financial outcome.

The free service provided by CreditCardAssist.com gives consumers the opportunity to learn how to take full advantage of a balance transfer credit card to ensure they get the most out of the interest free period and the reduced interest rates offered by balance transfers.

Another interesting trend that has resulted from balance transfer credit cards is the ability for people to card surf. People take advantage of balance transfers again and again. As the 0% interest rate on their current balance transfer credit card ends, they switch to another balance transfer credit card and take advantage of another 0% interest rate period. It is estimated that this costs credit card companies millions, if not billions, of dollars each year. Some credit card companies are even getting out of balance transfer credit card offers all together.

The ability for people to card surf has resulted in savings for credit-card-holders and also the ability for people to make money through investment. Some people take advantage of balance transfer credit cards to borrow money at 0% and invest it, switching cards as the 0% period expires.

There is a wide range of possibilities available to consumers with a balance transfer credit card offer. However, like with all credit cards, balance transfer credit cards are full of financial pitfalls for uneducated credit card users. CreditCardAssist.com can help people navigate through the credit card minefields and understand what they stand to lose and gain from using a balance transfer credit card.

CreditCardAssist.com, based in Los Angeles, provides a wide variety of free information, tips, and advice on balance transfer credit cards. For more information, visit the company's Web site at http://www.creditcardassist.com

Source: prweb