I looked online, and President’s Choice Financial have a promotion going on right now where you can transfer a credit card balance from another card to their card and they will only charge you 1.97% for the next 6 months. Here is the link to the promo.
Please note that after time, I suspect this link will be out of date – but card companies have this sort of deal going on all the time. They all want your business. The best thing is to pay off the cards ASAP and never carry a balance – but I realize that it is a hard thing to do for a lot of people.
Make sure to read the fine print on the offer. I believe if you are late for two consecutive payments then your interest rate gets jacked up to 22.97%! Another word of advice, whatever your monthly payment was with the other card before the transfer, at least maintain that amount to put the money you save in interest to good work (paying down the principal owing.)
Let’s look at how much you could save. I see people with $5,000-$10,000 in credit card debt all the time so let’s take a balance of $7,500. On your old card you were paying 19.9%.
$7,500 x 19.9% Interest / 12 months = $124.38/month in INTEREST
$124.38/month x 6 months = $746.28 total interest paid over 6 months with the old card
Let’s compare that with 6 months at 1.97% interest.
$7,500 x 1.97% Interest / 12 months = $12.31/month in interest
$12.31/month x 6 months = $73.86 total interest paid over 6 months with the old card
$672.42 interest with old card – $73.86 interest with new card = $672.42
So you save $672.42 in interest just by making the switch. Some more caution: if you’ve racked up that much in credit card debt, make sure you cancel your old card so you don’t have two credit cards that gets maxed out instead of "just" the one!