A life of balance credit card could be the best way for you tio pay off your debts over a time-frame to suit your needs.

What are life of balance credit cards?

Life of balance credit cards are credit cards that offer a low interest rate on your credit card balance for a long period of time.

Although they’re known as “lifetime” balance transfer cards most of these cards don’t actually offer a “lifetime” promotional rate. Rather, they offer a very low rate that lasts for around five years on the balance transferred.

What are the benefits of life of balance credit cards?

If you have built up a large debt on a credit card, you could find yourself paying a high rate of interest on it, or caught in a viscous circle of balance transfers and their attached fees.

0% balance transfer credit card offers apply transfer fees that are typically around 3% of your balance. Plus, as well as the cost, there’s the hassle involved in trying to remember to switch to a new card every 6-12 months.

While lifetime balance transfer cards won’t let you escape your interest payments altogether, they do offer a long-term alternative.

Read our guide to lifetime balance transfer credit cards