0% balance transfer credit cards are back

Chase, Citicards (Citibank) and Discover are all currently offering 0% interest credit cards for balance transfers and for cash advances and new purchases in some cases, and the 0% interest ranges from 6 months to 21 months.

This gives consumers a chance to transfer over balances from high rate cards and to pay off the balances as quickly as possible with the zero interest rate.

But remember the obvious: If you are not paying off the 0% transfer before the zero rate expires in 21 months (or less) you will be hit with interest rates again.

If you can take advantage of these zero interest cards to ease the credit card trap -- do it.

But if you are thinking about these zero interest rate cards just as a way to expand your debt forget you ever read this.

When you pay off those higher rate cards with these balance transfers, cut up the old, high rate cards. But do not close those accounts. Closed accounts could lower your credit score. What you want to do is pay them off but keep them open.