There's been a lot buzz recently about taking advantage of 0 percent balance transfer credit card offers. The idea of these balance transfer offers is pretty obvious, you simply transfer balances from higher-rate credit cards to 0 percent credit cards and save a ton of money on interest that you can apply towards your debt.

Sounds simple enough. But what about those of you that don't have any high-interest credit card debt? Can you still take advantage of these 0 percent credit cards? As some of you may already know, the answer is YES.

What I will outline are the steps involved in accessing the funds from a 0 percent balance transfer and using them to earn extra money or savings as the case may be.

 The simplest way to access your 0 percent credit line is to request a balance transfer check from the credit issuer and then deposit it in the bank. Citi is probably the easiest to do this with. I've also heard that you can get balance transfer checks from Chase, though I can't say for certain that this is the case.

The alternative is a little on the creative side, but still pretty much doable for any credit card. If you can't get the money directly, you'll need another credit card (Card #1). The good news is that this card doesn't necessarily need to have an outstanding balance. Ideally, you don't want it to have an outstanding balance. When you apply for your 0 percent balance transfer credit card (Card #2), simply request a balance transfer from (Card #1 to Card #2). This causes the issuer of (Card #2) to make a payment against (Card #1), creating a negative credit balance. The next step is to request a credit balance refund. In some cases you can do this process online. In other cases you may have to call to make your request.

Once you get your balance transfer check or your credit balance refund, you're ready to go. We're not done yet continue to read below.

There are two different options you have at this point. First, you can simply deposit the money in a high yield savings account, where you can easily make up to 5% APY or more. Your earnings from the account, minus taxes, will leave you with your profits. Be sure to avoid fees if you want to maximize your profits.

Second, for those of you that do have high-interest debt, you can use your 0 percent balance transfer card to offset this existing debt. Simply transfer high interest credit card balances to your 0 percent credit card and then use the money you save on interest charges to pay down your debt. If you don't pay off the debt before the offer expires, apply for a new 0 percent credit card offer and transfer the balance again. In latter case, your profit comes in the form of savings on interest that you would have otherwise been paying.

The biggest catch when it comes to 0 percent balance transfers is a transfer fee. Many card issuers charge a balance transfer fee in the range of about 3% of the transferred amount. Others simply don't. Of course, if you're looking to maximize the worth of your balance transfer, you'll want to avoid these fees. The good news is that there are a number of fee-free balance transfer offers. You may consider choosing a card with a 3% transfer fee in exchange for a longer 0 percent introductory period.

Remember that most, if not all, 0 percent credit card offers will begin to charge you interest if you make even one late payment. Make sure you completely understand the terms and follow all of the rules.

The only downside to this plan is that it could negatively affect your credit score. One of the major components that go into your credit rating (i.e.FICO score) is the percent of your available credit that is currently tied up. Maxing out one or more of your 0 percent credit cards can bump up your utilization. This may be something you're wiling to accept in exchange for using this system.

There are two ways that you can reduce your credit utilization. First, you can simply borrow less. Obviously this goes against the idea of profiting by borrowing a bunch of money at a 0 percent rate. Second, you can have your credit limit increased.

To get around this problem you would need to have other credit cards lying around that you won't be using for your 0 percent plan. The idea is that you won't run up charges on these cards in which case they'll offset the heavy amounts on your other cards. This is one of the reasons that you shouldn't cancel old credit card accounts. The other reason is that credit scores are also influenced by the combined average age of your accounts, so the older the better.

It's time to get started reducing your debt. You have the information now make a plan and stick to it no matter what. To get out of debt you must be determined. There will be moments of weakness when you must remind yourself of your goal.

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