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A generous introductory offer on a balance transfer can save you money if you play your cards right.

The longer you plan to carry a balance and the higher the APR on your current balance, the more you’ll benefit from a 0% APR balance transfer. Without those hefty interest charges added to your balance each month, a balance transfer can buy you time to pay off your credit card debt more quickly and for less money.

Break out the calculator and do the math to determine if a balance transfer will save you money. The industry standard is to charge a balance transfer fee of $5 or 3% of your transferred balance, whichever is greater. So keep this fee in mind when figuring out your actual savings. On rare occasion, consumers can find cards with no balance transfer fee.

Also, be aware that if you make a late payment, many card issuers will end your introductory period rate and apply the default rate – potentially wiping out any savings and possibly costing you even more than if you never did the balance transfer. Stay on top of your payment’s due date to make the balance transfer work for you.

As always with any credit card offer, carefully read the card’s Terms and Conditions for the full details before you apply.

While there are always plenty of credit card offers to choose from, consider your spending and bill-paying habits to determine which one is right for you and your needs. And once you do find the right balance transfer offer to meet your needs, make it work for you – avoid racking up new debt and pay off the balance before interest begins to accumulate. When handled wisely, a balance transfer to a card with a low or no-interest introductory rate can be a great way to manage your credit card debt.

Having trouble finding a balance transfer card? We would love to show you more balance transfers, however banks control which cards are allowed on certain pages. We recommend that you view balance transfer credit cards at CreditWeb for more options.

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