From Yahoo Finance: 2024-02-27 17:33:00

Debt, especially credit card debt, can be a financial burden with high interest rates. Using a balance transfer credit card with a 0% APR intro period can save you money on interest. Make a plan to pay off the balance before the intro period ends to avoid accruing more debt.

Consider the length of the intro period when choosing a balance transfer card. Longer periods allow more time to pay off debt without interest. Fees for balance transfers typically range from 3% to 5% of the balance, but can still save you money compared to interest charges.

To start a balance transfer, choose the right card from a different bank, ensuring you can qualify with good credit. Initiate the transfer early to take advantage of the intro period and make payments on time to avoid fees. Commit to paying down debt to become debt-free.

However, a balance transfer may not be suitable for everyone, especially those with high balances or overspending issues. Choose wisely based on your financial situation and repayment plan. Use a balance transfer card responsibly to lower your debt without accumulating more interest charges over time.

Read more: How to pay down debt using a balance transfer credit card