A credit card balance transfer is a good idea if you have good or excellent credit and make an affordable payment plan prior to applying. You generally need good credit or better to get a 0% balance transfer credit card. And most balance transfer cards have very high regular APRs, making it important to repay what you owe before the 0% period ends.
They’re definitely a good idea. The catch is you’ll need to have good or excellent credit to be able to qualify for one. That being said, balance transfer credit cards are ideal for people who struggle to pay off the principal on their credit cards due to high interest rates. With a balance transfer card, you can make only one payment per month, and almost all balance transfer cards have 0% introductory APR for a certain period of time.
Definitely. If you've got a 0% balance transfer card, or just one with a lower APR, there's no reason why shouldn't try and save some money. Keep in mind tho, it's not just the APR that you have to take into account, it's also that balance transfer fee.
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