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Many popular credit card issuers advertise balance transfers as one of the top perks for their card. In fact, you can often find promotional offers of 0% interest on balance transfers for the first year or more after opening the credit card.
Transferring account balances can be a great financial choice for you because you can move the balance from a high-interest rate credit card to one that is not charging you interest at all. That way, your credit card payment will go entirely toward paying down the balance, rather than having to pay the monthly interest first. If you are looking to get out of credit card debt, transferring account balances to a new card can help.
Features to look for on your new credit card
Making the most of balance transfers is largely about choosing the right credit card. There is a lot of competition in the credit card industry, so as long as you have a good credit score, you should have plenty of strong offers from which to choose. Look for several features to help you pick the best new credit card.
Make sure balance transfers do not hurt you
Overall, transferring your balance can be a wise financial move if you handle it correctly. However, there are a few things that could hurt you in the long run if you are not careful. Pay attention to each of these factors to protect your credit and your personal finances.