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Trending Decoding your tax bracket Beyond salary: Benefits may matter more than you think 6 steps for first-time tax filers. Personal Banking. What is a balance transfer and how does it work? Share Close share. Key takeaways. The list is here. All backed by tons of nerdy research. View the winners. How balance transfers work. Nerdy tip: Credit card debt isn't the only type of debt you can transfer.
Many issuers also allow cardholders to move other types of debt — such as auto loans or personal loans — to a credit card. Use our calculator to see how much you could save. Back to top. Good balance transfer cards. Should I do a balance transfer? What's next? On a similar note Dive even deeper in Credit Cards. Explore Credit Cards. That's why we provide features like your Approval Odds and savings estimates.
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The good news is there are balance transfer credit cards out there that offer a low introductory APR that can help you pay off high-interest debt.
How does a balance transfer work? A credit card balance transfer allows you to take a high-interest credit card balance or even multiple balances and transfer it to a new credit card with a lower interest rate. If you transfer balances from multiple credit cards to one balance transfer card, this can streamline your payments into one easier-to-manage payment. You must commit to getting out of debt for it to be a successful move — or risk ending up in even more debt.
You should also educate yourself about some of the pitfalls of balance transfers before applying for a card. Before you do a balance transfer, empower yourself with information about your current situation.
Review your credit card balances and interest rates. Your credit card interest rates are typically expressed as an annual percentage rate, or APR. Luckily, there are lots of balance transfer offers out there. These factors could all make a difference when it comes to paying down your debt. Balance transfers must be completed within four months of account opening.
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