Balance transfer cards can be the solution to your credit card debt problem if you are tired of being burdened down with paying back heavy interest rates. With a balance transfer card, you get waived from paying interest rates for a period of time. There are many cards that offer a zero percent intro period for more than 1 year so this should gives you enough time to repay back the credit card debt in full. During the intro period, you won’t have to pay any interest on the credit card debt that is transferred to the balance transfer card.

If you have no confidence that you will fully repay the debt within the intro period, you should check the interest rate that you will paying after the intro period expires. Finding a balance transfer card with a low APR interest rate will be more important than the length of the intro period that it offers. Balance transfer cards with long intro period usually requires a good to percent credit score to qualify. If your credit score is lower, there is a high chance that you won’t be qualified.

However, you must not get too excited and forget to check other fees that the card may have for example balance transfer fee. The balance transfer fee is usually 3%-5% of the amount of credit card debt transferred to the card. On top of that, the balance transfer card may also charge other fees such as annual fee or late fee. This is why you must always read the fine print carefully and scrutinize it to see if there is any mention about the types of fees you are to pay when using the balance transfer card.

While you are using the balance transfer card to pay back your credit card debt, make sure you don’t swipe your card for any purchases or withdraw cash advance with it. The intro period may be only applies to balance transfer and not purchases so any purchase you make will be charged with the regular interest rate.

To prevent getting trapped in more debt, it might be a good idea to use scissors to cut your credit card to control your bad spending habit. Cutting up your old credit card means that you will no longer be able to use it. It is important that you develop a discipline to set aside an amount to pay back the balance transfer card every month. You can pay back as much as you want every month until the entire debt amount is fully settled.

As a rule of thumb, you should not submit too many balance transfer card applications because it can have a serious impact on your credit score. You should just decline the balance transfer card if you find that it does not meet your needs.


Stay tuned to BestCreditCards.co for the top rated credit cards for 2017! We will be constantly reviewing cash back, rewards and balance transfer credit cards in 2017