Balance Transfer Credit Cards ???


Old 03-04-19, 08:37 AM
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Balance Transfer Credit Cards ???

What are the pros and cons of Balance Transfer Credit Cards???
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Old 03-04-19, 09:26 AM
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I've never transferred a balance but have read a little about it. There is often a fee associated with the transfer and IF that amount isn't paid off before the time limit in the offer you generally have to pay interest [or higher interest] on the entire amount. There is the possibility of saving interest money if you are disciplined.
Old 03-04-19, 01:35 PM
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The downside, other than any fees like Mark mentioned, would be that you're still paying credit card interest rates on the balance. Best is to get a home equity or other type of loan to pay off the card(s).
Old 03-04-19, 01:38 PM
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I get card offers all the time to transfer with no interest for a set period of time ..... but I don't really look into them because I always pay my cards in full each month. Whether you transfer to a no/low interest card or a loan - it takes discipline to not use the card and get deeper in debt!
Old 03-24-19, 07:58 AM
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All you're doing is transferring debt from one card to another, and paying a fee (generally 3-5% of the transfer) to do it.

Pick either the card with the highest interest rate, or the lowest balance and pay all you can on that while making minimum payments on everything else.

The snowball method of getting out of debt has been around for ages and it does work.

If you do it.

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