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5 Things to Consider before Transferring a Credit Card Balance
If you have good credit but carry a credit card balance, you may receive offers to transfer your balance to a different card. If the APR you are paying is 15 percent or more, this may a good time to save a lot of money by transferring your balance to a card with an introductory 0 percent interest rate for a year or more.If you currently have a balance of $5,000 and an APR of 15 percent, switching to a 0 percent rate for a year will save you $750 in interest payments, say the frugal folks at stretcher.com, a website devoted to the pursuit of saving money.
But there are several things consumer should consider before making the balance transfer: