Molly's Money | A Few Things to Consider Before Doing a Credit Card Balance Transfer


  1. I’ve done at couple balance transfers only because they offered the 0% promotional period. If I had a large amount of debt I wanted to take down within a certain time, I make sure that it’s feasible to pay during that promotional period before signing up for it. It’s always good to double-check the terms when you sign up so it’s all clear to you. Basically, balance transfers can be bad for procrastinators but, if done right, it helps you save money on interest while paying down debt. Always do the math before jumping in.

  2. Wish I would have read this post about a month ago!! We opened a new card, got a great interest rate, did a balance transfer only to find out that the great interest rate only applied to new purchases and not balance transfers. We called to complain because this wasn’t mentioned when we opened the card. They removed the interest from the first month and are quickly paying it down. Lesson learned. #thehardway Whitney @

  3. I just recently did a balance transfer for one of my 2 cards that I am trying to pay off. The interest rate on the card I transferred was 19.99%. I transferred it to a card with 0% interest for a promotional period of 18 months. The charge to transfer was 3% of the balance which was less than 2 months of the interest I was paying. I knew I would be able to pay the balance off within the 18 months, it has been a great decision. Just have to do the research and the math before making the right decision.

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