Key takeaways
- Before taking on a balance transfer offer to consolidate debt, budget for a monthly payment plan to pay it off.
- Select a balance transfer card that’s suited to your credit score, and look into the terms and conditions of the offer.
- Make it a priority to pay off the transferred balance within the introductory 0 percent APR period, otherwise you will face a much higher interest rate once the promotion ends.
If youre dealing with large balances on several credit cards, you may benefit from consolidating your debt with a balance transfer credit card. Balance transfer cards typically offer a 0 percent intro APR (annual percentage rate) on balance transfers for a set period, often between 12 and 21 months. Consolidating you…
Read the full article at: https://www.bankrate.com/finance/credit-cards/zero-percent-balance-transfer-consolidation/