It's as simple as comparing balance transfer credit cards on CardRatings.com and looking for a credit card that has a lower interest rate than you currently have, and a promotional period that is long enough for you to pay down the debt.
Once you find one, and you apply and are accepted, you simply give your new credit card issuer your current, and soon to be former, credit card account number or numbers, and the amount or amounts, that you want transferred, and you're all set to start saving money.
But not all BT offers are alike. Promotional rates and periods vary. The best balance transfer offers featured on our site have 0% APR for up to 18 months. If you don't qualify for the advertised promotional period, you may be offered 0% APR for a shorter period if the credit card company wants you as a customer.
So you really just need to look for the credit cards that are offering the best deals and then start crunching the numbers to see if they make sense for your financial situation. Do make sure you can pay off the debt before the promotional period expires and the "go-to" APR kicks in. This "go-to" APR is spelled out in the card issuer's terms and conditions, also known as the Schumer box. Good luck!
- I have a credit score of 650 and need to re-establish my good credit. I won't carry a balance. Please advise regarding the credit card I can qualify for.
- "Your credit card has been declined…"
- Can you enter household income where it says annual income on a credit card application?
- Some credit cards put foreign transaction fees on vacation
- Flying high: Best airline rewards credit cards