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Do You Really Want a Balance Transfer Card?

Do you think you want a balance transfer card?

People who desire to transfer their credit card balance typically are struggling to pay off debt due to multiple cards with high interest rates. With a balance transfer card, you make one low-rate monthly payment instead of several. Now that’s the idea anyway. If you’re simply transferring balances from card to card, your debt problem is not eliminated. In fact, things could get worse due to transfer fees and high interest rates following the introductory period. You must be disciplined enough to aggressively pay off the debt on time. Here are my tips to consider before getting a balance transfer card.

First, read the fine print and calculate the real cost. The key figures to know are first, your introductory interest rate: How long does it last and is it better than what you’re currently paying? The annual percentage rate following the introductory rate: This is called the “go-to” rate, and it could be higher than you’re currently paying. Then, your balance transfer fee: How much are you charged to transfer to the new card? And finally, your minimum monthly payment: How will it impact your overall budget? Will you be able to pay off the balance on time under the new payment schedule? Consider other options like working with our friends at Christian Credit Counselors or you can call your creditors and negotiate a lower interest rate. Then, choose a specific payoff plan like the Avalanche or Snowball Method. The bottom line? Don’t make the transfer if you’re not able to live on a budget and pay off the debt within the specified time frame.

Our budget coaching program can put you on the road to becoming debt-free. Go to and click the “Get Help Now tab”, and if you want to become a volunteer budget coach we need your help. You can start today at