The goal of the best balance transfer cards is to help you save money on interest payments, particularly for high
interest credit card debt.
Your other option is to take advantage of the many 0
percent interest credit card offers on the market right now and open another credit card with another issuer.
Instead of saving for college, you may want to focus on other financial goals like buying a home, saving for retirement, or paying off high
interest credit card bills.
Although low
interest credit cards do not typically have rewards programs, if you typically pay your balance in full each month, you can miss out on valuable cash back and travel opportunities.
If your high
interest credit card also has a high balance, it can take longer to reach the milestone of paying off your first card.
Even borrowing from a bank with a line of credit or one of their tempting (temporary)
zero interest credit card offers is generally not a good idea.
If you know you're not going to pay off your credit card balance every month, take a look at a low
interest credit card option to help keep interest costs down.
There are some great zero
interest credit cards out there you can use to combine a couple of balances and pay them off quicker.
Credit card consolidation can still be a helpful as a way to pay off higher
interest credit cards by refinancing them into lower interest loans.
Next, you will need to know how
much interest your credit card will charge you, how much the amount would be, and how long you will take to pay it off.
This option could make sense for you if you have multiple high -
interest credit cards because secured loans like a mortgage generally carry a lower interest rate.
In an economy where housing problems dominate the headlines, high
interest credit cards still remain one of the largest issues consumers face in their fight for financial health.
And if you're constantly carrying a balance on your card, it makes more sense to apply for a low
interest credit card card as opposed to a store credit card.
There are people who will advise you to transfer balances to a low or zero -
interest credit card until the rate goes up and then transfer again.
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