If you don’t pay off your credit card balance in full each month, you’re likely facing high interest charges. The average credit card annual percentage rate, or APR, is higher than 20%, making it even more expensive to carry credit card debt.
A balance transfer moves your credit card debt from a card with a high APR to one with a 0% introductory APR for a certain period of time, giving you more space to pay down your balance without accruing additional interest. This in turn can help boost your credit score.
But a balance transfer card isn’t right for everyone. If you’re trying to figure out if a balance transfer makes sense for your debt repayment plan, here’s what you should know.
How balance transfers work
A balance transfer is…
