How A Balance Transfer Can Help You Take Control Of Your Finances And End Up Saving You Money

Credit card debt is often considered as a bad debt because it diminishes your wealth over time.

Although, in the context of a balance transfer, this type of credit card can be an effective way to reduce your repayments.

Let's explore what a balance transfer is, how it works, and the fine print you should always consider. This may help you compare and make an  informed decision.

A balance transfer is when you move one debt into another debt. For example, let’s say you have a Mastercard, American Express and Visa credit card–all from different banks.

What Is A Balance Transfer?

A balance transfer credit card is a credit card that allows you to transfer an amount of money from one credit card to another.

What Is A Balance Transfer Credit Card?

As with any financial product, read the fine print and seek professional advice.

Understand The Fine Print

Don’t continue to use your credit cards after doing a balance transfer–you can keep it open even if you don’t plan on using it.

Paying off your credit card debt quickly and consistently will improve your credit score.