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.

[{"selector":"#anim-e4ea6d49-4855-4399-b402-e403942ff813","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6000130a-6cfe-4af5-97a8-d8ada4775a8d","keyframes":{"transform":["translate3d(-83.29466%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-57fa7a94-7d5a-4ff8-9b55-8fd928ff424d","keyframes":{"transform":["translate3d(-117.26385%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dab01163-63a4-418a-9eaf-73a49d72aa9b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fb1c747c-017f-4e74-ac4c-4656cc488835","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Learn more

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

[{"selector":"#anim-0b17ed02-1748-406f-b112-2fac55140c02","keyframes":{"transform":["translate3d(82.13457%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-2675eb36-be60-4e42-9340-f68015d8d72c","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] [{"selector":"#anim-1cd5b673-7a84-4040-b4c5-cfd3315ee573","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1a12fb30-7440-4a32-922b-37b5ea3c69ff","keyframes":{"transform":["translate3d(0px, -186.81484%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

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.

[{"selector":"#anim-c7bedd84-1967-41f7-9299-e7153f3ff397 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":3000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Learn more

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.

[{"selector":"#anim-dde9dce6-eb70-497a-830f-fb21fd336679","keyframes":{"opacity":[0,1]},"delay":0,"duration":3000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e2eeb888-2265-42a5-b793-bff584016dac","keyframes":{"opacity":[0,1]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c3eca5da-0066-4b31-8990-50a535c9a1eb","keyframes":{"transform":["translate3d(0px, -244.25926%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e41b11c1-64d6-43df-974e-69287ce2c4b2","keyframes":{"opacity":[0,1]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-807b5251-abb9-4717-9fc6-3f4972eb1f89","keyframes":{"transform":["translate3d(0px, -483.6701%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

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

[{"selector":"#anim-8425aa60-9732-4129-a8ca-df5d4ffb8a84","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-52ff32e0-c89e-458a-b9e0-1e07cec9ac4a","keyframes":{"transform":["translate3d(-127.14933%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d49dfa51-eb98-4336-8e09-38d8df5014fe","keyframes":{"transform":["translate3d(117.10526%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-23a93017-22f9-46bb-a650-00bb1d13013a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-97ad8d32-1de3-41e2-86e2-fa17bee828d8","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-97310b2b-c87a-45ea-9633-5f3fd5f959b7","keyframes":{"opacity":[0,1]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e5b97220-6ab6-48dc-b744-b2f2af52bc63","keyframes":{"transform":["translate3d(0px, -349.72502%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

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

[{"selector":"#anim-735b31fe-00c9-47ac-ae4a-682d19ed1c62","keyframes":{"transform":["translate3d(127.60180%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-6be8861e-cf9f-4398-b5f1-037c8ffa8e7e","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] [{"selector":"#anim-c1b8c40f-7584-4f92-8935-be4202739f17","keyframes":{"opacity":[0,1]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1ddf2de5-a827-4498-b26e-64196f6efee6","keyframes":{"transform":["translate3d(0px, 342.02024%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-df0721c3-b3b9-4434-9449-ec82ae62209d","keyframes":{"opacity":[0,1]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ffd28285-c82d-4af4-b98a-d06aa297a05e","keyframes":{"transform":["translate3d(0px, -465.53943%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

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.

[{"selector":"#anim-5a053863-096a-4773-840c-66dfd3359387","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ad6071e5-8209-49ef-bf96-48aef6392357","keyframes":{"transform":["translate3d(-127.14933%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-758e9f26-dde3-45c1-9ef9-4384da6711a4","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-7ad5b7e8-ff44-4ce2-86b7-c64b63547a60","keyframes":{"transform":["scale(0.3333333333333333)","scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Learn more

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

[{"selector":"#anim-87f792f0-e599-42d4-b29d-c47ca6bfb47f","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0d243a07-a194-4319-b710-e3ad68d59457","keyframes":{"transform":["translate3d(123.07692%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d37184e3-eafa-4644-8b88-c0b427f3c829","keyframes":{"opacity":[0,1]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-af2f9aec-ccb2-4d51-bb56-8d46e77ab2cf","keyframes":{"transform":["translate3d(0px, -384.35178%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more

FOR MORE ABOUT THIS POST, VISIT RADICALFIRE

[{"selector":"#anim-98db832d-c9a3-4221-9a62-2e601208a4da","keyframes":{"opacity":[0,1]},"delay":600,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-af623b40-b152-4cc7-9ca6-274f44220fe2","keyframes":{"transform":["translate3d(-115.95331%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":600,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more