Nearly 61% of Gen Z's and 50% of Millennials with credit card debt are unaware of what a balance transfer is.
High interest rates on your credit cards may be costing you a ton. But a balance transfer can fix that.
With a balance transfer card, you transfer a balance from a card with a high interest rate to one with 0% interest.
Moving your debt from a higher interest card to one with 0% allows you to pay down debt without interest.
A balance transfer card with 0% APR comes with a time limit to pay the debt: You typically have 21 months.
While there are several benefits, your qualification depends on you having a good to excellent credit score.
Don't jump in without researching first. While the interest rate is cut, the short repayment time might cost you more.
Repaying a balance transfer requires a commitment to pay on time. Eventually, your credit score will improve.
A balance transfer card can help you as long as you pay down existing debt on time and not rack up more debt.