VISA Balance Transfer

• 2/1/2024

Q: I’m considering a balance transfer to an interest-free card. Is that a good idea?

A: Transferring some or all of your credit card debt to one that includes an introductory interest-free period can help you move toward a debt-free life.

1. Interest-free debt

Your biggest push for making a balance transfer is to get a break from the interest that’s added to your balance. Depending on the offer, that may be up to 12 months. Making a balance transfer will allow you to take a real bite out of your debt and make progress toward getting rid of it completely.

2. Convenience

The more monthly bills you need to pay, the greater the chance of missing a payment. A balance transfer lets you consolidate the balance on several different cards into one, decreasing the number of monthly payments you need to make

3. Motivation

Taking this significant step toward paying down your debt may motivate more careful spending habits.

Want to see how much you could save? Use our tool!