Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. Transferring a balance from a higher-interest credit card to a lower-interest one can be a great way to save money and get out of debt faster.
It can also be a great way to get into even more debt and make a bad financial situation worse. Even more confusing: a promotional balance-transfer offer can heighten either situation.
Let's say you do get the new card with a lower interest rate—or just want to shift a balance to a lower-rate card you already have. Test out these pros and cons before doing a balance transfer.
Paying less interest on your credit card debt will, of course, save money. But depending on the deal and the fees, it may not save enough to be worth the trouble.
Before you jump, do the math. A free, online balance transfer calculator will help you do the math with the dollar amounts and interest rates specific to your situation. You can also use a lower interest rate to pay off your debt more quickly. Scenario No. Conclusion: Scenario No. A free, online credit card debt payment calculator can help you see how long it will take to get out of credit card debt with the monthly payments and interest rates that apply to your situation.
With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to:. At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience.
Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens.
We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. Bankrate follows a strict editorial policy , so you can trust that our content is honest and accurate.
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Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
But since we generally make money when you find an offer you like and get, we try to show you offers we think are a good match for you. That's why we provide features like your Approval Odds and savings estimates. Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can. So what can you do?
One option to consider is a balance transfer. A balance transfer is the process of transferring debt from one credit card to another credit card, usually to one with a lower interest rate.
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