What should I know about balance transfers?

When you first face credit card issues, some phenomena can come as a bit of a shock. For example, balance transfers may seem unintelligible, but in fact they are quite easy to understand. You have a balance on card A and then you transfer it onto card B. Cards for balance transfers usually have low intro rate offers on balance transfers, so for the first time you may have even a 0% APR offer. That will allow you to pay off some or all of your balance with little interest and save quite a lot. So that is quite an option.

Note that balance transfer cards with attractive low rate intro offers are usually available to people with good or excellent credit, and most likely you will have to pay a balance transfer fee around 3%. As for the best balance transfer credit card, it depends on your preferences, financial situation and whether you are going to keep the card after the balance is paid off. Of course the most logical solution can be the card with the longest 0% interest introductory period, but if you consider the fees, interest rates and take into account your needs, the answer can be absolutely different from what you expected.