When it Makes Sense to Transfer a Balance

Monday, June 23rd, 2014
Updated: June 23rd, 2014
The content is accurate at the time of publication and is subject to change.

If you are carrying a balance on one or more of your credit cards, you might be wondering if it makes sense to transfer your balance to a new card. A balance transfer credit card can help people save money on interest and pay down debt faster, but there is usually a fee involved. Plus, applying for too many new credit cards isn’t great for your credit score. It may be hard to know whether it’s worth transferring a balance, or if you should continue to stick with the same card and keep chipping away at your debt.

Here are five times that transferring a balance is a good idea:

1     You’re getting married. If you and your spouse-to-be are both coming into your marriage with debt, you may want to consider joining your debt as well as your lives. Apply for a balance transfer credit card that has both of you on the account, and transfer your separate debts onto the card so you can pay them down together. Starting off your marriage in debt isn’t so romantic, but the way you deal with that debt can set the standard for the way you face challenges together.

2     You just bought a new home. As a new homeowner, you likely have a lot of things you’d like to do to decorate your new house. Whether it’s buying new furniture or renovating the bathroom, you’ll want to have as much money available as possible to help you finance your vision. Now that the financing is secured and the sale is closed, you no longer have to worry about a credit card application lowering your credit score slightly. This is a great time to apply for a zero-interest balance transfer credit card.

3     You’re expecting a baby. Again, this isn’t the time to throw money down the drain on a high-interest credit card. Get that debt paid off in the nine months before your new family member arrives by using a zero interest balance transfer credit card. Once the baby is born, paying off debt will be the last thing you want to think about.

4     You are between jobs. This is another time when saving money is paramount. If you are carrying a lot of debt, try to consolidate it onto a balance transfer credit card with a low rate. Until you get back on your feet with your new job, you will appreciate having a break from high interest payments.

5     Your kid is starting college. College is expensive, and you don’t want to be paying any more money in interest than you have to. Now is the time to save every penny—and transferring a high-interest balance to a zero APR credit card is a smart move. Keep that money in your pocket for tuition, books, room and board, and the pocket money your student will undoubtedly be asking you for.

Balance transfers are a great financial tool for anyone who wants to pay off debt faster and shell out less money in interest. Browse offers to find the best one for you.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

Latest Balance Transfer Cards Guides

How to get rid of your current debt? May 23rd, 2023

Effective ways to consolidate your debt. Trying to pay off debts is tough, especially if you have several debts with steep interest rates. Debt consolidation is something you might want to think about in order to streamline your debt and cut down on your monthly payments. Debt refinancing is the process of taking out a […]

Continue »
Do These 3 Things After a Balance Transfer to Maximize Your Savings December 25th, 2020

After requesting a balance transfer, it usually takes about 14 days before the actual transfer is completed. However, receiving the long-awaited message from the card issuer that your funds have been successfully transferred is not the final step. After this, it is very important not to forget about some important things you better do so […]

Continue »
Got a Balance Transfer Credit Card Denial? Here Is What You Can Do April 14th, 2020

Once you understand you are carrying balances on one or several credit cards under huge interest that you cannot pay off quickly, it may be wise to consider transferring those debts to a new balance transfer credit card. Most such cards come with a 0% intro APR on balance transfers for 6-21 months, which can […]

Continue »
How Does a Balance Transfer Affect Your Credit Score? March 16th, 2020

If you have one or even several credit accounts with considerable balances and huge interest, probably, considering a balance transfer to consolidate those debts is the best way out. But before you apply for a balance transfer credit card, it’s not out of place to assess all possible pros and cons. And, first of all, […]

Continue »
5 Easy Steps to Fulfill a Balance Transfer February 5th, 2020

Once you decide to apply for a balance transfer credit card in order to consolidate all your debts, get lower interest rates or earn more rewards, you most likely begin to wonder how to accomplish the whole balance transfer process and benefit from it. Let’s start with the basics.

Continue »
Best Credit Offer
Best Credit Cards from Credit-Land.com
Check off the cards you want to compare. Then click the Compare link to go to the comparison table.
Consumer Rating: 4 / 5
Horizon Card Services Group One Freedom Card
Copyright © 2001-2024 BestCreditOffers.com All Rights Reserved.

See the credit card's terms and conditions on the online application page. Note that this website may be compensated by credit card issuers when the visitor applies for a card through the links on this website. We do our best to maintain all information accurate and up to date. However, we do not warrant the credit card information won't change. Click the "Apply Online" button and review the current info on the secure credit card terms page.

Information in these articles is brought to you by BestCreditOffers.com. Banks, issuers, and credit card companies mentioned in the articles do not endorse or guarantee, and are not responsible for, the contents of the articles.

The BestCreditOffers.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. BestCreditOffers.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the BestCreditOffers.com website are property of their respective owners.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer. Opinions expressed here are the author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult a card's issuing bank for terms & conditions.

BestCreditOffers.com makes every effort to keep information up to date and accurate. However, the information regularly changes and is presented without warranty. Therefore, we strongly recommend all our readers to visit the credit card application page by clicking "Apply Online!" button to review the detailed credit card's terms and conditions. Note that BestCreditOffers.com may be compensated by the credit card issuers when the readers apply for a credit card through this site.

BestCreditOffers.com is an independent, advertising-supported website which receives compensation from the credit card issuers and companies whose offers appear on the site. Compensation may impact how and where products appear on our site, including, for example, the order in which they may appear on the site pages. BestCreditOffers.com does not review or list all available financial or credit offers.

You've successfully subscribed!

Please specify the following:All these fields are optional

Thank you for providing this information! We will make sure our letters are useful for You.

User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.