When it Makes Sense to Transfer a Balance

Monday, June 23rd, 2014

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.

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