Pay Off High-Interest Credit Card Debt With A Balance Transfer | NerdWallet

A balance transfer is a type of credit card transaction in which debt is moved from one account to another. For those paying down high-interest debt, such a move can save serious money on interest charges if done strategically. But what's the catch?

Suggested Articles:
How to Choose a Balance Transfer Credit Card:

#NerdWallet #CreditCardDebt #CreditCard

About NerdWallet:
We’re NerdWallet. And we’re not your typical finance company. We believe that everyone should be able to make financial decisions with confidence. We’ve built a team of Nerds with the knowledge, passion, and skills to make that happen. Thanks to our Nerdy experts, see side-by-side comparisons and objective reviews of the best credit cards, bank accounts, and so much more — so you can get even more financial clarity. It’s the smartest decision for all your financial decisions.

Disclaimer: This video is for informational and educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks or securities. Any comments posted under NerdWallet's official account videos are not reviewed or endorsed by NerdWallet or representatives of financial institutions affiliated with the reviewed products unless explicitly stated otherwise. Avoid disclosing personal or sensitive information such as bank accounts or phone numbers. NerdWallet employees do not offer personalized financial advice and will not respond to posts here.

Connect with NerdWallet:

Pay Off High-Interest Credit Card Debt With A Balance Transfer | NerdWallet

[sunkistlbc]

You can balance transfer between visa to visa or Mastercard to Mastercard as long as it’s with different institutions. Also, if one of your zero percent balance transfer card promotional period is ending and you got approved for a new zero percent balance transfer card you will only pay the 3-5%. I look at it as a 3-5% simple interest which you initially pay on your balance transfer. This is much cheaper than paying a variable interest that accrue daily. Make sure you pay these off and not get charge more. Be smart and payoff you debts. Cut out all the things you want and only buy what you need and can afford.

[anthonypope]

Great information. Unique voice. Politely sqweaky.

[aviee]

It's hard to get approved for balance transfer cards if you have high utilization. How do you get around this?

[killerhawks]

So once you transfer the balance from card a to card b what happens? Can you star making purchases on again does it get closed down or what. Sorry I am to owning multiple CC's and was just wondering.