Should i transfer balances

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However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money. A balance transfer can be a good idea to save money on interest charges.

Balance transfers work by applying for a new card with a low introductory APR, initiating a balance transfer and paying down the balance.

Some cards are good for balance transfers but others are not. 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. Balance transfers come with certain costs and limitations, though.

And if your balance transfer card's limit is low, you might not be able to transfer your full balance. While the exact process for balance transfers can vary widely, here are the steps you generally have to take when working with major issuers:. To qualify for the best offers, you generally have to have good or excellent credit typically, FICO scores of at least Initiate the balance transfer.

Sometimes, balance transfers can also be initiated using convenience checks , or the checks issuers send you in the mail. We think it's important for you to understand how we make money. It's pretty simple, actually. The offers for financial products you see on our platform come from companies who pay us. The money we make helps us give you access to free credit scores and reports and helps us create our other great tools and educational materials.

Compensation may factor into how and where products appear on our platform and in what order. 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.