Balance transfers are the best way to save money if you have good or excellent credit history, but carry a balance on your card. With a high interest rate, it can take decades to pay off your debt, but with a no-fee 0% interest balance transfer offer from a reputable bank, you’ll pay off your balance much faster.
Keep in mind that you cannot use a balance transfer offer from the same bank that issued the card you want to transfer a balance from. Look for offers from a different card issuer. If you have a large balance – higher than $10,000, for example – you probably won’t be able to put the entire balance on one card. Apply for more than one card so you can spread the balance over several cards and maximize your savings.