Transferring credit card balances? Read on!

If you have run up a large bill on a credit card that charges a high annual percentage rate, it may make sense to transfer the balance to another card that offers a lower rate. 

But before you agree to move existing debt to a card that promises a very low APR (annual percentage rate) on balance transfers, read the fine print.

Even if you are offered a great initial rate on a tranfer, it may only last for a short time.  If you have a debt you are unlikely to pay off within the introductory period, you may be better off opting for a card that offers a slightly higher rate which does not expire.  Watch out, too, for annual fees, late fees and over-the-limit fees, as well as higher rates on new purchases.

Subscribe to the comments for this post