The average interest rate on a credit card is 15%. A balance transfer can slash that rate for up to 48 months, saving you thousands. Be sure to pay particular attention to the offer period — that can change both how much you save and how long you have to pay off the debt interest-free. We've compared and reviewed hundreds of cards to find recommendations specifically for you.
6 rules to get debt free
Have a plan for the end of the promotional period.
One month before your rate expires, look for another offer because when the 0% period expires, the interest rate will rise significantly.
Don’t try to transfer debt between two cards of the same bank.
0% balance transfers are only valid when transferring from one bank to another.
Don’t spend on the card.
Unless the 0% offer extends to purchases, you will be charged interest on your spending. So do the balance transfer, and keep the card out of your wallet.
Get that transfer done within 60 days.
On most cards, offers are only valid if you complete the transfer within the first 60 days.
Never use a credit card at an ATM.
Cash advances on credit cards are incredibly expensive.
Always pay on time.
Set up a recurring payment. Late payments can result in loss of the offer and hurt your credit score.