Author: Holly Johnson / Source: Wise Bread
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Please visit our Advertiser Disclosure to view our partners, and for additional details.Balance transfer credit cards can help you get out of debt, once you know a few things. Take a couple of minutes to learn the basics about what they are and how to use them.
What is a balance transfer credit card?
A balance transfer card has a low interest rate or none at all for an introductory period — typically six to 21 months. You move your debt from high-interest cards to the balance transfer card and get a low- or no-interest period in which to clear your debt.
Who qualifies for a balance transfer card?
To get the best terms, you’ll need excellent credit. There are balance transfer cards for people with fair credit, but they may have shorter introductory periods and higher interest rates.
How do balance transfers work?
Once you’re approved for a balance transfer card, you’ll use it…
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