The Anatomy of a Balance TransferPosted April 27, 2016 in Infographic
One of the best ways to save money as you work to pay down debt is to use a credit card balance transfer. A balance transfer can help you put more money toward your debt’s principal, allowing you to pay less in interest. When you aren’t paying interest, your debt is reduced faster.
There are a number of credit cards that offer low balance transfer rates. When you are only paying 1.99% on a credit card balance, more of your payment goes toward the principal, which is an improvement over paying 15.99% – or more – on your debt. With today’s competitive credit card market, finding introductory rates of 0% are commonplace.