Transferring credit card balances to a new card can potentially save you thousands of dollars in interest, thanks to 0% promotional interest rates that many of the major credit card companies offer. In fact, they are the only way to refinance debt at a 0% interest rate, helping you pay down debt faster by avoiding interest on your balances.
Here's how to do a balance transfer, and what to consider before transferring a balance.
While you may occasionally receive a letter in the mail about a balance-transfer offer on a credit card you already have, the best offers typically come from opening a new credit card account. The best balance-transfer credit cards currently offer 0% promo APRs for as many as 21 billing cycles. Some even waive balance-transfer fees on the amounts transferred.
Source: Fool.com