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Balance transfer credit cards can be a smart strategy if you have a way to pay off your debt relatively quickly, says Jeanne Kelly, a New York-based credit coach and founder of The Kelly Group.
In some cases, using a balance transfer check to pay off debt will be less cost-effective than applying for a balance transfer credit card. FAQs.
For the transfer to work in your favor, you must pay off the balance before the end of the introductory rate.” And once the introductory offer ends, the remaining balance could be subject to a ...
On the other hand, if you transfer that debt to a 0 percent intro APR card with a 3 percent balance transfer fee, you can pay $344 monthly to pay off your debt in the same time frame without ...
A balance transfer lets you pay off debt without worrying about double-digit interest rates — as long as you can prioritize paying off amounts you transfer within the specified intro period. If ...
The balance transfer fee may also depend on when you make your balance transfers. Some cards charge an intro balance transfer fee of 3% for transfers made in the first 60 or 120 days. After that ...