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Another reason to transfer balances to a single low-interest credit card is to simplify your financial life. If you've maxed out multiple credit cards, can't keep payment dates and minimum payments straight and often accrue late fees, putting all your credit card debt on one card may be a good move.

Balance transfer credit cards gives chance to save money on interest charges by offering a low or 0% introductory interest rate. Pay off consumer loan debt faster. This gives a chance to pay off debt in a shorter amount of time.

Although you can transfer a balance to most credit cards, those that offer an introductory 0% interest period can save you the most money. These cards do still tend to charge a balance transfer fee when you move debt across, but they don't charge interest on the transferred balance for a set introductory period.

When you have high interest credit card debt, a balance transfer can be an enticing offer. While a balance transfer can save you money in the short term, it's important to consider the overall impact on your credit score. Your new available credit limit. If you're transferring to pay off a credit account in full.

Credit cards can be a convenient way to pay for products easily. If used sensibly, they can help spread the cost of big purchases, earn cashback and loyalty points, give you consumer protection, and they could even help cut the cost of any existing debt you may have.

If you are transferring a balance onto a credit card with an existing balance, think twice. As a rule, never transfer a balance onto a card with an existing balance. Potentially Harmful to Credit Rating. Unless you are transferring balances more than once a year, doing so will have little impact on your credit rating.