Financial Literacy Month: Benefits of Balance Transfer Cards

If you have credit card debt, chances are you're getting slammed with sky high interest charges. To pay off debt faster, it's important to slash the cost of your debt. To do that, you can transfer your current credit card debt to another credit card that has a lower interest rate. This is called a balance transfer and some balance transfer cards have a zero percent interest rate for up to two years. Think about how much you'll save by not having to worry about interest. But be careful: Some balance transfer cards come with a transfer fee of around 3% of the balance you're looking to transfer. Also, don't use the new card for regular purchases, as the 0% interest rate only applies to the amount transferred.