![]() Using your balance transfer card to make purchases while you’re still paying off a debt is not a good idea.įor one, you’re adding to the very balance you’re trying to pay off. DO NOT make new purchases with a balance transfer card Use Money Under 30’s Balance Transfer Calculator to estimate your payments and choose a card that will allow you to repay your balance before the promotional period expires. As many as 33 percent of people don’t pay off their balance during the promotional period. It’s important to know and understand what your payments will be when considering a balance transfer. If you don’t, you’re left with another credit card that has high interest payments. The point of a balance transfer is to take advantage of the introductory 0 percent APR period. DO keep your balance transfer card after the balance is paid offĭO pay off the card during the promotional period.DO NOT close your other credit card accounts.DO NOT make new purchases with a balance transfer card.DO pay off the card during the promotional period.Here’s some of the other dos and don’ts of using a balance transfer card. Though possible, in most cases, you should not make purchases with a balance transfer credit card until the balance you transfer is paid off.Īs great as those rewards may seem, it’s best to avoid using the card for everyday purchases while you have a balance on it. Those rewards may entice you to make purchases on the balance transfer credit card while you’re still paying off your balance. That means you can get a new credit card that will be valuable even after your balance is paid off. Some balance transfer cards-the Discover it® Balance Transfer included-even come with competitive cash back programs. The best balance transfer credit cards offer an introductory 0 percent APR on transferred balances for up to 21 billing cycles. Trouble is, it can be difficult to climb out of even a small amount of credit card debt. The good news, of course, is that-as long as you have a good credit- using a balance transfer credit card offer can help you escape your balance before the debt quicksand starts to really take hold. ![]() Sometimes, that means charging a bit more to your credit cards than you intended.
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