Balance Transfers a Boon to Cardholders

Nobody wants to carry a big balance on their credit cards.

Those interest payments can really eat into the family budget.

If you have good credit, you might want to move that balance to a better card–one that won’t charge interest on that old debt or on new purchases for between six and 15 months.

Why are credit card companies making such super offers? They want new customers who won’t default on their payments. The caution with any balance transfer card is to read the terms and conditions. Make sure you understand the entire offer.

A balance transfer may be the way to dig yourself out of debt. That old balance isn’t costing you anything during the interest-free grace period. You goal should be to pay it off before the regular interest rate kicks in and not to run up a new balance you can’t handle.

Story by Herb Weisbaum for MSNBC. Balance Transfers a Boon to Cardholders

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