Using balance transfers to pay off credit cards is a strategy that many people use. When using this tactic cardholders should use both the old and new card responsibly.
When you use one credit card to pay off another you are doing what is known as a
balance transfer. Many consumers use the balance transfer as a way to keep from becoming delinquent on their credit card payments. Theoretically, you can keep transferring balances between credit cards indefinitely as long as you have a credit card that allows the transfer.
Different credit card issuers have different terms regarding a balance transfer. The most important of these terms are the interest rate to which the balance transfer is subject, the total amount that can be transferred, and any fees associated with the transfer. When you are making a decision about transferring a balance to a credit card these are the primary factors that you should consider. Each of these factors has an effect on the amount you will end up paying for transferring the balance.
The ideal credit card for transferring balance is one that has a zero percent APR, a high limit allowed for the balance transfer, and no fee...
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