When is a balance transfer offer not a good idea?

Last Updated: May 16, 2013 08:59PM UTC

Balance transfer offers entice customers with limited-time low interest rate offers, but those rates usually increase eventually, whether the duration is 90 days, six months, or a year.

If you intend to aggressively pay the transferred balance in full under the low interest rate, a balance transfer can indeed help you get out of debt faster—and you’ll spend less in interest rate charges than you will sticking with a higher interest card. But, if you’re moving balances around to score temporarily lower interest rates, carry a balance of less than $1,000, or you intend to keep charging purchases, a transfer could actually cost you more money in the form of fees and subsequent interest hikes than the low promotional interest rate is worth.

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