The content is accurate at the time of publication and is subject to change.

It seems that you want to transfer all your existing balances onto one credit card and close your old credit cards…  Well it is good that you want to get rid of your debt but closing your old accounts may hurt your credit score. So think properly before doing it.

Anyway, the best way to get rid of your debt is to apply for a balance transfer credit card (and it will be better if it has a long 0% intro period). You can do this if you have good-to-excellent credit history.

If you meet this requirement you can be approved for a balance transfer credit card. However you can’t know about your credit limit beforehand. Usually credit limit is determined by income, employment, and credit score, and for those who have a good-to-excellent credit starts somewhere from $3,000.

You shouldn’t worry if you are not able to transfer your entire debt to a new card you will save money anyway. In most cases nominal balance transfer fee is nothing in comparison with current high interest rate. Even transferring a part of your debt and paying it off will save you a significant sum of money rather than not transferring at all. So think on it and do some calculations.

To know how much you can save on balance transfer use our tool – a balance transfer calculator. It will show you the optimal monthly payments and the amount of your savings.

tags : Balance Transfers Excellent Credit Good Credit Interest Rates

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.