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7 Ways to Get the Most From a Balance Transfer Credit Card

7 Ways to Get the Most From a Balance Transfer Credit Card

January 12, 2016

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For many the holidays have an unpleasant side effect–debt. It’s estimated that the average consumer spent $805 on gifts this past holiday season. It was fun passing out presents in December, but in January the credit card bills start rolling in. For others, the start of the new year brings extra motivation to finally tackle their debt. In either case, consumers flock to 0% balance transfer credit cards at the start of every year.

Transferring high interest credit card debt to a 0% card is appealing. The savings in interest can be substantial and it accelerates getting out of debt. It’s nice when the entire credit card payment goes to principal, not interest.

Transferring balances to a 0% card is not rocket science. There are, however, some traps to avoid. Further, not all balance transfer cards are created equal. Some are notably better than others. To get the most out of a balance transfer credit card this season, here are 7 tips to keep in mind.

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