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For example, if you have $5,000 in debt, try to find a balance transfer card with at least a $5,000 limit. Ideally, your new card’s limit will be greater than that of your old card. Even if you can’t get a limit greater than your balance, it’s still wise to transfer as much money as possible to a card with a lower interest rate. Just make sure the new card’s final interest rate (which kicks in after the introductory rate expires) is less than your current card’s rate. Almost all creditors charge a balance fee of at least 2.5 to 3 percent. Before making the switch, calculate the total interest you’d pay on your debt based on your current rate. Don’t make the switch if your transfer fee, new APR, and new annual fees would cost more than your current interest rate. You can use this tool to calculate your total costs based on your current and new APR (interest rates), current and new annual fees, and balance transfer fee: https://www.creditcards.com/calculators/balance-transfer.php. Your new card might have a 0 to 2 percent introductory interest rate, but that’ll expire in 6 to 12 months. Make sure to factor in the actual rate if you don’t plan on paying off your balance within that time.  For instance, if your current rate is 11 percent, but your new card’s final rate will be 14 percent, it’ll probably cost more to transfer your balance in the long run. You’ll probably need good credit to get a 0 to 2 percent introductory rate. If your score is under 660 or you can’t get a good offer, keep paying off your balance until your score improves. After deciding that a balance transfer will save you money, complete the card application on the creditor’s website, over the phone, or by submitting a paper form. When it’s approved, you can go to your new creditor’s website and fill out a balance transfer form. If you can’t find an online form, call your creditor’s customer service line. You’ll input your old card number and account information. The new creditor will then contact the old card issuer, pay off the balance, and add the balance (along with the transfer fee) to your new card. Canceling the old card after the balance transfer is complete could hurt your credit score. If you've had it for years, canceling it could shorten the length of your credit history. Additionally, lowering your total available credit could hurt your limit-to-balance ratio. Keep the account open, but don’t make big purchases with your old card. If you need to make purchases to keep it active, set up an automatic recurring payment for an inexpensive bill, like a streaming service subscription. Pay the card's balance before your monthly deadline so you don’t accrue interest. New purchases will increase your balance, and your charges might be subject to the final interest rate, even you made them within the introductory period. To avoid confusion, cut up the new card so you don’t accidentally use it. Your transfer card account only exists to pay off your credit card debt. Set up automatic payments with your creditor to pay off the balance. Even if you destroy your physical card, you’ll be able to access your account information online or via the customer service phone line. Do your best to pay off as much of your debt at the lowest possible interest rate. If you still have a balance after the introductory rate expires, you could transfer your debt to another low-interest card. Your credit score will take a hit, but it might be worth it in the long run.  Making transfers every 6 months will hurt your credit score temporarily. Increasing your overall credit limit while you pay off your balance will improve your limit-to-balance ratio and boost your score in the long-term. Further, you might find that paying balance transfer fees every 6 months is actually cheaper than paying off the balance on a card with a high interest rate. If you carry a balance, your long-term goal should be to pay it off completely. Eventually, aim to pay off your credit card bill in full each month so you don’t accrue interest. It’s a myth that accruing interest boosts your credit score. While creditors like making extra money off of interest payments, interest does not affect your score.
Try to find a card with a limit greater than your balance. Make sure a balance transfer won’t cost more than your current interest. Remember that your new card’s introductory rate will expire. Contact your new creditor to make the transfer. Keep the old account open. Don’t make any purchases with your transfer card. Consider making another transfer after the low-interest rate expires. Avoid carrying a balance in the future.