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walske

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When is it a good idea to do a balance transfer on a credit card?
I want to pay down the balances on my credit card but with the interest I feel like I am never paying off much. I thought if I did a balance transfer at 0% for 14-18 months like some of the offers, it would give me time to pay down without accumulating interest eating up my payments. They charge 3% for a balance transfer though so I am not sure it is worth it.

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Usually the 3% fee upfront is way less than the interest you pay over time. Especially if the interest rate is 15% or more.  If your goal is to pay off the debt faster, go with the balance transfer and pay as much as you can before the 0% rate expires. If you still have a balance at that time, do another balance transfer. 

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