Ask Terry Questions Transferring large credit card balance with high interest rate to zero interest account- advantages vs disadvantages

Transferring large credit card balance with high interest rate to zero interest account- advantages vs disadvantages

By Terry Savage on January 24, 2024 | Credit/Debt

Hi, I have several high balance credit card accounts with very high interest rates. I have asked them to reduce the interest rate and they will not. So I am getting many offers to transfer my balance to zero interest credit cards for 12-24 months, with a 3% transfer fee.. sounds great, but what are the hidden disadvantages -especially to my credit rating, and are there other hidden negatives I am unaware of?

Terry Says

If you don’t pay off the balance within the allotted time, your interest rate will soar!
And 3% is a HUGE fee to pay for the privilege of 12 or 16 months of no interest.
If you want to do this, at least search out the best deals here:
https://www.bankrate.com/finance/credit-cards/balance-transfer/

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