A promotional balance transfer can change interest costs, fees, and the balances reported on two cards. A lower APR does not make the transfer free.
A promotional balance transfer can change interest costs, fees, and the balances reported on two cards. A lower APR does not make the transfer free.
Check the facts
Read the offer for transfer fee, promotional end date, standard APR, minimum payment, and how new purchases are treated. Calculate whether the fee is less than expected interest savings.
Next steps
Avoid opening or moving credit solely for a predicted score improvement. Model the cash flow and check how much debt you can repay before the promotional period ends.
Resources
Safesky resource: https://safeskyconsulting.com/diy/free Official guidance: https://www.consumerfinance.gov/consumer-tools/credit-cards/answers/key-terms/
Start with Safesky's free guide
Download the DIY credit repair A-to-Z PDF to organize your next steps.
This article is general information, not legal or financial advice. Results vary by credit profile.
