If you’re looking to reduce your credit card debt, you’ve likely seen some enticing credit card balance transfer offers, like the ones where you get to pay zero percent annual percentage rate (APR) on purchases and/or balance transfers for a limited amount of time.
Lynnette Khalfani-Cox, author and CEO of personal finance web site The Money Coach, says people can save money and boost their credit rating if they are strategic in their use of balance transfers.
“Transferring one or more current credit card balances to a zero percent interest rate card can help you more quickly pay off your creditors,” she writes in What You Should Know About Balance Transfer Offers on her site. “That’s because your entire monthly payment will be going toward the principal, not the interest, helping you become debt-free faster.”
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