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The only benefit to a balance transfer credit card is if the interest rate is lower than your current card. When shopping for a balance transfer card, be sure to read all of the terms and conditions, as different interest rates may apply to different activities with the card. For example, you may transfer the balance from your currently maxed-out card to a new card with a lower interest rate and a higher available balance, thereby giving you the ability to make more purchases. However, the terms and conditions state that a different (usually higher) interest rate will apply to any new purchases with the credit card. It is also common for card companies to offer a low interest rate in the beginning that will jump to a higher rate after the introductory period is over.
Balance transfer cards can also be a great way to consolidate your debt into one monthly payment by transferring the balance of several cards onto the new one. This can make tracking your finances much easier to do, and allow you to budget appropriately to lower your debt over the long term.
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