What you need to know about balance-transfer credit card offers



By Laura McMullen

High-interest credit card balances are alligators that chomp away at household finances. Wiping out your balance can be difficult because so much of your monthly payment goes toward interest rather than principal. To wrestle that debt down to size, some people turn to balance-transfer credit cards: moving one or more high-interest balances onto a single card that charges either low interest or none at all for an introductory period, often 12 to 18 months.
Are you considering this method of tackling debt? Below are expert answers to NerdWallet readers’ most common questions about interest-free credit cards.
1. Can I get a balance-transfer credit card if I have bad credit?
Typically, only people with good or excellent credit are approved for 0% interest credit cards. If your credit is lacking, some card issuers allow you to add a friend or family member with better credit as a co-signer.
2. Can I transfer multiple balances onto one balance-transfer credit card?
3. Will I get a high enough limit on my balance-transfer credit card to cover the whole amount I want to transfer?
4. How will a balance transfer affect my credit score?
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