You have debt on your credit cards and the interest rate is so high that you feel like you’re never going to be able to pay off your balance. You are considering applying for balance transfer credit cards so that you can move that debt to a lower interest rate and eventually pay it off in full. But you’re afraid that you’re just going to have more cards and the same types of problems. You need to make sure that you find balance transfer cards that have the qualities that you need to make applying for a transfer the right decision.

The main thing that you’ll want to look for to get the best credit cards for transfers is what it’s going to cost you to make the switch. This sounds easy but actually requires doing some math. You’ll have to look at the cost of getting the new card. (Sometimes when you apply for a credit card, there is an immediate annual fee.) You will need to look at the fee for the balance transfer. And then you will need to look at what you’re going to be paying monthly including interest on the new card as compared to what you are paying on the old card.

Once you’ve worked out the financial details, you’ll probably have a few cards to select from that seem like the best ones for making the transfer. The determining factor should then be how long the good interest rate is going to last. Normally there’s just a grace period for low-interest transfers so select the card that has the longest grace period. Then you’ll have the time you need to pay off that debt!

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