This isn’t in credit card companies best interest—or yours. But there is an alternative.
, you can—for a fee—move a balance from one card to another and get a low or 0% promotional APR for several months. That could give you some breathing room and help you ease into a debt payoff plan.
If it sounds too good to be true, it is. “There’s just absolutely no way that they’re going to do that,” says Herman Thompson, Jr., a financial planner at Innovative Financial Group in Atlanta. “They’ve already extended you the credit, they’re going to get to charge you interest.” Instead, credit card companies typically allow you to pay your bill by transferring funds from a checking account online, through an app or over the phone, mailing in a paper check, or paying cash at a teller or ATM. You can usually set up automatic payments so your bank will transfer money from your account to the credit card company by your due date each month.
Watch out for fees, which eat into your savings from the balance transfer. These typically amount to 1% to 3% of the amount you plan to transfer. But you may be able to find a card that lets you skip this levy. Thedoesn’t charge a fee on balance transfers, but the trade off is that the introductory period is only 12 months. This card also charges no annual fee.
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