Credit card balance transfer questions.
August 25, 2014 11:08 AM Subscribe
My husband recently had to put $5000 on his credit card after using our emergency savings. We will not be able to pay this amount at the end of the month or in the next few months. I'm interested in the option of a balance transfer to a new card with a lower interest rate.
This card he has now is at a 24% interest rate because my husband had NO credit history when he got this card. Through responsible use he has built a good credit profile. He paid his dues to establish a credit history, now we want a way to pay off this big balance at a lower interest rate. What are the pros and cons of balance transfers? What is the best way of finding a card to do a balance transfer if that is the way to go? Thanks for your advice!