12 People Who Should Get a Balance Transfer Card (Are You One?)

NEWS & TRENDING - CREDIT CARD NEWS
There are many good reasons to consider a balance transfer credit card.
Updated May 8, 2024
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For those seeking financial relief from credit card debt, a balance transfer card can be a valuable tool to regain control of their finances.

By transferring existing balances to a card with a lower or 0% APR introductory rate, individuals can save on interest payments and crush their debts sooner. While balance transfer cards offer various benefits, they are particularly advantageous for certain individuals.

Here are 12 types of people who can benefit from a balance transfer card.

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People with some high-interest credit card debt

Geber86/Adobe upset couple paying bills

If you find yourself burdened by high-interest credit card debt, a balance transfer card can provide relief by offering a lower or 0% APR introductory period, allowing you to save on interest payments and accelerate your debt payoff journey.

People with good or excellent credit

leszekglasner/Adobe asian girl making online payment

If you have good or excellent credit scores, you’ll be well-positioned to qualify for the most favorable terms and perks offered by balance transfer cards. These can include longer introductory periods and higher credit limits which can maximize the potential for savings and financial flexibility.

People planning a large purchase responsibly

fotofabrika/Adobe male assistant showing appliances to couple

If you’re anticipating a significant purchase, a balance transfer card with a 0% APR introductory period can serve as a cost-effective financing option, provided you have a clear repayment plan in place to settle the balance before the promotional period ends. Knowing for certain that you’ll be able to pay it off within the 0% APR period is crucial.

Resolve $10,000 or more of your debt

Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.

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Try it

People who are not tempted to spend more because of the 0% APR

Drobot Dean/Adobe man on call writing notes

If you possess the discipline to resist the temptation of increased spending during the 0% APR introductory period, you can leverage a balance transfer card effectively to focus on debt repayment without accumulating additional financial liabilities.

People looking to consolidate bills

Kawee/Adobe hands holding the head

If you're juggling multiple bills and struggling to keep track of various due dates and interest rates, a balance transfer card can streamline your finances by consolidating your debts into a single monthly payment. This can simplify your financial management and potentially reduce your overall interest burden.

People seeking to build or rebuild credit

Wayhome Studio/Adobe calculations of utility payments

If you aim to establish or improve your credit history, you can utilize a balance transfer card to demonstrate responsible credit management behavior. Actions such as making timely payments and maintaining low credit utilization can boost your credit score over time.

People facing a temporary financial setback

mavoimages/Adobe african american couple taking advice from female finance advisor

If you’re encountering a temporary financial setback, such as unexpected medical expenses or a job loss, a balance transfer card can offer a temporary reprieve by providing breathing room to manage expenses without accruing additional interest charges.

People with irregular income streams

shurkin_son/Adobe housewife paying bills

If you have irregular income streams, such as freelancers or seasonal workers, you may benefit from the flexibility offered by a balance transfer card. It may allow you to adjust your payment schedules and carry a balance without incurring a high interest rate (at least for an introductory period).

People planning a wedding or major life event

jackfrog/Adobe couple planning their next trip

Planning a wedding or other significant event can put a strain on your finances, but a balance transfer card can help alleviate some of the financial stress by offering a temporary interest-free period to cover expenses and spread out payments over time.

Earn cash back on everyday purchases with this rare account

Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2

With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!

This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.

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People nearing retirement

Azeemud/peopleimages.com/Adobe elderly couple with laptop

If you’re approaching retirement age, you may benefit from using a balance transfer card to streamline your debt obligations and reduce your overall financial burden before transitioning into retirement. It may allow you to enter this new phase of life with greater financial security and peace of mind.

People seeking debt consolidation

Shopping King Louie/Adobe man sits in a cafe with a laptop

If you find yourself grappling with multiple debts from various sources, a balance transfer card presents an opportunity for streamlined debt consolidation.

By transferring existing balances onto a single card with a lower or 0% APR introductory period, you can simplify your repayment process. This should reduce your interest charges and could help you gain better control over your finances.

People transitioning jobs

deagreez/Adobe overworked young man

During periods of job transition, such as switching employers or experiencing temporary unemployment, managing finances can become challenging.

A balance transfer card can offer relief by providing a temporary reprieve from interest charges, allowing individuals to navigate the transition period more comfortably and maintain financial stability until they secure stable employment.

Bottom line

Miljan Živković/Adobe man holds credit card

As you assess your financial situation and debt management strategies, consider whether one of the best balance transfer cards aligns with your goals and circumstances.

By understanding the diverse benefits and suitability of these cards for various individuals, you can make informed decisions to enhance your financial well-being and achieve your long-term financial objectives.

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Author Details

Adam Palasciano Adam Palasciano is a personal finance-obsessed and money-savvy individual who loves to hash out content on all things saving money. He specializes in writing millennial-friendly personal finance content, covering topics ranging from trending financial news, debt, credit cards, cryptocurrency, and more.

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