Striking the right balance with a balance transfer credit card

A balance transfer credit card can come in handy when you want to pay less interest on the debt you owe on an existing credit card. This maneuver can save you money and buy you a little extra time to repay your debts, but not everyone is a good candidate for a balance transfer.

Is a balance transfer a good idea? If you’re thinking about pursuing this path, it’s smart to first explore how a credit card balance transfer works, when to avoid balance transfers, alternative strategies and what to consider prior to committing to a balance transfer. Read my latest Bankrate story for more details and expert advice.