Best
for: Anyone willing and able to pay down existing credit card debt relatively
quickly. Pros: Most cards offer the bargain
rate on balance transfers from other cards. The lower rate can save you a bundle
on your current interest costs.
Cons: The low rate usually lasts for only six
to nine months, then reverts to something higher, usually around 14 percent
to 16 percent. One late payment and the card will revert to the higher rate
immediately. If you transfer a large balance but don't pay it off during
the favorable rate period, you may end up with a higher rate than you had
to begin with.
Find
the best rate.
Walecia Konrad is a freelance reporter who specializes
in business and personal finance, and is based in Brooklyn.
