Balance transfer credit cards are ideal for the consumer looking to consolidate several credit cards onto a single bill. These cards are typically reserved for individuals with average to above average credit scores (more on credit scores
) and many offer excellent reward programs that you can take advantage of while you pay down your previous balances. Transferring balances from one card to another will not have a negative effect on your credit rating, nor will they impede your ability to secure new lines of credit should the need arise.
You should be mindful of the introductory APR of the credit card you choose as well as the transaction fee for transferring balances; some cards only apply promotional rates to purchases or balance transfers exclusively (as opposed to both) or they may charge more than you are willing to pay on a per transaction/transfer basis. This information can be found by viewing the card's complete review, as well as the terms & conditions statement that is located on the application. For additional tips on selected the balance transfer credit card that best fits your current financial situation, please see our listing of related reading materials on the right.