Lee works for WealthPrep as a content contributor giving financial advice and writing personal finance articles. He is not a financial advisor and does not manage investments. Please consult a financial advisor before taking specific recommendations.
There are many aspects to consider when deciding on a credit card balance transfers. In some cases the promotion offer can be beneficial however in other cases it could be costly. Firstly it is important to consider how long this promotional period will last for. Secondly, how your interest rates will change after the promotion has been finished. Will your rates increase to higher APR then your existing rates? These are all factors that need to be considered. Overall, if you think you can pay off your balance before the promotional period ends, then it is probably a good deal.