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Moving your balance to a low-rate card can relieve the pressure if you need a break from high-interest charges. Your payments will reduce the balance rather than only paying off interest.
Yes. Applying for a new credit card requires a hard credit check. While you temporarily lose a few points, you can gain them back as you repay your debt through your balance transfer credit card.
Most credit card providers only allow you to transfer credit card debt. However, some may accommodate your loans and lines of credit. Bear in mind that you may not be able to transfer debt amongst the same lender’s products. For instance, you can’t transfer a BMO loan to a BMO balance transfer credit card.
Absolutely. You can lessen your debt as long as you pay off your debts before the promotional period expires. You must make a payment plan to ensure you take full advantage of the promotional period. For instance, if you transfer $2,000 to a card with a promotional period of 6 months, divide $2,000 by six. Plan to pay off at least $333 every month before the interest rate resets. Your estimation should also include any extra fees.
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