Click here to read all of the 33 Days And 33 Ways To Save Money And Reduce Debt posts.

If you have a credit card with a balance, you might be paying more interest than is necessary on your debt.  Perhaps you’ve considered “surfing” your balance from one card to another.  Well, this can be a great way to save money, but before you transfer a balance from one card to another, be sure to do the math and consider the following:

1.  Will I be able to completely pay off the debt before the introductory rate goes away and is replaced by the standard rate of the new card?

2.  Is there a balance transfer fee?  Will I be better off leaving my debt where it is or moving the debt and paying the balance transfer fee?  Do the math!

3.  If I move the balance from card A to card B, will I put card A away and focus on paying off card B?

4.  Do I fully understand the balance transfer’s terms and conditions?

5.  Have I called my current credit card and asked, once a month, for a reduced rate?

6.  Am I kidding myself or am I really committed to rapid debt reduction?

If you can answer the above questions and go into it with “eyes wide open”, surfing a balance from one card to another card can be a great way to save money.  But, if you are unsure, worried, or if you feel like you are being taken advantage of, leave your balance where it is.  I would rather pay a little more in interest and avoid making a foolish, detrimental mistake.

Have you dealt with a credit card balance transfer? Leave a comment and let us know. If you are a blogger, write a post about surfing credit card balances, and contact me. I’ll be more than happy to link to your post.
Click here to read all of the 33 Days And 33 Ways To Save Money And Reduce Debt posts.