Pros and Cons of Credit Card Balance Transfers


Are credit card balance transfers a good thing? You may be cautious of these transfer offers from your bank, but they’re not a scam. While many are currently struggling with consumer debt and interest rates are rising, balance transfers can be a good financial choice for some. 

Today on the rich & Regular podcast, Kiersten and Julien talk about what credit balance transfers are, who they’re good for, and what you should be aware of. It’s a way to move the balance of one credit card to another to—hopefully—save money on interest charges and pay off debt

faster. They discuss associated fees and partial transfers, as well as how promotional periods work and the importance of scheduling payments. 

Charging interest and fees is how banks make their money, so be mindful of how you’re managing your debt. Kiersten and Julien discuss why annual fee credit cards may not be worth the perks and when it may be important to consider a debt consolidation loan instead. 

“This is a strategic tool and one of those rewards that come from having good credit,” Kiersten says. “Before you apply for a balance transfer, it’s really important to make sure that your financial habits are good and that your debt isn’t just a symptom of overspending. None of this is a long-term solution to a budget issue or an income issue.”


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Learn more at, purchase Cashing Out: Win the Wealth Game by Walking Away by Kiersten and Julien Saunders and follow on Instagram @richandregular. 

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