Summary
Most people misuse 0% intro APR balance transfer cards by treating them as free money rather than as strategic tools. Many fail to plan how they’ll pay off transferred debt before the promotional period ends, resulting in minimum payments that barely reduce the principal. Others rack up new purchases, negating interest savings and increasing overall debt. The article stresses creating a clear payoff timeline, choosing cards with long 0% periods and low fees, and focusing solely on reducing existing balances. Used wisely, balance transfer cards can cut interest costs and accelerate debt payoff, but careless use can make debt worse.
The Motley Fool
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