How does a balance transfer work?
You apply for a new card with a 0% intro APR, transfer your existing high-APR balance to it, and pay it down during the intro window — typically 12-21 months.
Math the transfer fee (usually 3-5%) against your interest savings. On a $5,000 balance at 22% APR paid down evenly over a 15-month 0% intro period, you'd save roughly $700-$900 in interest versus carrying it at 22% the whole time; a 3% transfer fee is $150 — net savings of roughly $550-$750. For smaller balances or shorter intro periods, the fee can eat more of the savings. Plan to pay the balance to zero before the intro period ends — the ongoing APR will retroactively apply if specified in disclosure, or the residual balance will start accruing at the ongoing rate.
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