What are the benefits of balance transfer?

The benefits of a balance transfer are primarily associated with saving money on interest payments. By transferring a highinterest debt to a credit card with a lower interest rate, you can reduce the amount of interest you pay and potentially pay off your debt faster.

Other potential benefits include consolidating multiple debts into one account, simplifying your billpaying process, and improving your credit score by reducing your credit utilization ratio (the amount of credit you’re using compared to your total credit limit).