Know your interest rates, transfer fees and benefits
If you have a high credit score, you may be able to find a lower interest rate (called the APR*) on a credit card. It’s a good idea to review your credit score and current credit card interest rates once or twice each year to see if you might be able to shop for a better credit card.
Sometimes credit cards offer 0% interest on balance transfers. This can be a great way to reduce credit card debt but read the fine print. They might charge a fee or interest on the amount of debt you’re transferring or have a big jump in the interest rate after a period of time. Compare any transfer costs with your current rates to see if moving the debt can save you money in the long run.
Are the rewards worth it? There are some attractive rewards and cash back programs available with different credit cards. Again, it pays to read the fine print. If you have to charge a large sum upfront to earn rewards, it might not be a smart move. You could incur more debt than the reward is worth. If you earn points, rewards or cash back with purchases as you go, this may be a smart move.
Learn more about credit cards and how to compare credit card offers.