Can you keep transferring credit card balances?
Editor's Note
When it comes to cutting down on debt and managing big purchases, a credit card balance transfer can be an effective strategy for reducing the potential interest you have to pay.
But it's important to approach balance transfers cautiously, especially if you're juggling multiple transfers. If you're still paying off a balance after your card's introductory 0% APR period ends, it could defeat the purpose of a balance transfer in the first place.
Using a balance transfer responsibly can help you manage or eliminate your credit card debt. But is it worth it to keep transferring balances to avoid interest? Read on to find out.
Can you transfer a balance multiple times?
In most cases, transferring a credit card balance from one credit card to another is possible as the 0% APR promotions expire.
There are some limitations, however. You may be restricted by the available credit limit on the balance transfer card, which considers any existing balance. Sometimes, the credit limits for balance transfers may be lower than those for regular card transactions.
Additionally, you may be denied if you attempt to open multiple new balance transfer cards simultaneously. Many issuers frown on applying for multiple cards in a very short time frame.
Also, each card issuer has its own rules regarding the maximum number of balance transfers allowed.
Related: How to do a balance transfer
Downsides of multiple balance transfers
While many cardholders have successfully managed multiple balance transfers, you'll want to consider the associated risks carefully.
First, balance transfer fees. Most balance transfers incur a fee of 3% to 5% of the transfer amount, meaning if you make multiple transfers, you'll end up paying more than necessary to move your balance elsewhere. It's easy to forget about, but it can add up if you're constantly transferring balances.
You also want to minimize the number of credit inquiries you make. If you're applying for multiple balance transfer cards, each credit card issuer's inquiry will be recorded on your credit report.
Although the impact of a single credit inquiry is temporary and minimal, multiple inquiries can have a cumulative effect on your credit score. If you're denied a credit card that could help you manage your debt, it may put you behind the eight ball.
Opening multiple balance transfer cards can make keeping track of your monthly bills harder. While this approach can help eliminate high-interest credit card debt in the long run, it requires diligent tracking and organization of multiple payment obligations in the short term.
If you're in debt because you lack organization or forget to make timely payments, owning several balance transfer credit cards might make life more difficult in the long run.
If you decide to make a balance transfer, pay close attention to the expiration of the low- or no-interest period. However, be aware that the interest rate will kick in for any remaining unpaid balance after the end of the introductory period. Prioritize paying off your balance in full to avoid a debt spiral.
Alternatives to balance transfers
While balance transfers can be a good strategy for reducing debt, credit card issuers may limit the number of balance transfers you can make. If so, here are four alternatives to consider:
- Budgeting: This is a fundamental step toward managing debt. Track your income and regular expenses, such as rent, credit card payments, loan payments and utilities. Nowadays, you can do this easily using budgeting apps or spreadsheets.
- Debt consolidation: You may be able to consolidate multiple high-interest debts into a single debt consolidation loan, resulting in a single monthly payment. However, make sure the interest rate on the loan is lower than your credit card rates.
- Debt counseling: Nonprofit consumer credit counseling agencies can help you analyze your finances, create a monthly budget and find solutions to reduce your debt burden. They may recommend a debt management plan to help you pay off unsecured debts (such as credit cards) at lower interest rates.
- Debt relief: For-profit debt relief companies will negotiate with your creditors to reduce the debt you owe, particularly unsecured debts like credit cards. Exercise caution with this option, as you'll often face high fees and could experience negative effects on your credit score. Watch out for possible scams. Due to the potential drawbacks, debt relief should generally be considered a last resort.
Related: Here are 3 reliable ways to pay off credit card debt
Bottom line
One or more balance transfers can help you pay off debt and improve your credit by temporarily eliminating high credit card interest rates. But if you regularly use balance transfers, you may need to address a deeper financial issue rather than relying on temporary solutions.
Thankfully, alternative methods, such as debt counseling or consolidation, can also help. These options aim to diagnose and treat the underlying causes of your financial challenges, which can help you improve your long-term financial well-being.
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