A balance transfer may lead to your scores dipping in the short term. That’s because you’ll decrease your average account age and increase the credit utilization on a single card. But your credit could rise again with careful use.

Will a balance transfer close my account?

No, a balance transfer does not cancel a credit card. You are not required to close the account once a balance transfer is complete, either. It may actually be a good idea to keep your old credit card account open, even if you don’t plan on using it.

Can I balance transfer part of a balance?

Yes, you can transfer part of a credit card balance.

How does transferring a credit card balance affect your credit score?

Transferring credit card balances could have an impact on your credit score. That’s because high credit card balances indicate you could have more debt than you can handle. Before you do a credit card balance transfer, consider how it could affect your credit score.

How long does it take to pay off a balance transfer credit card?

It could take you longer to pay off a balance transfer if your new credit card balance includes purchases. Credit card issuers generally apply any above-minimum payments to the balance with the lowest interest rate until that balance has been completely repaid.

What are the pros and cons of balance transfer?

If you’re looking to do a balance transfer, you’re likely hoping to pay off debt and save money on interest. But if you haven’t addressed the root of the issue, having another credit card could easily lead to more debt. If you don’t have a plan, you may end up racking up even more debt with the new credit card.

Can a balance transfer be used to pay off debt?

A balance transfer can be a good way to pay off debt, but it isn’t the only way. One is simply to earmark more money each month to paying down your credit card balance. If you have multiple cards, pay at least the minimum due on each one and then put any additional cash toward the card with the highest interest rate.