great right? In reality, it isn't such a pretty picture. Doing this once or twice probably won't irreparably damage your credit history. But making a habit of it can look bad in your credit ? le. Every time you apply for a new credit card, a new enquiry is recorded in your ?le. Each of these enquires remains in your credit history for ?ve years. Why is this bad? The problem arises when you build too many of these enquiries in a row. Just like applying for too many credit cards at once makes you look less creditworthy (because you look desperate for access to funds), too many balance transfers also makes you look bad. Lenders know exactly what you're doing, and they know you aren't likely to stay their customer. You'll just leave them for another balance transfer card in a few months. This might even hurt your chances of getting new credit later when you really need it, such as a car loan or mortgage. How Much Can You Save With Balance Transfers? Balance transfers can be a great tool for saving money on interest. Unfortunately there is no easy answer as to how much you could save. That depends on factors including: The amount you currently owe. Your current interest rates. Whether or not you could transfer the full balance. The balance transfer rate of the new credit card. How long it will take you to pay off the balance after your balance transfer. How long the