A balance transfer can potentially save you thousands of dollars, depending on your particular debt. Consider this example between two different balance transfer scenarios to making minimum monthly payments on a regular card. These numbers assume a balance of $5,700 and an ongoing interest rate of 16% outside of the intro period.
Even if you’re unable to make the required monthly payments to pay off your balance in full, you will take on interest after the intro period ends. It may take more time to eliminate the debt altogether, but you can still save money with a balance transfer by prioritizing paying down as much of your principal balance as possible during this time.