Credit card balance transfers are a popular way to save money on outstanding credit card debt. Opening a new credit card may seem like the last thing you want to do when you’re looking at a mountain of credit card debt, but in some cases this may make sense and wind up saving you a lot of money as well. These special exceptions are called a credit card balance transfers, and is oftentimes available to anyone with a mailbox and social security number.

Credit cards rates can be pretty high, the average APR is about 16% on most credit cards. With that kind of interest, it’s tough to pay off your debt because you’re constantly charging interest and adding more balance to the principle. Luckily, credit card companies are so anxious for your business, credit card balance transfers were invented.

In an effort to get consumers to use their credit cards, some companies offer free credit card balance transfers from old credit cards. Once the balance is transferred and the money is owed to the new company, they will provide a grace period where they charge far less than your previous rate on the transferred balance. This introductory rate can last from 6-12 months after your balance transfer takes place.

CreditorLink offers a wide selection of credit cards that carry no balance transfer fees. To view these cards click here.

If you’re a savvy credit card consumer, this method can really help reduce your debt. Credit Card Balance transfers allow you to pay down the balance without incurring interest charges. Using this technique you could potentially open a new account each time your introductory rate expires, keep you interest free for an eternity.

Credit card balance transfers are an excellent practice, but diligence is required. Some companies attach fine print attached with hidden charges. Some companies might choose to charge a transfer fee that can be a percentage of the balance transferred. Be sure that there is a cap on the amount, like $50 or $70, or else a balance transfer in the thousands may end up costing a couple hundred dollars. Also, be sure the bank doesn’t charge a high annual fee, or joining fee.

If you can safeguard against these things, credit card balance transfers can really be the silver bullet for credit card debt.

To view a selection of credit cards that facilitate smooth credit card balance transfers click here.