The practice of transferring the balance of one credit card with a high interest rate to another credit card with a lower interest rate is a fairly common way to consolidate debt, but very few people know how to make effective balance transfers. The goal of balance transfers is very simple: to save money. If you are not, then you are probably not utilizing balance transfers effectively.

The following factors will determine how and when you should make balance transfers so that you maximize the benefits.

Credit History

If you have a poor credit history, then you have a lower chance of securing a credit card with a low interest rate. Credit card companies base their decisions upon consumers