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There are many pros to doing a balance transfer to help manage that credit card debt. Unfortunately, there are also some cons. For one thing, you may not be able to qualify for a 0% interest balance transfer card. The credit card companies typically make these offers only to people who already have excellent credit. Second, as mentioned above you could end up with a higher interest rate. This is because balance transfers usually have higher interest rates than purchases. Third if you have to pay a balance transfer fee you could actually lose money on the deal. And finally, it’s possible that a balance transfer could harm your credit score. The reason for this is that your score will take a hit any time you have a credit card with a balance 30% above your credit limit. So, if you were to move your balances to a credit card that didn’t have enough credit available, your score could drop.
Here is a video that also provides some good information about balance transfers.