It depends. Scrutinize the details of this so-called "teaser rate" offer carefully. It is not uncommon for credit card companies to charge a fee equal to 3% (or more) of the balance being transferred. For example, if you transfer $1,000, you could owe a $30 fee. Check to make sure that the balance transfer fee is not greater than the potential interest savings. If you decide to proceed, plan to pay off the balance before the teaser rate expires.
Also, consider the potential effects on your credit score. Opening new credit accounts and length of credit history (for example, closing your old account) might affect your credit score. Read how this works in the publication "Your Credit Scores" at www.pueblo.gsa.gov/cic_text/money/creditscores/your.htm.
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