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If You Don’t Use Balance Transfer Credit Cards You’re Stupid, Like Pelican or Sissy Otter

Written by sergeiavatar

As economy starts to strengthen and job market and income increase, families have opportunity to pay down debt acquired over past couple of years. That debt should include credit card debt. One of great perks of balance transfer credit card is that person with multiple credit cards with variable interest rates and different perks can transfer all balances to one card and pay off one bill, as opposed to multiple bills. There’s no reason not to make this move and consolidate credit card debt unless you’re stupid, like pelican, which couldn’t see value of this plan if it flew right into it.

Don’t be a sissy like the otter either. I know it’s time consuming to search for right balance transfer credit card; however most cards have similar perk: they offer low or zero-percent APR on balance transfer for period of time. This perk is great because you only pay what you owe and not also interest. Paying unnecessary interest is exactly something that the pelican would do.

Let me give you example of situation where using balance transfer credit card really paid off. My Auntie had three credit cards with approximately $550 due on each. My Auntie signed up for Discover More Card. She transferred her total credit card debt of $1650 that each had a 18-percent APR, to new balance transfer card from Discover. Discover gave her zero-percent APR on balance transfers for 18-months. My Auntie paid $200 a month, saved herself over a hundred dollars in interest payments and was debt-free in eight-months, all thanks to Discover More Card.

P.S. my Aunty makes the best squid pie this side of the Arctic Ocean.

Bottom line is if you have multiple credit cards with varying balances and want to pay just one bill for what you owe without tacking on additional interest payments, you should stop being such a sissy otter and look into a balance transfer credit card.