If you have outstanding credit card debt, high interest charges can make it difficult to regain control of your finances — especially given today’s average rates of over 21%.

A balance transfer credit card with an introductory 0% APR is a helpful tool to get back on track. Learn how to transfer your credit card balances to save money and pay off debt faster.

A balance transfer is as simple as transferring your balance from one credit card to another. Generally, the purpose of a balance transfer is to help you save with a lower interest rate, since balance transfer credit cards offer special introductory APR periods. APR is the annual percentage rate, or your card’s interest rate annualized. Throughout the intro period, you’ll get a 0% APR promotional rate on your transferred balance.

For example, the Chase Freedom Unlimited® may be best known for its cash-back rewards, but it also offers 0% APR for 15 months after account opening on both balance transfers and new purchases. After that, the card’s ongoing variable APR kicks in — but the introductory offer gives you time to pay down your balance without taking on interest charges.

At the end of the promotional period, the card’s regular variable APR will apply to any outstanding balance, which is why it’s important to use the intro period to pay off as much of your debt as you can.

Read more: How to pay off credit card debt when your budget’s tight

Once you’ve decided to pay down debt using a balance transfer, take these steps to get started:

There are many balance transfer credit cards available. To find the right one for you, consider the following factors:

• 0% intro APR period: Promotional APR offers can last anywhere from six to 21 months. The longer that introductory rate lasts, the more time you have to pay down your debt without interest.

• Approval: Many balance transfer cards require good credit to qualify. Check your credit score and see if you prequalify for your choice card before you apply.

• Balance transfer fee: A balance transfer fee may apply to the amount you transfer to the new card. It's usually 3% to 5% of the transfer amount.

Compare our top balance transfer credit card picks here.

2. Review the balance transfer terms and conditions

When you've narrowed down your options, review each card's terms and conditions. There may be restrictions on how much time you have to make the transfer or on fee charges.

For example, some cards require you to make your transfer within the first 60 days of account opening to qualify for the 0% APR. Others may charge a lower balance transfer fee for transfers made within the first four months, then increase the fee for any transfers after that. Read your card’s terms before applying to avoid any unexpected fees or surprises later.

Once you've found the right card for you, you can complete the credit card application. Prepare to provide personal information like your birth date, mailing address, income, and Social Security number. You may also be asked for a copy of your driver's license or other government-issued ID.

When you apply for a new credit card, the issuer will make a hard inquiry on your credit report, which can have a temporary negative effect on your credit score. Though the impact is minimal, it’s important to apply for a card you’re confident you’ll qualify for so you don’t take on multiple hard inquiries over a short time period.

In most cases, you'll receive a decision right away. If you're denied, the credit card company will send you a letter explaining why through the mail.

After opening a new account, transfer your existing balance to the new card.

In some cases, you may be able to request your balance transfer during the application process. Other issuers will have an online process for making the transfer after approval or require you to call and request a balance transfer by phone. You’ll need information about your existing credit card account number and balance information to make your request.

Continue to make at least the minimum payment on your old card until you receive confirmation that the credit card balance has been paid in full. Otherwise, you risk missing a payment and incurring late fees and damage to your credit score.

The timeline on your 0% APR introductory period typically starts after approval. As you start to pay down your debt after transferring your balance, make note of the end of the promotional period and when the regular APR starts.

To maximize the effectiveness of your balance transfer, aim to pay off the entire balance in full by the end of the intro period; otherwise, you’ll once again start to accrue high interest charges on the remaining debt.

Read more: How to use a balance transfer card to lower your debt

For those with high-interest credit card debt, balance transfers can be appealing for three reasons:

Many of today’s top balance transfer credit cards have intro periods ranging from 12 to 21 months — giving you more than a year to pay down your debt with 0% APR. You'll save money and pay off your balance more quickly since your entire payment goes toward the principal.

If you have multiple cards with balances, it can get confusing to keep up with multiple due dates and balances. You can use a balance transfer card to move the balances of multiple cards to the new one and consolidate your debt to a single card with one monthly due date.

Some rewards credit cards offer 0% APR balance transfers. These cards may have a slightly shorter intro period (usually around 12 to 15 months) than other options with no rewards. But they can be useful long-term to save money on your spending even after the intro period ends.

The Chase Freedom Unlimited, Blue Cash Everyday® from American Express, and Capital One Quicksilver Cash Rewards Credit Card are all examples of great cash-back cards with solid 0% intro periods for balance transfers.

However, make sure you have a budget and can avoid overspending before you choose one of these cards. If rewards and benefits could lead you to spending more than you can afford and taking on debt balances again later on, this may not be the best option.

Although transferring credit card balances to another, lower-interest card can be an effective way to save money, there are some drawbacks to consider:

It's not free to transfer your balance to another card; credit card issuers usually charge balance transfer fees ranging from 3% to 5% of the transfer amount.

For instance, while the Wells Fargo Reflect® Card offers an exceptionally long 21 months of 0% APR on balance transfers, it also charges 5% on the transfer amount. If you transferred a $1,000 balance to that new card, that means your fee would be $50. Compare that to a card like the Citi Double Cash® Card which has a balance transfer fee of 3% as long as you make your transfer within four months of account opening — your total cost would only increase by $30. The higher your debt balance is, the more this fee can make a difference.

However, don’t let fees deter you from balance transfers. These 3% or even 5% fees are much less than any high-interest credit card APR, and you can still save much more money if you can pay down your balance over the intro period.

Moving your balance to a new card can help jumpstart your debt payoff, but it doesn't solve the root cause of your debt.

Unless you address the issues that caused you to accumulate debt in the first place, you may just worsen the problem since you'll have a new credit card and credit limit to use. Before you apply for any balance transfer card, make sure you have a plan to pay as much as possible toward the balance each month and a budget to avoid overspending again in the future.

To qualify for a balance transfer credit card that offers 0% APR for a specific period, you'll generally need good to excellent credit. If your credit score isn't in that range, you may not be eligible for a balance transfer card.

You'll also need enough available credit to transfer your balance once you open the card. Balance transfers do count toward your overall credit limit, so the credit line you get approved for can make a big difference. Otherwise, you won't be able to move all of your debt.

A personal loan is another debt consolidation option that can potentially help you lower your interest rate and monthly payments on your debt. Compare our top personal loan picks here.

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