Balance transfers can be one of the fastest ways to get out of credit card debt. The concept is simple: you move your existing credit card balance to a new card that offers a promotional 0% interest rate for a set period of time. Then if you are able, you pay down that debt before the 0% interest expires.

Right now, some of the best balance transfer cards offer 0% APR for 15, 18, or even 21 months. That means every dollar you pay goes directly toward your actual debt instead of being eaten up by interest charges. The Citi Diamond Preferred Card is currently one of the most popular options for people serious about paying down debt.

Balance transfers make the most sense if you're carrying a large balance and getting crushed by high interest rates. If you're paying 20% or 24% interest on a few thousand dollars, getting 18 months at 0% interest can save you hundreds or even thousands of dollars.

The math is straightforward. Most credit cards charge somewhere between 16% and 24% interest. If you're paying that on a $5,000 balance, you're throwing away over $1,000 a year just on interest. A balance transfer card lets you redirect all that money toward actually paying off what you owe.

Here's how to actually do a balance transfer:

Apply for a balance transfer card. Pick one of the cards with a long 0% intro period that matches what you need.

Start the transfer once you're approved. Contact your new card issuer and tell them you want to transfer a balance. They'll need your old card information and the amount you want to move.

Keep paying your old card until the transfer goes through. This usually takes 7-14 days. Don't assume it's done until you see it reflected in both accounts.

Watch both accounts to confirm the transfer completed. Once it does, focus all your payments on the new card.

Stop using your old card. The whole point is to pay down debt during the 0% period, not to free up your old card so you can run up more charges.

Pay as much as you can each month on the new card. This is your window to make real progress without interest working against you.

Celebrate when the balance hits zero. You earned it.

The process isn't complicated, but it does require discipline. The biggest mistake people make is treating the balance transfer like it solved their debt problem, when really it just gave them time to solve it themselves. If you don't pay down the balance during the promotional period, you're right back where you started.

Before you apply, check a few things. Make sure your current card issuer allows balance transfers (some don't). Verify you'll qualify for the card you want based on your credit score. Look at how long the 0% period lasts and what fees you'll pay upfront (usually 3-5% of the transfer amount).

If the math works out and you're committed to actually paying down the debt, a balance transfer can save you serious money and get you out of debt faster than grinding away at minimum payments while interest piles up.

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