If you have a good credit score, you likely qualify for low interest rate credit cards. After getting a new, lower interest credit card, you can transfer the balance from your higher interest credit card to your new card.
About Interest
When it comes to debt, the higher the interest rate, the more you pay over time. High interest also means it takes longer to pay down the principal balance of your credit card debt because much of your payment goes toward paying off interest charges.
Exchanging Interest Rates
If your financial goal is to get out of, or at least, lower your credit card debt, exchange your higher interest debt for lower interest debt. Doing so will you save money because of the lower interest rate, and you will also pay off the debt sooner because more of your payment will go toward the principal balance.
Transferring Credit Card Debt
Start by getting a credit card with a lower interest rate than your existing card. Once you receive the card, call the company and say you want to transfer the entire balance from your high interest credit card. After the transfer is complete, the high interest card balance becomes zero--close the account and destroy the old credit card.
Considerations
Check the terms of the new credit card. Some credit cards only apply low interest rates to transfer balances for a short time.
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