A balance transfer credit card is like hitting the reset button on your interest-accruing debt. You move what you owe from one or more cards onto a new one, usually with a sweet 0% interest deal on the transferred debt. That way, you’re not drowning in interest and can clear your credit card balance more quickly.

Moving your existing credit card balance to a 0% deal means more of your money goes toward clearing the actual debt. It can make a big difference if you're juggling expensive repayments. Just be aware that most cards charge a transfer fee – usually a percentage of the amount you're moving.

These low or 0% rates don’t last forever, though. Once the deal ends, you’ll start paying interest again – often at a much higher rate. So it's worth setting a plan (and a reminder) to clear the balance before the intro offer runs out.