 TITLE: How to Choose the Right Balance Transfer Credit Card CONTENT: How to Compare Balance Transfer Cards\n-------------------------------------\nTo qualify for a balance transfer card, you must generally have a good or excellent credit score, defined as a score of 670 or higher in the FICO credit scoring model. If you're eligible for a card, compare your options based on the factors that are important to you. These should include:\n*   **Issuer**: Credit card companies are eager for your business, and a balance transfer card brings your balances to their doorstep. That means they generally do not allow transfers from other credit cards of theirs you may already own. When you choose a Chase balance transfer card, for example, you will not be able to move a balance from an existing Chase card to the new one. But you can move an American Express or Discover balance to a Chase card, for instance. That also applies to the credit card company's affiliates, such as airline credit cards the company issues.\n*   **Introductory period**: Calculate how long you'll need to pay off your debt and choose a balance transfer offer based on that time frame. If you have a large amount of debt to get rid of, for instance, go with the longest introductory period you can find.\n*   **Balance transfer fees**: In most cases, the card issuer will charge a fee when you transfer a balance—commonly 3% or 5% of each transfer. You may be able to find a card that charges no balance transfer fees, but take into account whether you're likely to still have debt when the introductory period ends. If so, you're likely better off choosing a card with the lowest ongoing APR available, even if you have to pay a balance transfer fee. Calculate how much you'd pay in interest in each scenario before making a final decision.\n*   **Additional fees**: Aside from balance transfer fees, credit cards may also charge annual fees, foreign transaction fees or late fees. An annual fee could make it pricey to keep the card for the long haul, which should be your goal: Length of credit history accounts for 15% of your FICO® Score☉ , so the longer you keep the account open, the better generally. But if you choose a balance transfer card that also offers cash back, and you'll get enough cash back on purchases in the future to make up for the annual fee, it could be worth it.\nIf you travel frequently, not having to pay foreign transaction fees might be an even bigger consideration. And while you should plan to pay all bills on time to protect your credit score, take a look at the late fees assessed so you're not surprised if you miss a payment. You may even be able to find balance transfer cards that don't charge late fees at all—though if that could make you lax about payments, that might not be a good thing. END