Let’s assume you have a decent credit score and want to reduce debt payments (who doesn’t). You might be able to lower your payments by getting a balance transfer credit card with lower interest rates than your current credit cards. Some cards have introductory interest rates, even as low as 0%. How can you use this to your advantage? Simply use this introductory period to make interest free payments on your debt.

It sounds easy enough, but take note of several things. First, how long is the introductory period? Legally, credit card introductory periods must last at least six months. Then, you will want to know what the APR is after the introductory period (lower is obviously better). Do some math and figure out how long it will take you to pay off your debts to see if this is worth it.

Various stipulations are associated with introductory rates . Make sure you qualify for the introductory rate in the first place – don’t assume you are always getting the advertised rate! The rate you get will depend on your credit. Also, you’ll want to know whether the introductory rate applies to balances transferred, purchases, or both. Understand which types of balances receive which rates.

Finally, balance transfer fees could increase your debt rather than reduce it, so verify any information about such fees before you apply.