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Q.

The Nest Q&A

My credit card has a pretty high interest rate, and now I'm seeing other cards for a lot lower. What are the pros and cons of transferring my balances?

A.

Shop around for better rates, but beware: Just because you found a new card doesn't mean you can get it as banks tighten their policies. If you get one, be sure “transfers” apply, not just “purchases” (or you're just stuck with more plastic). Also, pay off your balance within the intro period before your interest rate spikes.