The Debt Trick That Saved My Friend $1,000 in 10 Minutes

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[[{“value”:”My buddy once bought a $4,000 engagement ring on a credit card. Romantic? Yes! Responsible?? Not so much — especially when you’re paying an APR of 20%.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. I told him to check out a 0% intro APR balance transfer card. Ten minutes later, he had a plan to crush his credit card debt and save over $1,000 in interest.Did he ask me to be a groomsman in the wedding? Nope. I didn’t even get a speech.Still, I’ve helped a bunch of friends get out of debt using this balance transfer strategy. If you’ve got high-interest credit card debt, it could work for you too.How a balance transfer card worksA balance transfer is when you move debt from one credit card to another. If the new credit card has a 0% intro offer, you can pay off debt fast without interest bogging you down.Here’s the process:First, you apply for a new credit card that offers 0% intro APR on balance transfers. Note, most of these cards require good credit (670+ FICO® Score).Next, you transfer your old credit card balance to the new card. There will be a transfer fee, usually 3%-5% of the balance amount.Lastly, you pay enough each month to crush your debt before the 0% intro APR period ends. That way you won’t pay any interest.Most balance transfer cards give you 12 to 21 months of 0% interest. That’s a huge amount of time to make serious progress paying off existing debt.How much interest you can actually saveLet’s say you’ve got $4,000 in credit card debt at a 20% APR. And let’s assume you’re paying $120 per month as a minimum payment.At this rate, it will take you 4 years and 2 months to pay off, and you’ll pay $1,887 in interest. Ouch!But if you move that balance to a card with 0% intro APR for 18 months, and increase your payments to $225 per month, you would be debt free in 18 months and pay $0 in interest.Old CardNew 0% Intro APR CardMonthly payment$120$225Payoff time50 months18 monthsInterest paid$1,887$0Data source: Author’s calculations.Keep in mind there is a balance transfer fee. If we factor in a fee of 3%, it will actually cost $120. But that’s a drop in the bucket compared to how much interest you save.The real trick to this strategy is paying off your full balance within the 0% intro APR period.Want to press pause on your interest payments? Check out one of the top balance transfer cards available now and give yourself the convenience of nearly two years interest-free to pay off purchases and balance transfers.​​Ready to stop paying interest?Balance transfers aren’t magic, but they are a smart way to wipe out debt — if you plan it right.Just make sure to factor in any transfer fees, and aim to pay off your balance before the 0% intro APR window ends.It worked for my buddy. And it can work for you, too.Explore today’s best balance transfer credit cards offering up to 21 months of 0% intro APR. Make a plan to crush your debt once and for all.Alert: highest cash back card we’ve seen now has 0% intro APR into 2026
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes. We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.”}]] [[{“value”:”

My buddy once bought a $4,000 engagement ring on a credit card. Romantic? Yes! Responsible?? Not so much — especially when you’re paying an APR of 20%.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

I told him to check out a 0% intro APR balance transfer card. Ten minutes later, he had a plan to crush his credit card debt and save over $1,000 in interest.

Did he ask me to be a groomsman in the wedding? Nope. I didn’t even get a speech.

Still, I’ve helped a bunch of friends get out of debt using this balance transfer strategy. If you’ve got high-interest credit card debt, it could work for you too.

How a balance transfer card works

A balance transfer is when you move debt from one credit card to another. If the new credit card has a 0% intro offer, you can pay off debt fast without interest bogging you down.

Here’s the process:

• First, you apply for a new credit card that offers 0% intro APR on balance transfers. Note, most of these cards require good credit (670+ FICO® Score).
• Next, you transfer your old credit card balance to the new card. There will be a transfer fee, usually 3%-5% of the balance amount.
• Lastly, you pay enough each month to crush your debt before the 0% intro APR period ends. That way you won’t pay any interest.

Most balance transfer cards give you 12 to 21 months of 0% interest. That’s a huge amount of time to make serious progress paying off existing debt.

How much interest you can actually save

Let’s say you’ve got $4,000 in credit card debt at a 20% APR. And let’s assume you’re paying $120 per month as a minimum payment.

At this rate, it will take you 4 years and 2 months to pay off, and you’ll pay $1,887 in interest. Ouch!

But if you move that balance to a card with 0% intro APR for 18 months, and increase your payments to $225 per month, you would be debt free in 18 months and pay $0 in interest.

Keep in mind there is a balance transfer fee. If we factor in a fee of 3%, it will actually cost $120. But that’s a drop in the bucket compared to how much interest you save.

The real trick to this strategy is paying off your full balance within the 0% intro APR period.

Want to press pause on your interest payments? Check out one of the top balance transfer cards available now and give yourself the convenience of nearly two years interest-free to pay off purchases and balance transfers.

​​Ready to stop paying interest?

Balance transfers aren’t magic, but they are a smart way to wipe out debt — if you plan it right.

Just make sure to factor in any transfer fees, and aim to pay off your balance before the 0% intro APR window ends.

It worked for my buddy. And it can work for you, too.

Explore today’s best balance transfer credit cards offering up to 21 months of 0% intro APR. Make a plan to crush your debt once and for all.

Alert: highest cash back card we’ve seen now has 0% intro APR into 2026

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
Motley Fool Money does not cover all offers on the market. Editorial content from Motley Fool Money is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More