The Discover it Balance Transfer credit cards gives you the ability to do both – transfer your balances to a higher credit card and earn a higher interest rate. The card provides a substantially long 18 month zero % introductory rate window (see all about variable APR here) which allows you to complete a debt payoff program without accumulating any additional interest charges for the next 1.5 years.
As mentioned previously, there are no other fees to worry about and zero % balance transfer rates are applied directly to your outstanding balance. In other words, if you have any balance on your card at the time of application you can continue to accumulate any extra interest savings and use it to pay off your other accounts.
However, if you have a lot of debt on your card then it's more important to pay off all your balances and use the remaining interest to pay down your debt. You can also make your balance transfer payments to the new card and use the money to pay off any debts you have. There is one card that gives you this option – the Discover it Credit Cards Platinum.
By paying off your other credit cards you will be able to build up your balance and reduce the amount of interest that you pay on your balance each month. When you've successfully done that then you can move on to the next one. By doing this, the credit card companies will be willing to provide you with the funds to pay off your balance immediately and allow you to transfer your balances to the new card.
To take advantage of the zero % introductory period, you should pay off any existing balances as soon as possible as the longer you hold onto them the more interest rate you will pay. By transferring your balances to a lower rate card you will actually be reducing the amount you pay each month on your balances.
This will give you a few months free from debt, but it's always best to maintain a balance on your card, even if you have a lot of debt on it. Balance transfer cards are very good for beginners to consolidate their debt because it's not too difficult to transfer your balance and you can still earn a high interest rate. If you are going to use the balance transfer credit cards for this reason then you should only use them for an emergency or small purchases. otherwise you may end up paying higher interest than you were when you didn't have a lot of debt.