Transferring your existing credit card balance(s) or opening a new credit card may seem the best thing to do when faced with mounting credit card debt. This may make sense and wind up saving you a lot of money as well. Credit cards are a big business today, with many companies making a fortune off finance charges. The average annual percentage rate is about 16% on most credit cards. With that kind of interest, it's tough to pay down a credit card, because it is consistently charging interest and adding to the principle. Even hot stocks are pressed to grow at 16% a year. Luckily, company like Balance Transfer was invented. Balance Transfer provides a grace period where you will be charged far less on the transferred balance. In fact they are offering 0% APR Credit Card Balance Transfers while others may offer one or two percent interest. This introductory rate lasts for around three months to eighteen months after the balance transfer takes place. For a savvy consumer, this can be an excellent method of reducing credit card debt. It leaves the person free to pay down the balance on a credit card without incurring interest charges. Using this strategy, a person could potentially open a new account that offers a balance transfer when the old one expires. Then transfer all of the balance to the new card to begin a new grace period of low or non-existent finance charges. If you plan to do a balance transfer, be sure to close your old account immediately; having more than two credit card accounts open may damage credit scores. Making a balance transfer work for you is the practical way to save your money.