If you are like many Canadians that carry a balance on your credit card, you may find that switching to a new credit card with a low introductory interest rate on balance transfers a way to decrease your credit burdon, at least temporarily.

There are several credit cards that offer introductory rates on balance transfers. The introductory rate is used as an incentive for you to move your credit card debt to the new card.

Most credit cards that offer the low introductory rate give it to you for 6 months. You may even be able to extend this to a longer period up to 9 or 12 months. Introductory interest rates usually range from 1.9 to 4.9%.

Lets compare the interest payments on $5000 of debt that you just transferred to your new card with an introductory rate of 3.9% for 6 months. If you transferred the balance from a card that charged 17.9% interest rates, you would save approximately $62 a month in interest charges. Over a 6 month period, thats a $370 savings that could be applied to your principle debt rather than paying to the credit card company.

To find credit cards with a low introductory rate for balance transfers, use the left hand navigation to find cards with the features you are looking for. Then click the balance transfer column to sort by lowest to highest balance transfer rates.