Anyone with substantial credit card debt knows the frustration of trying to reduce a pesky balance. Monthly fees and prime interest rates can sometimes make consumers feel helpless. Luckily, along with a little spending discipline and a good strategy for reducing balances, introductory rates can make becoming debt free within your reach.

Although low, introductory rates seem to be a consistent strategy for credit card companies to lure in new customers, it can also work as a long-term strategy for balance holders looking to make some progress cutting down larger balances.

Over the last 5 years I’ve managed to keep my interest rates at or near 0%. One benefit of having good credit is a multitude of offers arriving daily from companies WANTING to give me low interest rates. Not only does this give the consumer options for balance transfers once a low rate expires, it also gives the consumer bargaining power. Many times a credit card company will extend a low rate if you tell them you are ready to transfer to a new company.

A few things to watch out for are balance transfer fees and possible negative effects on credit scores for too many accounts open at once. Fees will vary by offer and be sure to close out any old accounts you may have once balances have been transferred to new cards. As long as you don’t have too many outstanding balances on different cards, making balance transfers once or twice a year usually won’t adversely affect a credit score.

Fool.com has a few more tips in this article about transferring balances. Looking out for hidden fees, paying on time and disciplined spending seems to be the best strategy when dealing with balance transfers.

Win the Balance Transfer Game from fool.com