If you have a lot of high-interest credit card debt and are looking to pay it down, you might investigate transferring your balance to a new card with a low or 0 percent APR.

If you have a good credit score and know you can make the monthly payments, transferring debt to a new card can let you pay off the principle of the debt. Lenders usually charge a 3-5% fee based on the amount of debt transferred.

So, what are the pros and cons of transferring debt to a low-interest card?

Save Money

High-interest credit cards make paying down principle difficult because the accumulated interest keeps your balance high. If you’re only making minimum payments based on the principle, the interest will continue to grow, perpetuating a cycle of making payments but not getting rid of the debt. By using a balance transfer card, and taking advantage of a 0% interest rate, you could pay down the overall debt.

However, if you miss a monthly payment on the new card, you could lose the low APR rates. Always read the terms and conditions of your agreement to make sure you don’t lose the benefits of a low-interest transfer card through unintentional actions.

Improve Your Credit Score

If you decide to transfer your high debt to a new card with a lower interest rate in order to pay it down, keep the old account open. The age of your credit affects your score, so keeping the previous account open, even with a balance of zero, will positively reflect your overall score long-term. Just refrain from using the old card until the new one is paid down, so you don’t accumulate high-interest debt.

One thing to consider, however, when applying for a new credit card, is that the application is considered a hard inquiry, and can reduce your overall score by a few points. Applying for many cards in a short period of time can have a negative impact on your credit score, so it’s best to research transfer cards beforehand and apply for only one.

Another thing to keep in mind when considering a transfer card is the fees associated with it. Make sure you budget the fees, as they can be added on to the debt transfer.

Weighing the pros and cons of a transfer card are worth it if you’re looking to consolidate and pay off your credit card debt faster.