I know, this title sounds like an oxymoron, but I will show how to do it.

Making money from a balance transfer begins with doing your homework. You will need to research as many credit card offers as you can. The most efficient place for doing this is the internet. There are vast resources that can be used online to cut the time required to properly do this dramatically. In one or two evenings you will have all the information needed to make wise decisions regarding who has the best offers out there.

When doing this research, you are only looking for the lowest balance transfer interest rates available. You also need to list the repayment period allowed before the rate on the card goes up. You will most likely need an extended period of time to pay off this transfer. You do not want to apply to a card that at some point could raise the interest rate to a higher level than your current rate. Many people have been victim to this. They apply for a card with a super low temporary rate, with good intentions to pay off the balances before the low rate expires. Then life happens, and before they know it the period is over and the card is costing more than ever. As the old saying goes; hope for the best, but plan for the worst.

Now that you have found the best offer and received your new credit limit, transfer the balance. You should begin right away paying as much as possible toward this balance each month. A word of caution; do not make any new charges on this card, most lenders will charge higher than normal interest rates on all new purchases. This is how they off-set the low balance transfer offer. They know that most people will eventually use their new card for purchases. You should only use this card as vehicle of savings. This card is not intended for everyday use.

By transferring the balance of a card that carries a rate of 17% to a card that charges 0% on balance transfers you will save several hundred to thousands of dollars over the life of payments. This is money in your pocket, rather than then bank's vault. This is money that you have earned for a couple of hours work.