New Delhi, Aug. 1 -- A credit card balance transfer can be a meaningful way for day-to-day users to reduce applicable interest costs and manage debt effectively. All it takes is proper planning and an understanding of the fundamentals of credit card use.

Still, what must not be ignored is that a balance transfer comes with consequences for an individual's credit score and overall credit profile. Given that transferring outstanding dues to a card offering lowers interest or promotional rates may provide much-needed temporary relief, the eventual impact on your credit profile depends largely on how you manage your finances after the completion of the transfer.

This is because a credit card balance transfer generally results in a hard chec...