Balance Transfer Meaning. This means youd pay 190 every year in interest. A balance transfer is moving a debt balance from one account to another account.
This fee is commonly charged by credit card companies. Suppose a financial crunch lasts for months. If this limit is lower than the amount of money you requested to transfer from.
That way you can save money and use it to pay off your debt quicker.
The official balance transfer definition is moving debt from one credit card to another. Allowing you to move an existing balance from one credit card provider to another. Although its called a balance transfer one credit card actually pays off another. The bank will hold your request for the time it takes to confirm the amount to transfer versus your credit limit.