What Is A Balance Transfer. Balance transfer fees may apply. For example if you have a high balance on a store credit card with a 21 percent apr you may be able to transfer that debt to a credit card with a lower rate during the introductory period saving money on interestand possibly helping pay debt faster.
The balance transfer card will typically have a very low or zero per cent interest charge on the transferred debt for a set period of time such as 12 months. A balance transfer is a process that lets you move debt or a balance from a credit card or loan to another credit card. A balance transfer is a method you can use to pay off existing credit card debt and repay it at a cheaper or interest free rate.
When you move an existing credit card or store card balance to a single credit card with a different provider thats a balance transfer.
Balance transfers are subject to approval. A balance transfer is a method you can use to pay off existing credit card debt and repay it at a cheaper or interest free rate. A balance transfer lets you transfer the balance from one credit card or store card where you may be paying interest to another credit card. Learn more about balance transfers and how they work.