What is a credit card balance transfer?
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The Curious Bag
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A credit card balance transfer is an offer made by credit card companies that transfers the money you owe to one credit card to a competitor's credit card. When you complete a credit card balance transfer, you are paying off one credit card with another. This can be useful if you carry a large balance on a card with a high interest rate, because many credit card companies offer a low introductory rate (sometimes as low at 0 percent) for balance transfers. Just be aware that these are introductory rates--after six months or a year, your interest rate will likely increase.
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