by 
The Curious Bag
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Approximately 78 percent of American families had one or more credit cards at the end of 2008, reports CreditCards.com. Balance transfers are one method used by credit cardholders to control debt.
Features
A credit card balance transfer occurs when cardholders take all or part of the money owed on one credit card and apply it to another card.
Methods
Many credit card companies issue checks directly to other banks or financial institutions during balance transfer. Other companies provides checks that cardholders write and send directly to their lenders.
Cost
Most credit card companies assess a fee for allowing cardholders to transfer a balance to one of their cards. In some cases, this fee is a flat dollar amount, while in others the amount is equal to a percentage of the amount transferred.
Benefits
Many credit card companies offer low interest rates on balance transfers for a set period of time, allowing borrowers to make smaller minimum payments or pay off their balances more quickly.
Considerations
Low interest rate balance transfers often revert to high rates after the promotional period. Some credit card companies impose these rates early if cardholders make even one late payment.
Source:
CreditCards.com: Credit card statistics, industry facts, debt statistics
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