by 
The Curious Bag
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If you carry a high balance on your current credit card, you may benefit financially by transferring the balance to another credit card that offers more favorable repayment terms. You can then pay off the debt according to the terms of your new credit card agreement.
Facts
A balance transfer credit card is any credit card that will pay off your balance with your current credit card company and transfer your debt to a new card.
Benefits
If you are working toward paying off your debts, transferring your current debt to a balance transfer credit card will allow you to pay off the debt more quickly if your new credit card offers a low introductory rate.
Considerations
Before your current credit card balance can be transferred to a new card, the credit card company offering the balance transfer will review your credit report and score to ensure that you qualify.
Misconceptions
A common misconception is that balance transfer credit cards are always a better option, but this may not be the case. If your low introductory rate resets to a higher interest rate than you currently have, transferring your debt to a the new credit card may not be a wise financial decision.
Warning
Some credit card companies charge a fee equal to a percentage of your current credit card balance before allowing you to transfer the debt to another card provider.
Source:
Bankrate.com: Transfer a Balance
ptMoney: The Dangers of Promotional 0% Interest Rate Credit Card Balance Transfers
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