Credit Card Balance Transfer
Credit card balance transfers are typically used by consumers who want to save money by moving high interest credit card debt to another credit card with a lower interest rate.
Credit card balance transfer. A balance transfer credit card is a credit card that can be used to pay off part or all of the balance owed on another credit card or loan account thus shifting that debt to the balance transfer card which should have a lower apr than the original lender charged. The best credit cards for balance transfers. When you respond to a balance transfer credit card offer you ll indicate who you want to pay the account numbers and how much you want to transfer. Most balance transfer credit cards require you to pay a balance transfer fee of 3 to 5 of the transfer amount.
A balance transfer credit card could provide an easy and effective way to reduce debt while avoiding interest charges either temporarily or altogether. Once you re approved for the balance transfer the credit card company contacts your creditors or billers on your behalf and pays them the amount you indicated.