Balance Transfer Credit Cards

Balance transfer is the transfer of an outstanding debt from one credit card to another. Customers typically move their outstanding balance to low-rate balance transfer credit cards with significantly lower interest rates and more benefits to take advantage of the low promotional APR, which lasts 6-18 months.

A balance transfer is easy. Select the best balance transfer credit cards, apply for one or more, and initiate the transfer once card issuers approve you. You'll be asked for the name of your current credit card company, the amount of debt to transfer, and other account details.

It may take up to two weeks for the transfer to be finalized. So, continue making minimum payments to the current card issuer until you know the transfer is complete. The transferred balance will show on your new card's first statement, along with the balance transfer fees.

Surprisingly, some credit cards allow you to move other forms of debt, such as an auto or personal loan, to your credit card. However, it depends on the card's debt terms and conditions compared to the old loan's. Also, keep an eye on the balance transfer fees to ensure the transfer is not too expensive.