What Is A Balance Transfer? Is It A Good Idea? EVERYTHING You Need To Know

A balance transfer is a sort of credit card transaction that involves the transfer of debt from one account to another. They often offer a compelling intro APR. If done strategically, consumers paying down high-interest debt can save much on interest rates. For example, debt transferred to a credit card having a 0% introductory APR on balance transfers could be paid off interest-free.

Balance transfers, however, have some charges and limitations. In most cases, you'll have to pay a balance transfer fee, which is normally 3% to 5% of the total transferred. Furthermore, if the balance transfer card's limit is low, you may not be able to transfer your entire balance.

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