A balance transfer is a transaction where existing credit card debt is moved to another account with a different card issuer.
What is balance transfer and how does it work.
Effectively a card issuer pays off the balance from another issuer s account which then becomes a debt with the issuer s own account.
A balance transfer is a pretty simple concept to grasp.
There s a key difference however.
A balance transfer is a transaction where existing credit card debt is moved to another account with a different card issuer.
You could compare it to a mortgage or auto loan refinance in that your main objective is to seek a lower interest rate and cut down on the total cost of the purchase over time.
What is a balance transfer.
Best balance transfer cards.
Effectively a card issuer pays off the balance from another issuer s.