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fat62cat20

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Could someone explain the process of transferring balances from one credit card to another ?

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Balance Transfer

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A Credit Card Balance Transfer is essentially rolling the balance from from one credit card to another. This is often done to take advantage of the APRs (interest rate) differences between the cards. For example: if I owe $1000 on Card A at the end of the statement month and the APR is 16%, $160 will be added to my balance - but if I transfer the $1000 to Card B with 0% APR, no interest will be added to my balance. This is typically done when someone is carrying a balance on one card with non-0 APR and signs up for a card with a 0-APR introductory period (usually 12-18 months). The transferred balance (as well as any new charges incurred) on the new card will not accrue any interest until the 0-APR period ends (though you will still have to make minimum payments). If this is something you are interested in, I urge you to call the bank/card issuer you want to transfer the balance to for more details about: any fees associated (0-3%), what info they need, etc.

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