Is a Balance Transfer Right for You?
A credit card balance transfer can get you a lower interest rate, which could translate into hundreds, or even thousands, in interest savings. In addition, a balance transfer can help you consolidate your debts, which can greatly simplify your financial life. Here's what you need to know before you start browsing balance transfer offers for your own credit card debt.
In a nutshell, a balance transfer means moving a debt that you owe on one credit card to another. Credit card issuers often offer promotional interest rates on balance transfers in order to entice new customers to apply for their products.
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Source: Fool.com
