Editorial note: This is a recurring post, regularly updated with new information.
You’ve probably heard of a credit card balance transfer — but how does one work? And how could a balance transfer save you money on your next credit card bill?
We receive these types of questions from people new to the world of credit cards, and we have the answers. Keep reading to find out how balance transfers work, including the associated fees and how long a typical balance transfer takes.
What is a balance transfer?
A balance transfer is a transaction in which debt is moved from one credit card account to another. The idea is to save money on interest by transferring your balance from a high-interest to a lower-interest rate card.
