A balance transfer is a way to reduce the cost of existing debt and repay it sooner than you would otherwise. In theory, you can transfer the balance remaining on any loan or line of credit to most any credit card. But certain offers are classified as “balance transfer credit cards” because they have relatively low APRs and fees for this type of transaction.
You will always have the option of requesting a balance transfer when you apply for a new credit card. And you should be able to submit such a request with an existing account, as long as you aren’t already carrying a balance from month to month. Just bear in mind that certain account terms, such as 0% intro APRs and $0 transfer fees, may only be available for a limited time after account opening.
When you’re comparing balance transfer offers, it’s worth calling your current credit card’s issuer to see what it can offer. Say that you plan on doing a balance transfer, unless you are given a significantly reduced interest rate. Your rate won’t be reduced to 0%, but even a slight APR reduction will help you save while your application for a 0% transfer is processed.
For more information, check out WalletHub’s balance transfer guide.
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