Description

Balance transfer

A balance transfer lets you move an outstanding balance from one credit card to another, sometimes for a fee. The fee is usually a certain percentage of the amount you transfer or a fixed amount, whichever is more. Many credit card companies offer zero-percent or low-interest balance transfers to invite you to consolidate your debt on one credit card. The promotional interest rate for most balance transfers lasts for a limited time. After that, the interest rate on your new credit card may rise, increasing your payment amount.

If you’re more than 60 days late on a payment, the credit card company can increase your interest rate on all balances, including the transferred balance.

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