What Is a Balance Transfer, and Should I Do One?

A balance transfer can save you money by moving your debt from a high-interest credit card to one with a lower APR. Learn how they work, and find a card that fits your needs.
Paul Soucy
Claire Tsosie
By Claire Tsosie and  Paul Soucy 
Updated
Edited by Kenley Young
How to Use Credit Card Balance Transfer Checks  

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What is a balance transfer?

A balance transfer is a transaction in which you move debt from a high-interest credit card to a card with a lower interest rate, ideally one with a 0% introductory APR. Properly executed, a balance transfer makes it easier to pay off debt: For the duration of the 0% period, no interest is being charged on the balance, so every dollar you pay goes toward erasing the debt itself.

Who should do a balance transfer?

A balance transfer is ideal for someone who is struggling to make progress on their credit card debt because interest eats up so much of their monthly payment. When, say, $80 of your $100 payment is going just to