Credit card issuers keep on adding new features to credit cards to woo potential customers. A credit card balance transfer is one among them. You can transfer your outstanding card balance (or balances) from your higher interest credit cards onto a balance transfer credit card with a lower introductory interest rate. American Express was the first credit card issuer to adopted this strategy and other card issuers quickly followed suit.
To understand the balance transfer process, you need to understand the various terms associated with balance transfers such as APR, annual fee, introductory rate and balance transfer fees.
The annual percentage rate (APR) is the interest rate that a credit card user has to pay for carrying over a balance, transferring a balance from another card, or taking out a cash advance. Depending upon the specific card offer, some credit card companies will also charge an annual fee just for card membership. Unless the card has a significant rewards offer, you should avoid balance transfer cards that require an annual fee.
An introductory rate is a special annual percentage rate (APR) for a limited time. If you have a good credit...
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