Balance transfer card
Cards & borrowingA credit card designed for moving existing debt at a low or 0% rate.
Overview
These cards often offer promotional periods for transferred balances.
Transfer fees can apply and should be included in the cost.
Why it matters
- It can reduce interest costs if used well.
- It can simplify debt repayments.
- Mismanaging the card can increase debt.
FAQs
Does a balance transfer card guarantee approval?
No. Approval depends on your credit profile and affordability.
Can I transfer a balance from any card?
Most cards are eligible, but transfers from the same provider group may be restricted.
Related terms
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