How do balance transfers work?

Q: How do balance transfers work?

A balance transfer lets you move debt from one credit card to another, usually to save on interest. How it works: 2. Apply for a card with 0% intro APR on balance transfers 4. Transfer your high-interest debt to the new card 6. Pay off the balance during the 0% period (usually 12-21 months) Important considerations: • Balance transfer fee: Usually 3-5% of the amount transferred • Time limit: Complete transfer within 60-120 days of account opening • After intro period: Regular APR applies to remaining balance

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