How a balance transfer credit card works
A balance transfer credit card lets you move an existing balance from one credit card to another.
They usually come with lower interest rates than regular credit cards, and can offer 0% interest for a fixed number of months when you first get the card.
The lower your interest rate, the less interest you pay – so a balance transfer credit card could help you save money and pay your balance off sooner. Especially if you plan to pay off your balance before the 0% interest offers ends.
Just remember to always pay at least the minimum payment each month to keep your account up to date. Paying more than the minimum will help you clear your balance quicker.