How Much Will a Balance Transfer Save You?
How Does a 0% Balance Transfer Work? A balance transfer is a credit card transaction where you move, or transfer, all or part of the balance of one card onto another credit card. Some credit card issuers offer special promotional interest rates on balance transfer to entice new customers. The 0% APR balance transfer is the best of all balance transfer promotions because you will pay no interest on the balance transferred during the promotional period. You typically need to have good to excellent credit to qualify for 0% balance transfer credit cards. With a 0% balance transfer, your interest rate on the balance transfer will be 0% for the entire promotional period. By law, promotional periods must be a minimum of six months, but many credit cards offer much longer promotional periods. That means you won't pay any finance charge on the balance transfer until the promotional rate expires. For example, if your balance transfer has a 0% interest rat...