Core Idea of Credit Card Balance Transfer Credit organizations developed a balance transfer as the service which allows you to move your accumulated debt from one credit card to another. As a rule this may decrease APR and even save some additional sums by means of low introductory rate of the new credit card. Moreover, a client can pour together multiple balances from various cards. How Does It Work? Let’s guess, for example, that you decided to apply for a credit card. If your application is accepted and your credit score satisfies the bank then you may ask to transfer your current balance (you will need to disclose the details of your previous card, especially if you choose another credit company). The logic is that your new issuer pays your old debt to your old issuer and then puts your obligation to the new card. Now you have the same debt but with more profitable terms. Of course this service is mostly for the clients with excellent or good credit histories. Nevertheless if your credit score isn’t so high – you are free to try. So feel free to check all possible offers whenever you do it. Possible Traps and Tips Prior to establishing your new credit card and making balance transfer, please undertake an effort to study all the fine print of your transfer offer. When you think that you’ve gotten all the possible sense from it and the conditions seem appropriate to you just begin the application process. Very often you can apply for your credit card online. Take in consideration that if you miss something important this may show itself awfully when it’s late. Check whether they have transferred full balance or a part of it only. Define exactly your new credit limit, it should be enough high, else you are under risk of having two debts on two accounts. Your main task is to make your financial life easier by this balance transfer. If a bank doesn’t cover your debt fully then you are not able to solve the task. Keep in mind that the best transfer credit cards have fixed low APR and long introductory period (duration may vary from 6 months to 12). The other question is the level of post-introductory APR. Last but not least , pay attention to a balance transfer fee. This is a one-time payment. It is usually around 1% - 5%. Check whether it has fixed maximum (e.g. 50 dollars), else they can take some hundred dollars from you. If you are ready to be attentive you are on the right way. Good luck!