What should I know about balance transfers?

Answer Transferring a balance from a high-interest credit card account may seem appealing, especially if the new card offers a much lower rate. However, it is important to be aware of the pitfalls of bal... Read More »

Top Q&A For: What should I know about balance transfers

Define Balance Transfers?

A balance transfer constitutes the movement of a debt from one credit card to another. If you owe money on your current card, you may receive an offer from another card company to pay off the balan... Read More »

Can balance transfers be used for another person's account?

It is possible to transfer balances for another person's account. Typically, credit cards that allow balance transfers issue blank checks that can be used for a variety of purposes including transf... Read More »

Do balance transfers hurt your credit score?

On One Hand: Balance Transfers May Benefit Credit ScoresTransferring a balance from one credit card to another is usually a good decision. Credit rating agencies base your score on multiple factor... Read More »

Effect of Balance Transfers on Credit Score?

Balance transfers are one way to consolidate debt and lower interest payments. They can also affect several components that are used in determining your credit score. This score is an indication to... Read More »