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What Is a Balance Transfer, and How Can It Help Families With Credit Card Debt?
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Credit card debt is frustrating. It’s common for people to rack up credit card debt when they’re younger and don’t really understand the lasting implications of credit cards, but you may also end up going into credit card debt if you’re struggling with money or you’re hit with unexpected necessary purchases. A balance transfer may be able to help with credit card debt. Here’s what you need to know about the practice.

What Is a Balance Transfer?

A balance transfer is when you take the balance of one credit card and move it to another credit card. It’s as if you were paying for the credit card balance with a different credit card. The old credit card will have either no balance or a reduced balance, and you’ll start paying off the balance on the new credit card instead of the one where you initially accrued the debt.

How Do You Perform a Balance Transfer?

The process of a balance transfer will be different from credit card to credit card. If you want to transfer a balance from one credit card to another, you’ll want to contact the credit card issuer that you’re transferring the balance to. They’ll help you line up the process and transfer the balance. Because it’s different for everyone, talking to customer service is your best option.

How Can a Balance Transfer Help With Credit Card Debt?

Most of the time, a balance transfer is a good option if you have debt on a credit card with a very high interest rate and you’re moving the debt to a credit card with a much lower interest rate. While the debt itself will still be the same, you’ll be accruing less interest over time, meaning that you can pay off the premium more easily and successfully cut down on your overall debt.

What Are the Best Credit Cards for Balance Transfers?

A good credit card for balance transfers will typically be one that has low introductory APR on balance transfers specifically. The Citi Simplicity card, for example, offers 0% APR for 21 months on balance transfers, with only a 5% balance transfer fee when you make the transfer. That 0% APR can give you 21 months of paying off exclusively the premium on your credit card debt, with no interest payments required, which is an amazing way to cut down on your credit card debt.


Many families are in credit card debt for a variety of reasons. However, just because you’re currently dealing with credit card debt, that doesn’t mean you have to stay in it. If you’re looking for more information about balance transfers and how it can help, you might want to start researching different cards that are specifically made for balance transfers. These offers can help you save dramatically on your credit card debt, making it easier to catch up and start over again without debt weighing you down.

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