a balance transfer credit card! Not familiar with balance transfers? Let's explore them. What is a Balance Transfer? A balance transfer is a pretty simple concept. Your balance from one credit card is moved to another credit card. Here's a simple step-by-step look at how it works: Step 1 Step 2 Step 3 You purchased things using your old credit card, and you still owe a balance. You have to pay interest on that balance, so you want to pay the lowest interest rate possible. You apply for a new credit card that includes a balance transfer offer. When you apply you request to transfer your old balance to the new credit card. Ideally your new balance transfer credit card will have a lower interest rate than the old credit card. It may also have a special interest rate as part of a limited time introductory offer. This gives you time to pay off your balance without being charged too much interest. Ideally your new balance transfer credit card will have a lower interest rate than the old credit card. It may also have a special interest rate as part of a limited time introductory offer. This gives you time to pay off your balance without being charged too much interest. Balance Transfer Bene?ts Why would you want a balance transfer credit card? Here are a few bene?ts to consider: You can get a lower interest rate on your existing balances, saving money as you pay off your credit card