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Card issuers sometimes offer you a lower rate of interest if you swap your balance from your existing card onto one of their cards. This is called a balance transfer.
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Things to consider about balance transfers
- How long the introductory lower rate of interest lasts
- What the interest rate is after the special offer ends
- How other terms, such as credit limits, payment dates, interest calculation, fees and charges etc., compare with your present card
- How payments are applied to current purchases, cash withdrawals, and balance transfers. These things are important in understanding the true costs and benefits of credit
Further information
You can contact the credit card supplier for more information on the terms of balance transfer.
If you want help in managing your finances, call the Consumer Credit Counselling Service on 0800 138 1111.
You can contact the credit card supplier for more information on the terms of balance transfer.
If you want help in managing your finances, call the Consumer Credit Counselling Service on 0800 138 1111.
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In debt and need help?
Call a CCCS counsellor on 0800 138 1111.
