What is a balance transfer and purchase credit card?
A balance transfer and purchase credit card allows you to transfer balances (debts) from other cards and continue to make new purchases, both at low- or even zero-interest rates, on one card.
The low- or zero-interest rates are usually offered for a fixed number of months, from three to 30.
How do balance transfer credit cards work?
Balance transfer credit cards allow you to transfer debt from an existing credit card to a new credit card. The new card often comes with a zero-interest offer, letting you pay off your credit card debt within a specified time period without being charged interest.
This zero-interest period can last anywhere from months to years, making it easier to pay off your debt. However balance transfer cards usually come with fees, often as a percentage of the debt you’re transferring over. You can get more information on our page for balance transfer credit cards.