You may, however, be on the hook for a fee for each transfer. Because your debt accrues no interest, the total you pay to your provider each month is applied directly to your principal. With these cards, you can transfer existing debt up to the limit you’re allowed, with the benefit of consolidating multiple payments into one. Once the introductory offer is over, the balance you transferred reverts to a higher standard interest rate. The interest-free introductory period varies from card to card, but you can find cards with no interest on balance transfers for up to 21 months. What is a 0% balance transfer credit card?Ī 0% balance transfer credit card lets you transfer your existing credit card debt to a new credit card without paying interest for a promotional period. This can help you pay off your debt faster and with less interest. A balance transfer can be a great option if you’re paying a lot of interest on credit cards - you can move your existing balance to another card that offers low or no interest for a set time. A balance transfer means that, for a one-time fee, you take the debt you owe on one credit card and move that amount to another card.
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