How does 'balance transfer' work?

[Anonymous]

Is this a one-time thing I can do only when I open a new CC or can I do this at any time between cards? If so how do I do it?

[haulingthescoreup]

It varies by card. A lot of times you'll see a 0% offer that is only good upon app, but later you can BT for 1.99% or 3.99% or whatever.

A lot of sites let you do it online, although you might have to do a lot of clicking before you find the actual option. Otherwise, call customer service.

General word of warning to other readers: never, ever do a BT or other low interest transaction on a card that already has a balance, and never charge anything on a card that already has one of these. Usually (not always), the CCC will apply all payments to the lowest-interest charge, and that $45 restaurant tab will just sit there, chuckling away, drawing 13.99% APR or whatever your usual purchase rate is, until the lower-interest stuff is completely paid off.

The CCC really, really hopes that you're not aware of this, or that you'll get careless. This, along with the frequently forgotten BT fee, is how they make money off of balance transfers.

[Anonymous]

What hauling said plus:
* never be late/miss a payment
* be cautious of BT fees, sometimes there are none, they are capped or there's no cap at some percentage
* 6 mo promos are sometimes 5 mos, based on when you do the BT, when the cycle starts and ends and sometimes, when the first of the month lands in a particular cycle (Chase does this, promo until the last billing cycle that includes the 1st of June)
* you typically cannot transfer from one Chase account to another Chase account.
* some CCC only allow BT to an account with the same account holder (if you are requesting the BT, then you are BT'ing from another account for your you are also account holder)

Terms and Conditions, check them carefully.

[Anonymous]

One thing I do, is when I make a balance transfer I specifically ask which statement the interest rate will go up on. Then I write that information down so that I always have access to it, and don't forget when the interest will start charging, or the interest rate will go up, depending on what the balance transfer rate is.