Glossary - Balance Transfers

Balance Transfers means debt that is moved between companies
Outstanding debt or balances can result in more interest and increase the consumer’s debt. To reduce the debt and repayment premiums you can move it from one lender to another. A new lender may have more to offer a borrower they may be able to offer a grace term where the interest could be waived or even reduced.

Example: UK Credit Cards
A 0% balance transfer would mean you pay very little interest or none at all on a UK credit card debt. Debts and payments can be reduced if the card is used wisely and 0% balance transfers applied for regularly. When the balance transfer term comes to an end you can move to another offer which means overall the amount the debt has cost you would be kept to a minimum.

Useful Tip
A few credit card companies offer cash back and money off financial services when doing an initial signup. Use these offers in order to save yourself money.

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