Balance transfer credit cards are a tool that people use to regain freedom from the credit card debt they are under. The primary purpose of these cards is to offer the cardholders an opportunity to move their debt from high-interest credit cards to a new credit account. Doing this would mean that people want to pay little or zero interest on their debt as a new credit account will charge 0% introductory APR. Thus, people can pay their debt without incurring a high interest, saving them valuable funds.

For most balance transfer cards, the intro APR periods are 12 months to 21 months. This would mean that people should pay off all or most of their debt within this period since there is no interest payment. Once the intro APR period is over, people can no longer enjoy an interest-free period as they would be prone to paying interest on their debt.

Moreover, those people who are still left with some debt payments and would not like to pay any interest can choose to move their balance to a new credit account. Although this option is available, it would certainly move to damage the person's credit score. The reason is because of having too many credit accounts.

Some people are of the mindset that they wish not to fall further behind on their debt payments and hence, would choose to consolidate their debt with balance transfer credit cards. Balance transfer cards can also be used for other purposes, like people can earn great rewards from making their everyday purchases. Some balance transfer cards offer cellphone and travel insurance, but only particular credit card issuers offer such perks.

This guide will cover the basics of balance transfer credit cards, including carrying out a balance transfer. The app will highlight the advantages and drawbacks of selecting such cards to pay off credit card debt. We will list down the best balance transfer credit cards people use in the industry.

Let us look into the fundamentals of balance transfer credit cards.