What Is A Balance Transfer

Many people have been asking me allot bout credit cards lately, and one particular question about credit cards that I get allot is, What Is A Balance Transfer.  So I will try my best to explain what it is.  This is the scenario.  You Currently have a credit card with a $1,000 dollar credit limit which is maxed out, and has a 21% interest rate.  You also have another credit card or have just been approved for another credit card that has a limit of $2,000 as well as an interest rate of 9%.

With the first credit card at 21% with a credit line of $1,000 and an even payment spread over 12 months, would be $1,000 plus an additional $210 dollars added on for interest, which would be rounded up to about a monthly payment of $100.83.  With the second credit card that has a limit of $2,000 and a payment spread evenly over a 12 month period, with an interest rate of 9% , with a balance of $1,000 would make the monthly payments roughly $90.83, and a additional $90 added to the balance cause of interest; Saving you $120 dollars annually. and dropping your monthly payments down to $10 less.

To summarize everything, your pretty much paying off one credit card with another credit card that has a better interest rate, and will save you money overall as well as lower your monthly payments.

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