What is a balance transfer credit card?

If you have accumulated a debt on a high-interest rate credit card, doing a balance transfer can help you save money on interest and help you pay off your debt sooner. A balance transfer credit card lets you transfer your debt balance from your current credit card to a new card, usually from a different company or bank. After the transfer, your old account will have zero balance. Most balance transfer credit cards come with a zero percent or low-interest promotional interest rate, so be sure to find out how long the promotion will last and what the new rate will be when it ends.