Transferring Credit Card Balances—
What You Need to Know

If you want to transfer credit card balances to a lower-rate or lower-cost card, make sure you know:

  • The fees charged to transfer the funds—usually three to four percent of the balance. That amount will be added to your existing balance.
  • The transfer rules—when does the advertised rate, or “teaser rate,” end? What could trigger the teaser rate to end earlier than advertised, such as a late payment?
  • Usually the teaser rate applies only to transfer balances, not on existing balances, or balances for new purchases. What rate will be charged for new purchases? Often the rate for new purchases is higher than the teaser rate.