Balance Transfer

Definition

• Transferring or moving an unpaid credit card debt from one credit card company to another. Credit card companies will sometimes offer lower interest rates to encourage balance transfers to their company, but they will also charge transfer fees to discourage their customers from leaving.

Synonyms
transfer debt, consolidate, switch accounts

Acronyms
BT

Related Terms and Acronyms

• Balance (bal.) — Abbreviation,
  • The amount of money in your account.
• Balance Transfer Facility (BTF) — Acronym,
• Balance Transfer Fee — Definition,
  • Fee charged customers for transferring an outstanding balance from one card to another.
• Relocation Company — Definition,
  • A business that specializes in providing help to employees who move for their employer.
• Zero Balance Transfer (ZBT) — Acronym,
  • In order to get your business, banks will offer a zero interest rate credit card for a limited when you transfer over your balance.