Balance Transfer Fee

Definition

• A fee charged to customers when transferring outstanding balances from one credit card to another credit card. Customers generally transfer outstanding balances to obtain better interest rates.

Synonyms
cost, transfer fee, consolidation fee

Related Terms and Acronyms

• Balance (bal.) — Abbreviation,
  • The amount of money in your account.
• Balance Transfer (BT) — Acronym,
  • The process of moving an unpaid credit card debt from one issuer to another. Card issuers sometimes offer teaser rates to encourage balance transfers coming in and balance transfer fees to discourage them from going out.
• Electronic Funds Transfer (EFT) — Acronym, Important,
  • The transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs), and electronic payment of bills.
  ➥ Also known as e-Transfer.