Noun
balance transfer (plural balance transfers)
A transferal of the current amount owing on one credit card to another one (ideally one charging a lower rate of interest)
Britain is a textbook case of how growing inequality leads to economic crisis. The years before the crash were marked by a sharp rise in remortgaging and the growth of 0% balance transfer credit cards. By 2008 the UK had the highest ratio of household debt to GDP of any major economy. Frances O'Grady
Balance transfer limits: You won’t know your new balance transfer card’s credit limit until after you apply, but you can review the terms to see if there’s an absolute maximum. Source: Internet
Balance transfer cards, with a 0 percent interest introductory period usually for a year or more, can give you breathing room to whittle away at your credit card debt until it’s gone before the higher interest rate kicks in. Source: Internet