balance transfer
Noun
Meaning
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)
Examples
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.
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.
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.