i need help on this what the Banks mean by 0% balance transfer what is balance transfer?

Answer 1

A 'balance transfer' is the process of transfering an existing balance from an old credit card to a new one. When a bank says '0% balance transfer', it means you'll pay no interest (0%) on your transfered balance for a set period of time-- usually 6-12 months.

For more about balance transfers, or to see a complete list of balance transfer credit cards, visit:

http://www.asapcreditcard.com/0-apr.html

Answer 2

It's when you transfer your balance from one credit card to another. 0% interest usually last for anywhere from 4 to 12 months and after that the regular interest rate will apply. Be sure to read what the interest rate will be after the 0% expires. This is sometimes a great way to pay off credit card balances without paying interest if you can pay the entire amount before the 0% expires.

Answer 3

I transferred the balance from one of my credit cards to a new one that was offering 0% interest for that amount for 12 months, that is what it means.

Answer 4

usually, with a credit card issued by a bank, you can transfer the balance of one credit issued by one bank, to another credit card issued by another bank, and the interest you'll pay on that balance will be 0%...BUT

read the fine print...a lot of times there are balance transfer fees, or the period of the time interest is 0% is limited, and then the interest rates skyrocket after that...

buyer beware!

Answer 5

If you have an amount outstanding on a loan or a credit card, some banks or card companies will allow you to transfer your debt to them and charge you no interest on it for a period of time. They might charge a small amount as a an initial transfer charge,

Answer 6

A balance transfer is the amount you owe (your balance) is transferred from one account to another account.