About Credit Card Balance Transfers

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Credit card balance transfers are a great way to save money on interest, as a high-interest credit balance can be moved over to a low-interest credit card. Move credit balances around to get the best interest rate with information from a portfolio manager in this free video on finance.

Part of the Video Series: Credits, Stocks & Pension
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Video Transcript

Do you have credit cards outstanding? Are you looking at those twenty percent kind of rates on the cards that you're paying? Boy, it'll kill ya'. Well, this is Roger Groh, at Groh Asset Management, and we've all gotten pieces in the mail saying that other credit card companies have lesser rates of interest, and if we transfer our higher rates of interest to the lower ones that we will save money. Well, it makes sense, and frequently people do that. How does it work? Well, you would open up a new credit card account at the new credit card company, and then they write a letter requesting that the old company shift the old balance to them. Now, to you the consumer is there a difference in there? No, it's only the rate of interest that you're paying assuming that there are no additional fees associated with it. Be careful; read the prospectus carefully so that you fully understand the transaction, and that you really are saving money as part of that transfer. Why do it? It's all about saving money. That's the name of the game here. There may be a high minimum to transfer, and there may be high fees associated with the transfer.

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