What Is a Balance Transfer Rate?

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A balance transfer rate is the rate that is offered by a company wanting an individual to switch their credit card balance. Find out how balance transfer rates often increase with help from a portfolio manager in this free video on money management and personal finances.

Part of the Video Series: Investing & Money Management
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Video Transcript

Are you paying an absurdly high rate of interest on your credit card debt? Hi this is Roger Groh at Groh Asset Management. We're here today to talk about alternatives that you might have. Meaning we've all seen ads either online or in newspapers saying transfer us your old credit card balance and we'll give you a really low initial rate. Ultimately it will probably go back up, but initially for a month or anywhere between a month and a year, you may get a teaser rate. You have to read carefully the prospectus though to understand what you're really getting into to figure out what the total fee structure is and to figure out if you're really better off doing it. But, if you're paying 25 today, do a search, you'll come up with any number of websites that certainly advertise for lower ones and probably some of them fit for you. Hope that helps, I'm Roger Groh with Groh Asset, thank you very much for spending time with me.

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