Balance Transfer

Balance transfer refers to the strategic relocation of outstanding credit card debt from one account to another, typically with a different provider, aiming to secure a more favorable interest rate. This financial maneuver allows individuals to consolidate their borrowing in a single location, potentially taking advantage of an introductory or promotional rate for a specified period. However, it's essential to note that balance transfers are contingent upon approval, and associated fees may apply to the transfer process.

Sources:

Nerd Wallet. Retrieved from: https://www.nerdwallet.com/article/credit-cards/balance-transfer

Cambridge English Dictionary. Retrieved from: https://dictionary.cambridge.org/dictionary/english/balance-transfer