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Balance transfer is a function that is authorized by the bank to transfer debt of one credit card to a different credit card with a lower rate of interest.

Although you can transfer a balance to most credit cards, those that offer an introductory 0% interest period can save you the most money. These cards do still tend to charge a balance transfer fee when you move debt across, but they don't charge interest on the transferred balance for a set introductory period.

BankAmerica credit card, Capital One Quicksilver Cash Rewards Credit Card, Chase Slate, and Barclaycard Ring Mastercard are some of the popular balance transfer credit cards.

Balance transfer allows you to consolidate debt to a lower interest credit card in order to meet payments on time and pay off the amount due with a lower rate of interest.

Zero percent balance transfer is allowed by banks wherein there is no fee charged for the balance transfer services rendered by an account holder. It saves time and consolidates debt.

If you are transferring a balance onto a credit card with an existing balance, think twice. As a rule, never transfer a balance onto a card with an existing balance. Potentially Harmful to Credit Rating. Unless you are transferring balances more than once a year, doing so will have little impact on your credit rating.