Balance Transfer Fee
- A fee charged to customers when transferring outstanding balances from one credit card to another credit card. Customers generally transfer outstanding balances to obtain better interest rates.
transfer fee, cost, consolidation fee
Related Terms and Acronyms
- Balance (bal.) — Abbreviation,
- The amount of money in your account.
- Balance Transfer (BT) — Acronym,
- The process of moving an unpaid credit card debt from one issuer to another. Card issuers sometimes offer teaser rates to encourage balance transfers coming in and balance transfer fees to discourage them from going out.
- Electronic Funds Transfer (EFT) — Acronym, Important,
➥ Also known as e-Transfer.
- The transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs), and electronic payment of bills.