 TITLE: All You Need to Know About Balance Transfer Credit Cards CONTENT: How Does a Balance Transfer Credit Card Work?\n---------------------------------------------\nWhen you want to move debt to a balance transfer credit card, you'll first apply for the card you've identified as the best option for you (more on how to decide later). If you're approved, the credit card company will determine your credit limit based on factors like your credit history and income. That limit is the total amount of existing debt you're eligible to transfer to the new card.\nYou'll then request that the credit card company transfer balances to the new card, and specify how much of those balances to move. If you have $2,000 on a Chase card and $3,000 on a Discover card, for instance, and transfer both balances to an American Express card, you'll now have a balance of $5,000 with American Express. The new company will pay off your previous debts, which could take up to a few weeks. In the meantime, continue to make minimum payments toward your prior debts until you've confirmed the transfer to the new card is complete.\nHigh interest credit card debt is an excellent candidate for a balance transfer, though you generally can't transfer a balance from one card to another that's issued by the same company. You may be able to transfer other types of loans to the card, depending on the credit card issuer, but check with the one you're interested in about its policies before applying. END