 TITLE: What Is a Balance Transfer and How Does It Work? CONTENT: How Do Balance Transfers Work?\n------------------------------\nThe goal of a balance transfer is to save money on interest while you pay off credit card debt. You can move a credit card balance to a new card, but typically, you're not allowed to transfer a balance from one card to another that's issued by the same company or any of its affiliates.\nFor instance, Wells Fargo won't approve a balance transfer from a Wells Fargo Platinum card to a Wells Fargo Active Cash℠ Card because they're both issued by Wells Fargo. But you may be able to transfer a Wells Fargo card balance to a Chase card, for example, if you qualify.\nBeyond credit card debt, you may also be able to move other types of debt, like personal loans, directly to a balance transfer credit card. Or the card issuer may provide paper checks you can use to pay off balances on other accounts, like auto loans or home equity lines of credit (HELOCs). The amount you pay with the check will then be added to your balance transfer card balance and accrue interest at the promotional annual percentage rate (APR). END