balance transfer

noun

Meaning

The process of moving existing debt from one credit card account to another, typically to take advantage of a lower interest rate.

Examples

Many banks charge a fee of 3% to 5% for every balance transfer you initiate.
I decided to perform a balance transfer to consolidate my debt and pay it off more quickly.

Synonyms: debt consolidation, refinancing

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balance transfer

noun

Pronunciation: ˈbæləns ˈtrænsfər

Definition

The process of moving existing debt from one credit card account to another, typically to take advantage of a lower interest rate.

Examples

Many banks charge a fee of 3% to 5% for every balance transfer you initiate.
I decided to perform a balance transfer to consolidate my debt and pay it off more quickly.

Synonyms of balance transfer

Words with a similar meaning to balance transfer:

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