Yes, you can do a balance transfer from one credit card to another. This is much similar to a loan balance transfer, wherein borrowers switch to another lender for a low interest rate. When you have greater credit card debt and want to reduce the burden of higher interest rate, you may transfer the outstanding balance on your credit card to another card for a lower interest rate or no interest rate which could be available for a few months.

The 0% interest rate on credit card balance transfers does not come for free. You must be aware that there are balance transfer charges which will be of certain percentage of the amount being transferred. The balance transfer charges may range between 3% to 5% of the outstanding balance.

Not all customers are eligible for this credit card balance transfer option. Only credit cardholders with a good payment history and transaction pattern become eligible for the credit card balance transfer. It is important to note that a credit card balance transfer does not reduce your debt burden but gives you more time to repay the debt.

Looking for a credit card that matches your credit spends, check your eligibility here.