As it became more and more apparent that the Coldwater, under my seamanship, was weathering the tempest and giving promise of pulling through safely, I could have sworn that I perceived a shade of annoyance and disappointment growing upon his dark countenance.
Definition. A charge incurred when switching the outstanding amount due from one credit card account to another. A balance transfer fee increases the cost involved in shifting credit card balances, and such fees can range from between two and four percent of the balance transferred, or they can be a flat charge.
Balance transfers are typically used to pay off all or a portion of higher interest debt, such as a credit card or loan, and move it to a card with a lower interest rate. Depending on the terms of the offer, using a balance transfer card to pay less interest can add up to big savings.