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Low balance transfer credit cards are exactly what the name of the group implies. These are credit cards that allow you the opportunity to make a balance transfer from another credit card onto this credit card and get an interest rate for that balance transfer that is very low. Usually, the low balance transfer term refers to the final interest rate on the balance transfer and how that rate matches up to market interest rates at the time, although in some cases the low rate for the transferred balance is made even lower through the presence of an introductory offer. A typical introductory offer for a good low balance transfer credit card would be something like 0% interest for 8 months as long as you made the minimum payments on time and in full each month. For this reason, low balance transfer credit cards can be a potent tool in fighting debt problems which is one of the reasons they continue to gain in popularity with the passage of time.

While this all sounds well and good, there is a cautionary portion to this tale as well. A lot of people see balance transfer rate credit cards as being a fountain of youth where they can just get a new one each time their introductory offer runs out. It doesn’t work like this and in fact if credit card companies see that you have no interest in paying down more than the minimum, chances are very good that your application will be denied out of hand after the first couple of credit cards have been granted. When that is added to the prospect of credit card companies trying to gain the money back through higher normal interest rates and fees (companies will always try to gain at least some of the money back), it is easy to see that low balance transfer credit cards are not a magic bullet cure to debt problems.