New Delhi, Feb. 3 -- Some people carry forward outstanding on multiple credit cards, which is time consuming to manage. They also pay a high interest rate of up to 3.75% per month on credit card outstanding.

What if these people could consolidate the outstanding debt on multiple credit cards into a single credit card for ease of management? What if they could save on the high interest outgo amount by transferring it to a credit card with a lower monthly interest rate? Yes, the credit card balance transfer (BT) facility allows you to do that. In this article, we will understand what is balance transfer in credit cards and the steps to do it.

The balance transfer facility allows a credit cardholder to transfer their credit card outstandin...