What is a balance transfer?
A balance transfer is a transaction that involves transferring a balance from one credit card account to another. This type of transaction is usually done to move a balance from a high-interest account to one with a lower interest rate. It can also be used to combine accounts and make a single payment. In South Carolina, the law states that an individual may not transfer an amount greater than the total amount of their current, existing balance and that any fees associated with the transfer must be disclosed to the consumer prior to the completion of the transfer. Additionally, the law states that the consumer must have the opportunity to cancel the transfer within three business days of the transfer if they are not satisfied with the terms. The transfer must be completed within 14 days of the account opening in order for it to be legally binding. It is important for individuals to carefully read the terms and conditions of any balance transfer before agreeing to it.
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