Can balances be transferred to a new MasterCard immediately after activation?


Quick Answer

To obtain better terms for an outstanding credit balance, you can use a balance transfer credit card, as explained in The Simple Dollar. Once approved, you can transfer an existing balance for a small fee, or often no fee, and a grace period during which no interest accrues.

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Full Answer

MasterCard is a credit card network and doesn't issue cards; a number of banks and financial companies issue cards with balance transfer offers for the MasterCard network, as compiled by CardHub.com. Citibank, Barclays Bank, USAA and others issue MasterCards with 3 percent transfer fees and between 12 and 21 month grace periods with no interest charges on transfers.

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