How does a credit card balance transfer work?

Question

I currently have two credit cards. One is a normal card and one is for an electronic store. I recently payed off my normal credit card and I would like to use it to pay off the electronic store credit card, so that I can cancel it. However, I'm afraid that the store may not let me pay off the card using another one. So...

I was wonder exactly how a balance transfer works and if it would be a wise decision in this case? The sooner I pay off my store credit card and get rid of it the better!

Answer 1

The previous answer is correct...but he left out a few "hidden" things...

You will be paying a fee to do this, so make sure you know what they charge before doing it.

And it would be silly to pay off a low interest credit card with one of a higher rate.  So verify those also.

DO NOT cancel the old card.  It could effect your credit score.  Just tear it up and never use it again.