Balance transfers can provide card holders with a number of advantages. Transferring balances to a lower rate credit card can drastically reduce your interest rate and fees. Credit card companies charge varying interest rates on balance transfers and purchases. The most common rate is 0% for six through to 12 months or in the case of some of their range  Citibank for Life.
Transferring balances can also give you access to more perks. For example, you may be able to get a new card that has no annual fee, a longer payment grace period or cash back on purchases and other rewards.

How to Transfer Balances  

Credit card companies commonly use low interest rate balance transfers to attract new customers. There are three main ways to transfer the balance on a card. One way is by simply filling out the application provided by your new card issuer. Or you can contact the credit card company that you want to transfer a balance to and make arrangements for a balance transfer..
Regardless of which transfer method you use, you can only transfer as much as your credit limit on the card you are transferring allows.

What are the Catches?

When making payments, it's important to understand that the payments you make will first be applied to balances transfers and then allocated toward Purchases. That means you'll be paying down 0 percent balance transfers before you even touch the balance on regular purchases which can be charged at the higher rate.