The miscibility of polycarbonate PC and poly(butylene terephthalate) PBT is controversially discussed in the literature. Partial miscibility has been generally found in melt blends of the two polymers. However, in solution cast blends they were found to be immiscible. It is known that the transesterification takes place in the melt. Copolyesters formed by the transesterification change the compatibility of PC and PBT. In this work PC/PBT melt blends of various composition were investigated in dependence on the copolyester content by means of DSC and NMR. It can be shown that the time regime of the thermal treatment in the melt determines the transesterification degree. The PBT crystallization behavior is strongly influenced by both the PC and copolyester content. The glass transition temperatures of the PBT-rich and PC-rich phase approach each other with the increasing copolyester content. The analysis of the glass transition behavior permits the conclusion that PC and PBT are inherently immiscible provided that the copolyester content is exactly zero.