A safety balloon catheter includes a flexible, multi-lumen balloon catheter and a hollow barbell-shaped stretch valve. The balloon catheter has a proximal catheter end, a balloon defining a balloon interior to be inflated with an inflation fluid, a hollow inflation lumen extending through the catheter to the balloon interior and shaped to convey the inflation fluid to and from the balloon interior, and a hollow second lumen parallel to the inflation lumen; and a balloon drainage port fluidically connecting the balloon interior to the second lumen. The stretch valve is shaped to permit a fluid to pass therethrough and positioned in the second lumen to at least partially slide therein such that, in a steady state, a distal barbell end of the stretch valve prevents the inflation fluid from passing through the drainage port and, in an actuated state, the distal barbell end slides within the second lumen to permit the inflation fluid to pass through the drainage port and into the second lumen.