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A balance transfer is when you move credit card debt from a card with a high interest rate to one with a lower interest rate—or even a card that offers a 0% APR for an introductory period of time.
Some balance transfer cards have intro APR offers that apply to both purchases and balance transfers. Even if you open a balance transfer card with an intro offer that applies to both, whatever ...
Most balance transfer cards charge balance transfer fees of 3 percent to 5 percent of your balance. So, if you transfer $5,000 to a balance transfer card, you could pay an extra $150 to $250 in fees.
2. Apply for a balance transfer card. You can apply for a balance transfer card online in a matter of minutes. To apply, you’ll need to provide basic personal and financial data, such as your ...
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Key takeaways. When you transfer a balance to a new card, the old card’s balance will read as $0 unless you have pending purchases or are unable to transfer the full amount.
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