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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.
With a balance transfer, you move your credit card debt from a credit card with high interest to your new card for interest-fee payments for a set period of time, often anywhere from 12 to 21 months.
Balance transfer cards allow you to move a credit card balance that may be subject to a high APR to a new account that features an introductory 0 percent APR offer. However, it’s important to ...
A credit card balance transfer is the transfer of the outstanding debt (the balance) in a credit card account to an account held at another credit card company. [1] This process is encouraged by most credit card issuers as a means to attract customers. The new bank/card issuer makes this arrangement attractive to consumers by offering incentives.
You can capitalize on the perks of a new card. The best balance transfer credit card you choose could offer more than a 0 percent intro balance transfer APR. It may also offer better overall ...
While many credit card issuers offer 0% interest balance transfers, some issuers also charge a transfer fee, which could range from 0–5%. As a result, consumers should evaluate the balance transfer interest rate during the promotional period, the length of the promotional period, and the balance transfer fee when deciding on which balance ...
3. Making a late payment on the new card. When agreeing to a balance transfer card, you are also consenting to the issuer’s terms and conditions.
A balance transfer fee is what credit card issuers charge when you transfer debt from one credit card to another. Balance transfer fees are typically 3 percent or 5 percent of the total balance ...