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For example, if you have a card with a $5,000 balance transfer limit and a 3 percent balance transfer fee, the most you’ll be able to transfer is about $4,850.
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.
Many credit card issuers offer balance transfer credit cards with introductory 0 percent annual percentage rate (APR) periods that allow you to pay down what you owe interest-free for periods of a ...
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.
The card proved to be limited by its regional scope, as it was tied to the area surrounding the bank's New York City base of operations. [1] In 1969, the card was absorbed into Master Charge (now known as MasterCard), another card that had been developed by a membership association of four banks, the Interbank Card Association, which National City Bank joined.
“Credit card interest is very high at present, with rates from 18 percent to as high as 27 percent. Banks are allowed to charge high interest because credit card charges are unsecured loans.
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