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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 ...
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.
The credit card issuer that inherited your debt from another account will usually charge between 3 percent and 5 percent of the balance. Therefore, on a balance of $8,000, your balance transfer ...
“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.
Balance transfer cards offer a solution by letting you move your existing credit card debt to a new card with a 0% intro APR period, typically lasting 12 to 21 months.
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.
For example, if you were to transfer $10,000 in credit card debt to a balance transfer card, your fee might be 3 percent of your balance ($300) or 5 percent of your balance ($500) depending on the ...
Your score might drop if your per-card credit utilization ratio is too high. Your new card may also impact your credit utilization ratio. Your credit utilization ratio is the percentage of your ...