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A few credit card issuers also offer balance transfer checks, which give you the option to complete your transfer with a paper check instead of requesting a balance transfer online or over the phone.
Most credit card issuers charge a balance transfer fee upfront. Usually it’s the greater of a percentage of the debt or a flat fee. For example, 3% of the balance or $20, whichever is higher.
A balance transfer credit card is a type of card offering a 0 percent introductory APR period during which you can pay off your debt faster without interest. With a balance transfer, you move your ...
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.
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.
A few credit card issuers also offer balance transfer checks, which give you the option to complete your transfer with a paper check instead of requesting a balance transfer online or over the phone.
Key takeaways. A balance transfer is a good way to eliminate existing credit card debt over a set number of months, usually at a lower interest rate.
The most important reason to pursue a balance transfer credit card is to take advantage of a low or 0 percent introductory APR offer. By transferring your debt to this new card, you start saving ...
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