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A balance transfer credit card can offer you many months to pay off high-interest debt in the form of a 0% introductory APR. But when that balance transfer period ends, interest charges are added ...
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.
Or, you could transfer that debt to a card with a 0% intro APR on balance transfers for 21 months. It charges a 3% balance transfer fee, and after the intro period ends, it has the same 21% APR ...
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.
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 ...
The process of a balance transfer can usually be concluded within hours. Automated services facilitate balance transfers between card issuers. Balances cannot be transferred between cards with the same bank. A transaction fee is a one-off commission charged by the company that receives the balance. This varies from (typically) 1-5% of ...
Interest rates vary widely. Some credit card loans are secured by real estate, and can be as low as 6 to 12% in the U.S. (2005). [citation needed] Typical credit cards have interest rates between 7 and 36% in the U.S., depending largely upon the bank's risk evaluation methods and the borrower's credit history.
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