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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 ...
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.
Credit card interest rates make it expensive to carry a balance, but a balance transfer can ease the pain. Find out how it works and how to get started. What Is a Balance Transfer?
When I performed my balance transfer with the Citi Simplicity® Card* for $4,000, I had a balance transfer fee of $200 and an intro APR period of 21 months. So I divided $4,200 by 21 months and ...
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.