What Is Balance Transfer And How Does It Work

It s a strategy that can help you save money and pay off debt faster if you re careful about details like fees interest rates and restrictions on transfer amounts. Credit card balance transfers are typically used by consumers who want to save money by moving high interest credit card debt to another credit card with a lower interest rate. Qualifying for a promotional balance transfer offer usually requires you to have good to excellent credit.

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What is balance transfer and how does it work.

The 0 apr balance transfer is the best of all balance transfer promotions because it means you won t pay any interest transferred amount until after the promotional period. This moves or transfers your balance to the new card but does not reduce the amount you owe. This will help you pay off debt faster since more of your payments will go toward the principal balance each month instead of toward interest charges. So with good planning you could pay off debt without accruing any interest charges at all.

A balance transfer is a way to save money by moving one or more debts to a lower interest credit card. A balance transfer is when you repay existing debt with a new credit card. Many balance transfer credit cards charge 0 interest for a year or longer. Instead the point of a balance transfer is to get a lower interest rate save money on finance charges and pay off what you owe much faster.

A balance transfer is the process of transferring high interest debt from one or more credit cards to another card with a lower interest rate. A credit card balance transfer involves moving debt from one credit card to another.

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