Credit Card Balance Transfer Definition

The primary purpose of a balance transfer is to take advantage of a low or 0 introductory annual percentage rate apr offer on the new card so you can pay off your balance faster and save money while you do it. A balance transfer apr is the interest rate you ll pay on balances you transfer to a credit card. Some cards come with an introductory balance transfer apr offer that you get when you transfer credit card debt to their card from an existing credit card.

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A balance transfer occurs when the outstanding balance of one credit card or several credit cards is moved to another credit card account.

Credit card balance transfer definition. Fee harvesting cards charge fees for. If you have credit card debt of 5 000 and want to pay it off in 18 months paying 15 50 percent interest can make it tough to get in front of. You don t have to worry about any ongoing fees. Fortunately the balance transfer fee is only charged when you make the transaction.

Credit cards targeted at consumers with poor credit scores that carry numerous fees making the cost of credit extraordinarily expensive. A balance transfer is when you pay off the balances on existing credit cards or loans by transferring them to another credit card account. This is often done by consumers looking for a lower interest rate. You ll still have to repay the debt but a balance transfer could help you combine multiple payments onto one card.

Many credit card issuers offer introductory balance transfer aprs that are lower than the standard rates. A balance transfer fee is a one time fee you pay when you transfer a balance from one credit card to another. Transferring a credit card balance to another account can be a good strategy to help you pay down debt and save money at the same time. The act of transferring debt from one credit card to another assuming that the second.

Naturally that includes balance transfers. When you initiate a balance transfer the card issuer will send a payment to the other card account effectively moving the debt from one account to another. Meaning pronunciation translations and examples. Most credit card transactions that aren t purchases are charged a fee.

A balance transfer is a process that lets you move debt on a credit card or from a loan to a different credit card. If you have a high balance on a store credit card with a 21 percent apr you may be able to transfer that debt to a credit card with a lower rate during the introductory period saving money on interest and possibly helping pay debt faster. A balance transfer credit card is a credit card that lets you transfer your existing balance to that card from another card. Balance transfer fees.