ELI5: How do balance transfers work? : r/explainlikeimfive - Reddit

I transfer the balance. Original card shows a +$5,000 payment, other one shows a -$5000 charge. If it was different banks, technically the original bank would "loose out" on all my hefty interest …

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ELI5: How Do Balance Transfers Work? : R/explainlikeimfive - Reddit

1 week from now

I transfer the balance. Original card shows a +$5,000 payment, other one shows a -$5000 charge. If it was different banks, technically the original bank would "loose out" on all my hefty interest …

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What Is A Balance Transfer? – Forbes Advisor

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Jul 5, 2024 · Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.49% – 28.49%, based on your creditworthiness. …

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ELI5: How Do Balance Transfers Work? : R/explainlikeimfive - Reddit

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You'll need to get a card with a limit of at least £1000 in order to transfer the whole amount, and check the 0% period. Once the period is over, compare the two cards: credit limit, monthly …

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ELI5: How Do Credit Card Balance Transfers Work? - Reddit

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End result after promo period, you owe around $85 more on the balance transfer. If you were to have paid $333 for 2 months and the remaining balance the 3rd month and paid it off during …

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ELI5: Credit Cards Balance Transfer In A Nutshell And How Do

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Let's say you transfer $10,000 to the card, and you spend $1,000 a month on new purchases. The transfer balance is 0%, but they are charging you 20% on the new purchases. If you pay …

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Eli5 How Do Money Transfers Work? : R/explainlikeimfive - Reddit

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Nothing. One bank just tells the other that this and this account just received a money transfer to them and then the recipient bank adjusts their balance in the computer. IIRC about 90% of the …

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FAQs about ELI5: How do balance transfers work? : r/explainlikeimfive - Reddit Coupon?

How does a balance transfer work?

A balance transfer isn’t immediate, meaning you still need to make timely payments on the current balance before it’s transferred. A balance can’t be transferred from one card to another issued by the same bank. Most credit cards charge a balance transfer fee. ...

Can I transfer a balance from one card to another?

Most cost-effective balance transfers involve moving a balance from an existing card with one issuer to a card from another issuer to take advantage of a low or 0% introductory APR. In most cases, you cannot transfer a balance from one card to another card with the same card provider. ...

What is a balance transfer credit card?

A balance transfer lets you transfer debt from one credit card — or even a qualifying loan — to another credit card. The debt still needs to be paid off, but depending on the balance transfer card you choose, you can get a lower interest rate. Or some cards offer a 0% APR introductory period where no interest accrues. ...

How long does a balance transfer take?

This process can take a week or more. In the meantime, you’ll still be responsible for making payments on the original account. Otherwise, your original card issuer could still charge you late fees, interest charges or penalty costs. Was this article helpful? A balance transfer moves a balance to another account or card. ...

Can a balance transfer save you money?

A balance transfer can save you money by allowing you to move existing debt on a higher-interest credit card to a credit card with a lower interest rate. Transferring a balance doesn’t eliminate the debt — instead, moving the balance to a lower-interest credit card can help you save on interest and even pay off the debt more quickly. ...

How do I choose a balance transfer card?

Consider a balance transfer card that has an intro $0 balance transfer fee for a certain time frame or waives the fee altogether. Pay attention to when you’ll need to request the balance transfers to take advantage of the intro $0 balance transfer fee offer — it’s typically within the first couple of months. ...