Eli5 What is a credit card balance transfer and what does it do?

Eli5 What Is A Credit Card Balance Transfer And What Does It Do?

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Card A - has a $5000 balance (this is what you've got to pay back), with a 11% APR interest rate. Card B - has a $0 balance, with a 4% APR interest rate. You can transfer all or part of the balance of Card A to Card B. In the above scenario, doing so would save you money each month on …

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ELI5: How Do Balance Transfer Credit Cards Work?

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Your new credit card is used to pay off your old credit card. The amount transferred gets a 0% rate for a specific time period, but they do charge a transfer fee and new balances get charged …

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What Is A Balance Transfer? Should I Do One? - NerdWallet

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Sep 25, 2024  · A balance transfer is a transaction in which you move debt from a high-interest credit card to a card with a lower interest rate, ideally one with a 0% introductory APR. …

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

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They will keep the high interest purchase debt on your card until the entire transfer balance is paid off, and the interest rates on that can be very high. Let's say you transfer $10,000 to the card, …

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How Credit Card Balance Transfers Work - Investopedia

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Oct 7, 2024  · After securing a 12-month 0% balance transfer on a new credit card and moving the $5,000 balance, the cardholder gets a year to pay it off with no interest and just a fee to …

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Understanding Credit Card Balance Transfers - Investopedia

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Mar 3, 2024  · Carrying that balance is costing you $1,000 a year in interest. If you get a 0% balance transfer offer on a new credit card, with a one-year promotional period, then you can …

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What Is A Balance Transfer? – Forbes Advisor

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Jul 5, 2024  · A balance transfer moves a balance from one account to another account or card, ideally to take advantage of a lower or 0% introductory APR, and provides more time to pay …

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ELI5: How Do Credit Card Balance Transfers Work?

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You can afford $100 a month to pay it off. You can switch (option 1) or keep your current card (option 2). For the first month: Option 1: $1000 + balance transfer fee of $30 - $100 payment = …

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U.S. Bank Visa® Platinum Credit Card

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2 days ago  · The 0% introductory APR applies to balance transfers made within 60 days of account opening and is valid for the first 21 billing cycles. The introductory rate does not apply …

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

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It can even be within the same bank, different cards. I.e. I have $5,000 on an 18% Chase Freedom. I open a $7000 Chase Sapphire with 0% intro for 18 months. I transfer the balance. …

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ELI5:Balance Transfer(Credit Card) : R/explainlikeimfive - Reddit

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Avoidance of APR; transfer one balance from one that's running out of it's 0% promotional offer to another that's doing the same thing, but there's normally a transfer fee. You might get a better …

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