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What does balance transfer mean?
It's when you transfer your balance (or part of your balance) in an account to another account. Usually the accounts are in separate financial institutions. Although it applies mainly for credit cards, other financial product may also offer balance transfer.
Which financial institution is the best option for a no fee balance transfer?
Some financial institutions that are the best option for a no fee balance transfer are Discover It Card, Barclaycard Reward MasterCard, US Bank Visa Platinum Credit Card and many more.
How can financial institutions offer a interest free credit card?
Financial institutions can offer an interest free credit card to sign up new accounts. The restrictions are quite severe including paying the balance in full each month. With one late or partial payment, interest reverts to the maximum limits.
What is the average interest rate on a balance transfer credit card?
The average interest rate on this type of card is about 14 percent. This of course varies by indivdual financial situation.
What are some advantages of a 0 balance transfer?
When you have a balance on your credit card, you are paying interest. If you can find a credit card with a lower interest rate and a 0% balance transfer, you will be saving money.
