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Who can benefit from a balance transfer?
Answered on May 6, 2010
Updated on May 6, 2010
The content is accurate at the time of publication and is subject to change.
The concept of a balance transfer is meant to benefit the individual and the bank. Giving consumers a benefit of a better interest rate and giving the bank an opportunity to acquire new customers.
questions RELATED TO THIS TOPIC
I have several credit cards with high balances and high interest rates. How many balances am I able to transfer over to One Card in which card would be the best one for me?
As a rule, you can transfer up to the full credit limit onto your new credit card. However, some issuers may set different limits for balance transfers. For example, the transfer limit may be capped at 75% of your overall credit limit. To find out...
If I wanted to transfer around $8,200, how much would the payment be?
A balance transfer card is a credit option that gives new cardholders a set period of time to pay off debt transferred from another card with no interest charged.
You may like the Wells Fargo Reflect® Card. The card offers...
I have $5K in credit card debt between two cards and need advice on how to get lower interest rate on credit card? I'm wondering if I should move that to a new card with a zero APR offer and pay the transfer costs?
First, you might try to contact your existing credit card customer service to request a lower APR. However, not all banks allow customer-initiated requests to get lower APR on a credit card, but they do review accounts periodically for such a...
Can you explain the balance transfer fee a little better to me?
A balance transfer is a type of credit card transaction in which debt is moved from one credit card account to another, usually one with a 0% introductory APR offer on balance transfers. A balance transfer fee, in its turn, is...
Can I transfer a balance to the SoFi credit card from another credit card?
In general, yes, the SoFi credit card issued by Goldman Sachs supports balance transfers. But it has no 0% Intro APR period so you won't have an opportunity to save on it. Thus, we would recommend you consider the...
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