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Credit Card Balance Transfer

Written by Kathleen Gagne
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The credit card balance transfer is yet another terrific way that the heavy competition among credit card companies benefits us. These offers basically allow one credit card company to steal your debt from another. Secretly, the company is hoping you won't pay it off, since they want your interest payments, but that doesn't mean you have to comply.

Credit Card Balance Transfers 101

Okay, let's start the 101 tutorial by stating what a credit card balance transfer is. Simply, it's moving the balance from one credit card to another. However, the only reason you'd do this is if you get a tremendous offer from the new credit card.

In order to get your credit card balance transfers, many card companies are offering just such tremendous offers. By simply filling out a credit card application, you can get a new card with a low APR, or even a 0 percent APR, for a set amount of time. If you're smart, you can use this window of opportunity in order to pay off your credit card debt without accruing more interest.

Of course, if you can't pay off your balance before the introductory rate expires, you're not out of luck. You can always apply for a new credit card with a low introductory rate, and transfer your balance yet again. While I don't recommend jumping from offer to offer in order to avoid interest rates, it's a possibility that's out there for you if you simply need more time before you can pay off your debt.

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