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| What is a Credit Card Balance Transfer? |
what is a credit card balance transfer? opening a new credit card may seem like the last smart thing to do when faced with mounting credit card debt. in one case, however, this may make sense andess today, with many companies making a fortune off finance charges. the average annual percentage rate is about 16% on most credit cards. with that kind of interest, it's tough to pay down a creditinvented. in an effort to lure consumers to their credit card, many companies offer free balance transfers from your old credit card. once the money is safely owed to the new company, they will oftenear after the balance transfer takes place. for a savvy consumer, this can be an excellent method of reducing credit card debt. it leaves the person free to pay down the balance on a credit cardbegin a new grace period of low or non-existent finance charges. if you plan to do a balance transfer, be sure to close your old account immediately; having more than two credit card accounts open may fee that can be a percentage of the balance transferred. be sure that there is a cap on the amount, like fifty or seventy-five dollars, or else a balance transfer in the thousands may end up costingnce transfer. written by bryan pedersen copyright © 2005 wisegeek related wisegeek articles: what are prepaid credit cards? what is a fico score? what is a cash advance? what is a credit card? what
http://www.wisegeek.com/what-is-a-credit-card-balance-transfer.htm - 6k
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http://www.wisegeek.com/what-is-a-credit-card-balance-transfer.htm
2005-12-03 18:35:12
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