Beschrijving
A balance transfer credit card lets you move debt from an existing card to another, ideally with a lower or 0% intro APR. This quick video explains how it works — and how it could help you save on interest and potentially pay off credit card debt faster.
Here are five things to know about balance transfers:
— Some balance transfer cards offer a 0% intro APR for balance transfers for a limited amount of time. The intro rate for some cards can last up to 21 months, but some are a lot shorter.
—Make sure the card you pick has an intro period that's long enough for you to pay down as much debt as possible.
—Check the fees when you shop for a balance transfer card. Typically there's a balance transfer fee of 3% to 5% of the amount you want to transfer.
—Credit limits (the total amount of credit you can use on the card) are key! You may not be approved for a limit that will cover the balance you want to transfer. It depends on the card and on your situation.
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Learn more -- check out this article: How do balance transfers work? https://www.creditkarma.com/credit-cards/i/how-does-a-balance-transfer-work
Watch related videos: What is a balance transfer? | Meditations on Money: https://www.youtube.com/watch?v=fVSuHVELDaY
:15 Take: What is APR?: https://www.youtube.com/watch?v=HNaOlX5uHkE
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