In an attempt to attract customers to their credit card, a lot of companies present free balance transfers from your old credit card. Once the money is securely owed to the new company, they will regularly offer a grace period where they charge far less on the transferred balance. Usually, this introductory rate lasts for around six months to a year after the balance transfer takes place on the clients account.
For an end user, this can be an excellent way of reducing credit card debt. It leaves the person free to pay off the balance on a credit card without getting interest charges. Using this approach, a person could potentially open a new account that allows a balance transfer when the old one expires. Then relocate all of the balance to the new card to start on a new grace period of low or non-existent finance charges. If you arrange to do a balance transfer, be certain to close your old account.
Check out the Best Balance Transfer Credit Cards:
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