What is a balance transfer?
A balance transfer is a type of financial transaction in which one person or organization moves the balance of one credit card to another. This is done in order to take advantage of better terms offered by a different card provider, such as lower interest rates or more favorable fees. North Dakota has laws in place to protect consumers who enter into these transactions. In general, balance transfers must be honored by credit card providers within three days of the transfer, and the card provider must inform the consumer of any fees that may be charged. Furthermore, any disputes that arise between the two parties must be resolved through mediation, arbitration, or court action. Lastly, the card provider must provide the consumer with a copy of the terms and conditions of the balance transfer and must offer the consumer the right to cancel the transaction at any time. Knowing the laws that apply to balance transfers can help North Dakota consumers make informed financial decisions.
Related FAQs
What are the consequences of not paying my credit card bill on time?What is the difference between a credit card and a debit card?
How do I calculate my credit card APR?
What is a co-branded credit card?
What is a balance transfer APR?
What is a Fair Credit Billing Act?
How do I choose a credit card company?
What is a cash-back credit card?
What is the minimum credit score required to qualify for a credit card?
What is a grace period on a credit card?
Related Blog Posts
The Basics of Credit Card Law: What You Need to Know - July 31, 2023The Pros and Cons of Credit Card Use - August 7, 2023
What Is the CARD Act and How Does It Impact You? - August 14, 2023
5 Tips for Understanding Credit Card Law - August 21, 2023
Understanding the FDCPA and Its Impact on Credit Card Law - August 28, 2023