What is a balance transfer?

A balance transfer is a type of transaction that allows a person to move a balance from one credit card to another. This type of transfer is commonly used by people who want to consolidate their debt, or transfer a high-interest balance to a lower-interest card. Balance transfers can help reduce the amount of interest paid on the balance and can even save money. In Washington, balance transfers are regulated by state law. For instance, the state may require the card issuer to provide disclosure of the terms of the transfer, as well as the amount of any fees associated with the transfer. Additionally, the issuer must also provide the consumer with an opportunity to reject the offer within a certain time frame or cancel the transfer within a certain period of time. Balance transfers can be a good way to save money on interest payments and help consolidate debt. However, it is important to consider the potential fees and other risks associated with the transfer before making a transfer. Additionally, the terms, conditions, and fees associated with the transfer should be carefully reviewed before agreeing to the transaction.

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What is a balance transfer?

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