What is a balance transfer APR?

A balance transfer APR (annual percentage rate) is a term used to describe the interest rate charged when you transfer a balance from one credit card to another. In Florida, the balance transfer APR is regulated by state law and cannot exceed 18%. The APR on balance transfers applies to the remaining balance after the transfer is complete. The APR is typically lower than the APR on new purchases and can be an effective way of paying down balances faster and saving money on interest expenses. The balance transfer APR will apply to both existing balances and new purchases made during the promotional period. This means that you need to take into consideration both the length of the introductory period and the APR that you will be charged after the introductory period has ended. Always check the terms and conditions of any balance transfer deal to find out when and how the APR will change, and if any additional fees might be applicable. In Florida, it is important to note that you will be responsible for paying any balance transfer fees that are charged by the credit card company. These fees are usually based on the amount transferred and can be quite substantial. Make sure you understand all the costs and fees associated with any balance transfer before you sign up for the offer.

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What is a balance transfer APR?

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