What is a balance transfer APR?
A balance transfer APR is the interest rate charged when transferring a credit card balance from one credit card to another. This rate is usually lower than the APR of the card that is being transferred from, and is typically offered as an introductory rate for a period of time. In the state of Georgia, balance transfer APRs are typically between 0-3%, although they can be as high as 5%. When it comes to balance transfers, it is essential to understand the rules that come with them. For example, there may be a fee associated with the transfer, and a time limit on when the balance must be paid off in order to take advantage of the promotional rate. Additionally, there may be limitations on how much can be transferred. Finally, the APR may vary from one credit card company to the next, so it is important to shop around to make sure you are getting the best rate.
Related FAQs
What is a grace period on a credit card?What is APR?
When is a credit card issuer required to disclose the terms and conditions of a credit card?
What is a secured credit card?
What is a universal default clause?
Is there a maximum amount of credit card debt I can have?
What is a travel rewards credit card?
What is a fixed rate credit card?
What is a credit report?
What are the advantages and disadvantages of using a prepaid 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