What is a balance transfer APR?
Balance transfer APR, otherwise known as an Annual Percentage Rate, is a fee associated with transferring a balance from one credit card to another. It is expressed as a percentage and is applied to the amount of the balance being transferred. In Maryland, a balance transfer APR is the rate charged by the credit provider for transferring a balance from one credit card to another. It is important to note that this rate is separate from the interest rate charged when someone is making purchases with the credit card. When considering a balance transfer APR, it is important to know what the interest rate is for the new credit card that the balance is being transferred to. Some credit cards offer a 0% balance transfer APR which makes them a great option for anyone looking to transfer a balance. This allows them to save money by not having to pay the balance transfer APR. It is also important to know the length of time the balance transfer APR will be in place for. Most credit cards offer a limited time period for which the 0% balance transfer APR will stay in effect. After this period is up, the APR will typically increase, so it is important to make payments on the balance during the 0% period in order to avoid paying more in the long run. Overall, a balance transfer APR is the rate charged by a credit provider for transferring a balance from one credit card to another. It is important to know the APR for the new credit card and the length of time the 0% balance transfer APR will stay in effect before transferring a balance to avoid paying more in the long run.
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