What is a balance transfer APR?

A balance transfer APR is an Annual Percentage Rate (APR) for balances that are transferred from one credit card to another. It is a form of interest rate that applies to the balance that was moved and it is determined by the credit card issuer. In the state of Oregon, credit card laws dictate that credit card companies must notify customers of the rate when a balance transfer is made. This serves to provide transparency for the customer, so that they can make an informed decision about transferring their balance. The balance transfer APR can vary among different card issuers, and it is typically higher than the interest rate charged on purchases or cash advances. It also carries some fees, which can vary from one lender to another. Customers should always read the terms and conditions included with the credit card agreement before completing a balance transfer to make sure they understand the rate, fees, and other details. It is important for customers to be mindful of their balance transfer APR and make sure payments are made on time and in full each month. Paying late can result in additional fees, as well as a higher interest rate that can substantially increase the costs of carrying a balance. By following the credit card laws in Oregon, customers can better manage their credit and keep their balance transfer APR fees in check.

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