What is a balance transfer APR?

A balance transfer APR, or Annual Percentage Rate, is a credit card law in Washington that allows you to transfer the balance of one credit card to another card with a lower rate of interest. This means that if you have a high-interest card, you can pay off the balance by transferring it to a card with a lower rate of interest, allowing you to save money on interest payments. Balance transfer APR is typically a lower rate than the APR on your original credit card. This means that, by using a balance transfer, you can reduce the amount of interest that you pay on your debt. The amount of the APR varies between different credit cards, so it is important to shop around to find the one that best fits your needs. When considering a balance transfer, it is also important to look at any additional fees that might be associated with the transfer. Some credit cards may charge a balance transfer fee along with the APR, so it is best to compare different offers and read the fine print before making any decisions. Additionally, it’s important to be mindful of how long the lower rate lasts. Some credit cards offer promotional balance transfer APR rates for a certain period of time before increasing the rate to a higher rate. It is important to be mindful of how long the balance transfer APR is in effect so that you can make sure you are aware of when it expires.

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What is a balance transfer APR?

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