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What is the purpose of a balance transfer?

Curious about Balance Transfer

What is the purpose of a balance transfer?

The purpose of a balance transfer is to move outstanding credit card debt from one credit card to another with a lower interest rate. This can help the debtor save money on interest payments and pay off the debt faster. The new credit card typically offers a promotional low or 0% interest rate for a limited time period, during which the debtor can make payments toward the balance without accumulating additional interest charges.

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