ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A balance transfer moves a balance from a credit card or loan to another credit card. Transferring balances with a higher annual percentage rate (APR) to a card with a lower APR can save you money on the interest you’ll pay.

Detailed explanation-2: -A balance transfer is when you move outstanding debt from one credit card to another. Balance transfers are typically used by consumers who are looking to move the amount they owe on a credit card to one with a significantly lower promotional interest rate.

Detailed explanation-3: -A balance transfer is a type of credit card transaction in which debt is moved from one account to another. For those paying down high-interest debt, such a move can save serious money on interest charges if done strategically.

Detailed explanation-4: -Transferring a credit card’s balance to a new card requires getting the new card provider to approve the transfer. The process begins when you submit a balance transfer application. While a typical balance transfer may process in up to seven days, some card providers say it might take up to 21 days.

Detailed explanation-5: -A balance transfer is when you move your existing credit card balance(s) to another credit card with a different provider. This can help you keep all of your borrowing in one place. You could receive an introductory or promotional rate for a set period of time.