A balance transfer credit card lets you move an outstanding balance from one or more existing credit cards onto a new card, often with a promotional low or 0% interest rate for a limited introductory period, giving you a window to pay down the debt without accumulating further interest at the original higher rate. Once the promotional period ends, the standard interest rate typically applies to any remaining balance, and most banks charge a one-time balance transfer processing fee calculated as a percentage of the amount transferred, so the total saving depends on how much of the balance is cleared within the promotional window.
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