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savvvy

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What does balance transfer mean getting a credit card?

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It means that you have a balance on an existing credit card and that, to get a better interest rate you transfer that balance or part of it to another card (which also may be an existing card or a new one you applied for just for that purpose).

Balance transfer offers usually involve very low introductory interest rates (often zero). But the rates are temporary and there's nearly always fee (up to 5 percent) for making the transfer.

These can be very good deals and smart credit users can take good advantage of them -- but always read the fine print!

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