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Contents

  • What is a Balance Transfer?
    • The Basics of Balance Transfers
      • Key Components
        • Transfer Fees
          • Interest Rates
        • How Does a Balance Transfer Work?
          • Step-by-Step Process
          • Benefits and Drawbacks
            • Advantages
              • Disadvantages
              • Making the Most of Your Balance Transfer
                • Calculate the Savings
                  • Best Practices
                  • When to Consider a Balance Transfer
                    • Alternatives to Balance Transfers

                      Understanding How a Balance Transfer Works

                      contributorcontributorcontributor
                      2.5 minute read
                      FinanceBankingCredit ScoreInvestment
                      A credit card with a balance transfer label, surrounded by floating dollar bills and arrows indicating movement.
                      Published January 25, 2025
                      Last Updated May 29, 2025
                      contributorcontributorcontributor
                      2.5 minute read

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