In the most basic terms, a balance transfer is a way of moving a debt from one credit card to another credit card.  This is often done to save money, as the new credit card may have a lower credit card interest rate (APR) than the old credit card.

Occasionally, credit cards have promotional balance transfer rates that typically last from 3-12 months.  A balance transfer rate is the credit card rate (APR) that is attached to balances transferred to that card from another card.  This balance transfer rate may differ from the credit card interest rate (APR) that is attached to new purchases made with the credit card.

Every credit card is a bit different and promotional credit card offers often change, so be sure to thoroughly look over the terms and conditions for each specific card before deciding which the best credit card is.

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