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What's a balance transfer?

If you already have a credit card and you apply for a new one, you can transfer your existing balance on the previous card to the new one. Effectively, the new credit card issuer will assume the outstanding debt [that you owe on the previous card] by paying off the credit card issuer and then billing you for it.

Many cards offer introductory promotional rates of 0% on balance transfers and/or purchases anywhere from 6 months up to 2 years from the date of card opening! You can use these promotions to pay off your balances in installments without incurring interest. Check out our Credit Cards section to see which card is the best for your situation.