Balance Transfer

Banking 3994 times2 answers1 follower
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Nisha Patel 371 Rep. elliemartin1 edited question

What is balance transfer on credit cards?

How does the bank benefit from this? I get loads of calls from bank representatives pushing for this.

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Tom 1.09K Rep. Tom edited answer

I would imagine the main benefit to the bank would be the fact that after paying off the balance there is a chance of keeping the customer and them taking out additional financial products

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    Dan 70 Rep. elliemartin1 edited answer

    Balance transfer is where effectively the new bank pays off your credit card debt and you then pay the new bank back the money you owe. The advantage to you is that this often comes with a set amount of months interest free so overall it will save you money. I’m not sure how it benefits the banks though hopefully someone else can help..

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