Definition Of Balance Transfer
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Definition of balance transfer. Definition of balance transfer. Types of balance transfers there can be transfers between two similar types of accounts or different ones. Balance transfer noun a transferal of the current amount owing on one credit card to another one ideally one charging a lower rate of interest freebase 0 00 0 votes rate this definition. Means the transfer to the card of all or part of an outstanding balance due under a credit card issued by uae credit card provider other than fh pursuant to the balance trans fer program.
A balance transfer is the transfer of part of the balance either money or credit in an account to another account often held at another institution. The most common type of balance transfer is shifting debt from one credit card to another credit card. A balance transfer occurs when the outstanding balance of one credit card or several credit cards is moved to another credit card account. A balance transfer is moving a debt balance from one account to another account.
The most common reason this is done is to reduce the interest rate. Moving outstanding debt on one credit card to another card usually a new one is a balance transfer. A balance transfer is the act of moving the amount of money that you owe from one credit card to another credit card that has a lower interest rate. Means a transfer posted to the purchase segment of your account unless otherwise described in your truth in lending disclosures.
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