4.4 • 1.3K Ratings
🗓️ 9 June 2023
⏱️ 8 minutes
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0:00.0 | This is Optimal Finance Daily, Episode 2336. |
0:04.8 | What are Balance Transfers? |
0:06.7 | By Jackie Beck of JackieBeck.com. |
0:09.6 | And I'm your host and personal finance enthusiast, Diana Mariam. |
0:13.6 | Welcome back to Optimal Finance Daily, where each and every day I narrate articles from |
0:18.6 | some of the world's best finance blogs. |
0:21.5 | So with that, let's get right to today's post as we optimize your life. |
0:29.9 | What are Balance Transfers? |
0:31.7 | By Jackie Beck of JackieBeck.com. |
0:35.8 | Balance Transfers are a type of offer from credit card companies, banks or credit unions. |
0:41.0 | They let you move debt from one account to another. |
0:44.4 | Usually, balance transfers are used to move high interest credit card debt to a new, low |
0:49.2 | interest credit card. |
0:50.9 | But they can also be used to move other types of loans and debt to a credit card. |
0:55.2 | They also can be a way to consolidate multiple debts without taking out a debt consolidation |
0:59.8 | loan. |
1:01.4 | The idea behind Balance Transfers. |
1:04.8 | The idea behind doing a balance transfer is to reduce the interest rate you're paying |
1:08.7 | on credit card debt. |
1:10.4 | That way, you can pay it off faster or easier. |
1:13.7 | In that sense, they can offer some relief from expensive debt. |
1:17.7 | People normally try to get 0% balance transfer offers. |
... |
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