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If you are in financial trouble then applying for a credit card would be a wrong step.credit card balance transfer is a good option at that time.The business of credit card is growing these days,the APR on most of the cards is 16%.The interest of these card keeps adding.In a bid to lure customers towards themselves the companies offer to transfer the balance from your credit card for free. Once the money is now owed to the new company they provide you with a grace period where the money charged on the transferred balance is far less. At times the rate of interest can be as less as 0, 1, 2% etc. This introductory rate lasts for about 6 months from the date of the balance transfer.
For someone who is smart it could be a good method to reducing the credit card debt.For this way a new account can be opened where balance transfer is available and money could be saved.It is compulsory for you that you should close your old account after balance transfer this is because having more than two credit card accounts can be damaging your credit score.