A balance transfer is a process that enables you to move existing credit card debt to a new credit card account in order to garner a lower interest rate, save money, and pay off amounts owed faster.
A cash advance occurs when you use your credit card to withdraw cash from an ATM, to write checks or to transfer money into a bank account. Cash advances come at a steep cost, as making these types of transactions triggers the immediate assessment of a costly fee and a high interest rate.
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