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Balance transfer credit cards are a great way to save money while you pay off debt. These types of credit cards offer a low introductory APR -- the best balance transfer credit cards even start with a 0% APR. Pay off your balance before the intro period ends, and you can avoid interest fees entirely. On our list of the best balance transfer credit cards, you'll find top choices that offer the longest intro periods and the fewest fees.
The Ascent's best balance transfer credit cards:
Great for: Balance transfers and purchases
Rating image, 4.50 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
This no-annual-fee card has among the longest 0% intro APR offer for purchases and qualifying balance transfers. Few cards pack in such a long promo period for both. Read Full Review
Rewards
None
Annual Fee
$0
Intro APR
Purchases: 0%, 18 billing cycles
Balance Transfers: 0% Intro APR for 18 billing cycles for any balance transfers made in the first 60 days
Ongoing APR
12.99% - 22.99% Variable
Welcome Bonus
None
Highlights
- 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 12.99% - 22.99% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers
- No annual fee
- No penalty APR. Paying late won't automatically raise your interest rate (APR). Other account pricing and terms apply
- Access your FICO® Score for free within Online Banking or your Mobile Banking app
- Contactless Cards - The security of a chip card, with the convenience of a tap
Great for: Long 0% intro APR
Rating image, 4.50 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
A hard-to-beat 0% intro APR credit that's a fit for cardholders wanting to pay off debt faster with balance transfer strategies and/or finance the cost of a purchase and temporarily avoid costly interest charges. Read Full Review
Rewards
N/A
Annual Fee
$0
Intro APR
Purchases: 0%, 18 months
Balance Transfers: 0%, 18 months
Ongoing APR
14.74% - 24.74%, variable
Welcome Bonus
N/A
Highlights
- 0% Intro APR for 18 months on purchases from date of account opening and 0% Intro APR for 18 months on balance transfers from date of first transfer. After that the variable APR will be 14.74% - 24.74%, based on your creditworthiness. Balance transfers must be completed within 4 months of account opening.
- There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater
- Get free access to your FICO® Score online.
- With Citi Entertainment®, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
- Shop with confidence knowing that you have dependable protection benefits, including $0 Liability on Unauthorized Charges and Citi® Identity Theft Solutions.
- The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
Great for: Balance transfers and cash back
Rating image, 5.00 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
Earn up to 2% on all purchases - 1% when you buy, and 1% when you pay the minimum each month. Add that to no annual fee and an 18 month 0% intro APR offer on balance transfers and this card is a winner. Read Full Review
Rewards
2% cash back: 1% when you buy plus 1% as you pay
Annual Fee
$0
Intro APR
Purchases: N/A
Balance Transfers: 0%, 18 months
Ongoing APR
13.99% – 23.99%, variable
Welcome Bonus
N/A
Highlights
- Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
- To earn cash back, pay at least the minimum due on time.
- Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% – 23.99%, based on your creditworthiness.
- Balance Transfers do not earn cash back.
- If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
- There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
- The standard variable APR for Citi Flex Plan is 13.99% – 23.99% based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
Great for: Balance transfers and cash back
Rating image, 5.00 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
Get the best of both balance transfer and cash back worlds with this card. Not only do you get a long 0% intro APR on balance transfers, but you also get a market-leading cash back program. We call that a win-win. Read Full Review
Rewards
5% cash back at different places each quarter up to the quarterly maximum when you activate. 1% unlimited cash back on all other purchases - automatically
Annual Fee
$0
Intro APR
Purchases: 0%, 6 months
Balance Transfers: 0%, 18 months
Ongoing APR
11.99% - 22.99% Variable APR
Welcome Bonus
Discover will match all the cash back you’ve earned at the end of your first year.
Highlights
- INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
- Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
- Redeem cash back any amount, any time. Rewards never expire.
- #1 Most Trusted Credit Card according to Investor’s Business Daily.
- Get your free Credit Scorecard with your FICO® Credit Score, number of recent inquiries and more.
- No annual fee.
- Discover is accepted nationwide by 99% of the places that take credit cards.
Great for: Balance transfers and purchases
U.S. Bank Visa® Platinum Card
Rating image, 5.00 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
With a 20 billing cycle intro APR offer for both balance transfers and purchases, this is one of the best low interest credit cards on the market. Read Full Review
Rewards
N/A
Annual Fee
$0
Intro APR
Purchases: 0%, 20 billing cycles
Balance Transfers: 0%, 20 billing cycles
Ongoing APR
14.49% - 24.49%, variable
Welcome Bonus
N/A
Highlights
- 0% Intro APR on purchases and balance transfers for 20 billing cycles. After that, a variable APR currently 14.49% - 24.49%.
- No Annual Fee.
- Fraud protection detects and notifies you of any unusual card activity.
- Free TransUnion® Credit Score when you enroll in Online Banking.
- Choose your payment due date.
- Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your U.S.Bank Visa® Platinum Credit Card. Certain terms, conditions, and exclusions apply.
Great for: Long 0% intro APR
Citi Simplicity® Card - No Late Fees Ever
Rating image, 4.50 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
If getting rid of credit card debt is on your to-do list, this card can help. With no late fees, no annual fee, and no penalty rate, this card is an unmatched pick that’s made even better with an incredible 18 month 0% intro APR offer on balance transfers and purchases. Read Full Review
Rewards
N/A
Annual Fee
$0
Intro APR
Purchases: 0%, 18 months
Balance Transfers: 0%, 18 months
Ongoing APR
14.74% - 24.74%, variable
Welcome Bonus
N/A
Highlights
- No Late Fees, No Penalty Rate, and No Annual Fee... Ever
- 0% Intro APR on balance transfers for 18 months from date of first transfer. All transfers must be completed in first 4 months. After that, the variable APR will be 14.74% - 24.74%, based on your creditworthiness.
- 0% Intro APR on purchases for 18 months from date of account opening. After that, the variable APR will be 14.74% - 24.74%, based on your creditworthiness.
- If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balances, are paid in full
- There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater.
- The standard variable APR for Citi Flex Plan is 14.74% - 24.74%, based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.
- Stay protected with Citi® Quick Lock and $0 liability on unauthorized charges
Citi Simplicity® Card - No Late Fees Ever is temporarily unavailable on The Ascent. All information was collected independently from the issuer. Some items may be out of date.
Great for: Balance transfers and purchases
Rating image, 4.50 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
A clear standout card in its category with a long 0% intro APR for 18 months from account opening on both qualifying balance transfers and purchases, no annual fee, and a FICO® Score for free. Read Full Review
Rewards
N/A
Annual Fee
$0
Intro APR
Purchases: 0% intro APR, 18 months from account opening
Balance Transfers: 0% intro APR, 18 months on qualifying balance transfers
Ongoing APR
16.49%-24.49% (Variable)
Welcome Bonus
N/A
Highlights
- 0% intro APR for 18 months from account opening on purchases and qualifying balance transfers, then a 16.49% to 24.49% variable APR; balance transfers made within 120 days qualify for the intro rate and fee
- $0 Annual Fee
- Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Platinum card
- Easy access to your FICO® Credit Score with Wells Fargo Online®
- Monitor your spending, purchases and any suspicious activity with text and email alerts and notifications
- Convenient tools to help create a budget and manage your spending with My Money Map
- Select "Apply Now" to learn more about the product features, terms and conditions
Savvy consumers use credit card balance transfer offers to refinance or consolidate credit card debt. And when used correctly, the best balance transfer credit cards can save you hundreds of dollars in interest. To get the best results with these credit cards, it helps to understand how balance transfers work.
What is a balance transfer credit card?
Balance transfer credit cards are cards that can receive balance transfers -- a feature not offered by all credit cards. A balance transfer is moving a balance from one account to another. Once you've completed a balance transfer, the original account is paid off, and you make payments on the account that received the transfer.
You're essentially using the balance transfer card to pay off your debt. The best balance transfer credit cards come with a 0% introductory APR -- similar to 0% APR credit cards -- on a qualifying balance transfer. This means that you won't pay credit card interest on the balance transferred for the intro period, which can be anywhere from a few months to 20 billing cycles. After the introductory APR ends, the card issuer will start charging the card's regular variable APR on any remaining balance. Paying off your balance quickly will help you avoid getting an interest charge when the intro APR period ends.
The type of debt you can transfer depends on your balance transfer card. Sometimes a card issuer will only let you transfer credit card balances, whereas others let you transfer all kinds of debt. Consumers typically use balance transfer cards for credit card debt.
The total amount of the transfer plus any transfer fees must be less than the balance transfer card's credit limit. If it isn't, you'll find your balance transfer denied. You can't transfer a balance between two cards from the same card issuer, either. A balance transfer from a Chase credit card to a Citi credit card is fine, but a transfer between two Chase credit cards wouldn't be allowed.
What is a balance transfer fee?
A balance transfer fee is a fee charged for moving a balance onto a new credit card. The balance transfer fee is charged by the balance transfer card (the card that receives the balance). It's typically between 3% and 5%, but several of the best balance transfer credit cards have a 0% balance transfer fee.
The balance transfer fee is charged as a percentage of the amount transferred and typically added to your overall credit card balance. For example, if you transfer $1,000 to a credit card with a 3% balance transfer fee, you'll be charged a $30 balance transfer fee. Your new balance on the balance transfer card will be $1,030.
How to do a balance transfer
A balance transfer can be completed in the following steps:
- Search for one of the best balance transfer credit cards. Try to find a card with a long enough intro period so that you'll be able to pay off your debt within that time frame.
- Open the card and transfer the balance. You'll need the credit card number of the card with the balance as well as the amount to transfer. Most card issuers let you transfer balances online. So you'll log in to the account for your balance transfer card and look for the balance transfer option. Alternatively, you can call the credit card company and do the balance transfer by phone.
- Make your payments. You're still required to make payments on the original card until the balance transfer is processed. You'll know that has happened once the original card balance changes. From this point on, you'll make payments on the balance transfer card.
How to do a balance transfer with Chase
Balance transfers with Chase can be completed by logging into your Chase account and doing the following:
- Click "Transfer a balance." You can find this option in multiple locations. On the Account Summary page, it will be underneath the balance transfer card's available credit. On the credit card's page, it will be available in the "Things you can do" drop-down menu.
- Select a balance transfer offer. Chase will list any balance transfer offers available for the card you chose. Click on the offer you want, and then click "Next."
- Enter the required information. You'll need to provide the full card number for the credit card with the balance and the balance transfer amount.
- Submit the balance transfer.
How to do a balance transfer with Discover
Balance transfers with Discover can be done by going to your online Discover account and following these steps:
- Click "Balance Transfers." There's a "Manage" option at the top of your account page, and underneath, you'll find the "Balance Transfers" link.
- Select a balance transfer offer. Depending on which Discover credit cards you have, there may be multiple balance transfer offers available to you.
- Fill out the form. Discover will ask you for the balance transfer amount and the credit card number of the card with the balance.
- Submit the balance transfer.
How to do a balance transfer with Wells Fargo
Balance transfers with Wells Fargo are available through your online Wells Fargo account when you follow these steps:
- Click "Request Balance Transfer." To find this option, place the cursor over "Accounts" and look under the "Manage Cards" heading.
- Select a balance transfer offer. The offers available will depend on which Wells Fargo credit cards you have.
- Complete the balance transfer form. Wells Fargo asks for the creditor name, credit card number, and transfer amount.
- Submit the balance transfer.
What happens to the old credit card after the balance transfer?
The credit card that originally had the balance will remain open after the balance transfer. Although you can continue using it, you should strongly consider waiting until you've paid off all your credit card debt. You don't want to make the same mistakes and run up a costly balance.
How to compare balance transfer credit cards
Comparing credit cards is all about saving the most money, and choosing one of the best balance transfer credit cards can save you big.
Here are the steps to compare balance transfer offers:
- Check the length of the offers. Most of the best credit card balance transfer deals have 0% intro APRs, so you can compare them by how long their intro offers last. If you need as much time as possible to pay off debt, pick the card with the longest 0% intro APR.
- See which cards have balance transfer fees. Free balance transfer credit cards help you avoid extra fees, but they may not have the longest 0% intro offers. You'll need to calculate whether you'll pay less with a longer intro offer or by not paying balance transfer fees.
- Use other features as a tiebreaker. You may find that multiple balance transfer credit cards are dead even. In that case, you can choose one based on other features the cards offer, such as cash rewards or a welcome bonus. For example, the Citi® Double Cash Card – 18 month BT offer is one of the best balance transfer credit cards and one of the best cash rewards credit cards.
Avoiding other fees, such as an annual fee or late fee, is also smart. The Citi Simplicity® Card - No Late Fees Ever card doesn't charge a late fee, although you should avoid making late payments as you can lose your 0% APR offer. None of the cards on this list charge an annual fee. You should avoid cards with an annual fee, as it can eat into any savings you get from the introductory APR.
Does a balance transfer affect your credit score?
Balance transfers can hurt and help your credit. When you use a balance transfer card, it affects three factors used to calculate your credit score:
- New credit (10% of your FICO® Score): The credit card application will cause a hard credit inquiry, which negatively affects the new credit category. It's not a serious issue, though, as most consumers only see their FICO® Scores drop five points or less from a hard inquiry.
- Length of credit account history (15% of your FICO® Score): A new credit card causes your average length of credit account history to decrease, and this can hurt your credit.
- Credit utilization (30% of your FICO® Score): Your new balance transfer card's credit limit will increase your total credit, causing your credit utilization to go down. That's good for your credit score. But your credit utilization on each individual card is also important. If you end up with high credit utilization on the balance transfer card, then that could have a negative impact.
Although your credit score may or may not drop after a balance transfer, it will likely go up as you pay down your credit card debt. After all, building a positive payment history is one of the best ways to rebuild credit. And a balance transfer credit card allows you to do that faster while also saving on interest.
Is there a limit to how much you can transfer?
You can never transfer a balance that's larger than your credit limit. Some balance transfer credit cards will only let you transfer up to a percentage of your credit limit -- usually 70% to 95% -- while others will let you reach your credit limit. Keep in mind that any balance transfer fees will add to your balance as well. If you're transferring a $1,000 balance to a card with a 3% balance transfer fee, you'll need a credit limit big enough to cover a $1,030 balance.
Is a balance transfer credit card right for you?
It's important to consider the benefits and drawbacks of doing a balance transfer with a balance transfer credit card. While the best balance transfer credit cards can save you hundreds in interest, they can also end up costing you.
A balance transfer credit card is a good idea if:
- You want a lower interest rate. The biggest perk of zero-interest balance transfer credit cards is how much money they can save you. If you have credit card debt that you'll be paying off over six months or longer, then a balance transfer could lead to big savings.
- You want to consolidate debt. When you have debt spread out across multiple credit cards, it can be difficult to manage. A balance transfer card allows you to consolidate debt so you only need to make one payment per month.
- You're trying to boost your credit score. Credit card debt often results in a high credit utilization ratio, a factor that has a big impact on your credit score. Since opening a balance transfer card adds to your total credit, it will lower your credit utilization. That balance transfer could save you money and raise your credit score.
A balance transfer credit card is not a good idea if:
- You don't have a plan to pay off your debt. A balance transfer only helps if you take advantage of the opportunity by paying off as much debt as possible before the intro APR period ends, and you don't overspend now that your debt isn't costing you any interest. Otherwise, you could reach the end of the intro period with the same amount of debt or more.
- You have subpar credit. To qualify for the top balance transfer credit cards, you'll typically need good credit. If your credit is bad or average, it's a good idea to focus on building your credit. That way you don't need to settle for a subpar balance transfer card.
- You could pay off existing credit card debt within a few months. When you're this close to paying off your debt, it's usually better to stick with your current credit card. A balance transfer fee could wipe out anything you'd save on interest. Even if it's a balance transfer credit card with no fee, the credit card application will still take time and cause a small dip in your credit score.
Alternatives to balance transfers
If you're not sure that a balance transfer credit card is the best option for you, consider these alternatives:
Personal loans for debt consolidation
By paying your debts with a personal loan, you'll have a fixed loan term, payment amount, and interest rate. Consolidating debt is a great way to ensure you can afford your monthly payments and get your debt paid off in full. Even though debt consolidation loans don't offer 0% intro APRs, you can find personal loans with low interest rates. You also won't need to worry about the APR going up like it does with balance transfer cards at the end of the intro period.
Home equity loans/home equity lines of credit
Since a home equity loan or a home equity line of credit (HELOC) uses your home as collateral, they tend to offer some of the lowest interest rates you can find. Either is an affordable way to pay off debt, but you will need equity in your home to qualify. The fact that your home is the collateral also adds to your risk.
Nonprofit credit counseling agencies
When you work with a credit counseling agency, it can give you advice on how to budget and pay back your debts. A credit counseling agency can also negotiate a debt management plan with your creditors. This option can be especially helpful if your credit isn't the best, as it's hard to find balance transfer credit cards for bad credit.
Negotiating your credit card debt
Credit card companies are often willing to negotiate your credit card debt with you if you're having trouble making your monthly payments. Some might even have low interest credit cards you can consider. Many offer hardship plans that can reduce your card's interest rate, fees, or minimum payment amount. Even if your card issuer doesn't, you may still be able to negotiate any of those items.
FAQs
-
A balance transfer credit card can accept balance transfers from other cards. When you set up a balance transfer, your balance transfer card is paying off your other credit card(s). The amount you transfer will be taken off the original credit card and put onto the balance transfer card.
-
You could see a small drop or increase in your credit score after completing a balance transfer. This could be due to new inquiries on your credit report, a change in your average age of accounts, or changes in your credit utilization rate. Over time, as you pay off your balances and avoid late payments, you should see your credit score improve.
-
A balance transfer can take anywhere from two days to six weeks. It depends on multiple factors, including the card issuers of both cards and whether you're a new cardholder for the balance transfer card. Capital One takes about 10 business days. Bank of America, Discover, and U.S. Bank all take up to 14 days or two weeks. Chase and Citi take up to 21 days. These are maximums, so in many cases, your balance will transfer more quickly.
| Card | Rating | Great For |
|---|---|---|
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Rating image, 4.50 out of 5 stars.
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Great For: Balance transfers and purchases |
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Rating image, 4.50 out of 5 stars.
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Great For: Long 0% intro APR |
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Rating image, 5.00 out of 5 stars.
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Great For: Balance transfers and cash back |
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Rating image, 5.00 out of 5 stars.
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Great For: Balance transfers and cash back |
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Rating image, 5.00 out of 5 stars.
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Great For: Balance transfers and purchases |
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Rating image, 4.50 out of 5 stars.
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Great For: Long 0% intro APR |
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Rating image, 4.50 out of 5 stars.
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Great For: Balance transfers and purchases |
About the Author
Elizabeth is a personal finance writer specializing in credit cards, debt repayment, and small business. Her work has appeared on The Motley Fool, MSN Money, Yahoo! Finance, and Business Insider. She’s an avid credit card points collector and perpetual traveler currently living in Costa Rica.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool has a Disclosure Policy. The Author and/or The Motley Fool may have an interest in companies mentioned.
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