For most credit cards, the interest rate you’re charged will vary based on the type of transaction you make, be it a new purchase, a balance transfer, or a cash advance. Some credit cards also charge what’s known as a penalty rate, which is a higher purchase APR that kicks in when you make a late payment — sometimes even if the payment is only one day late. In practice, many cards charge the same APR for new purchases and balance transfers, but there is no requirement for them to do so. Introductory APR offers can apply to both new purchases and balance transfers, or only to one or the other. The APR for each type of transaction will be listed in your card’s terms and conditions or rates and fees documentation. An important detail to remember when you’re using a balance transfer promotional APR is that the length of the 0% APR offer is just one detail that dictates the quality of the promotion. Very often a card issuer will offer a longer interest-free period for balance transfers, but only if you initiate the transfer within a short window after card activation.