Credit card balance transfer

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🔷When you have outstanding balances on a credit card and are not able to pay it in full, you may opt for balance transfer facility on other bank’s credit card.

🔷Through balance transfer, banks/NBFCs allow you to transfer outstanding balances from other bank’s credit cards and save on the finance charges and other penalties.

🔷They may also offer 0% interest rates for a limited period or other deals on credit card balance transfer.

How Credit Card Balance Transfer Works
🔷Cardholders may sometimes face one or more credit card debts that they are not able to pay at once.

🔷In this case, they may transfer the entire outstanding amount from all the credit card accounts to a single account.

🔷The balance transfer credit card that consolidates the outstanding amount usually charges a much lower interest rate as compared to the finance charges.

🔷Do note that certain card providers even offer 0% interest rate for a limited period.

Who Should Apply for Credit Card Balance Transfer?

🔷Cardholders who are carrying significant amounts of debt at a high interest rate may apply for a balance transfer.

🔷This will help them pay off the debts without incurring hefty charges.

🔷Do note that balance transfer is best suited when the user can pay off the due amount within a few months.

Source: Paisabazaar

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