Hey pal,
If you wish to get maximum benefits out of your credit card. You should opt for a balance transfer credit card instead of a normal credit card. It will help you save money on interest charges. You will not rack up balances and end up in a position where you have to pay off huge debts.
Get home loans without hefty paperwork through NoBrokerPay your electricity bill via NoBroker using your credit card and earn rewards. What is a balance transfer credit card?
It is a service that allows the cardholder to transfer balances from other accounts to the balance transfer credit card. Usually, these cards offer an introductory 0 per cent APR — on the balance for a short period of time. The time frame can range between 6 months to 21 months).
Many banks allow customers to transfer credit card balances from other bank cards at lower interest rates/ APR. Private banks have their own eligibility criteria to avail of this service. It will take between one week and one month to transfer the balance. You will get cardholder perks such as additional benefits, and rewards.
How does it work?
Upon the approval of the credit card, you will get to indicate which account you would like to transfer the balance from.
You will need to provide the account number of the transfer account.
You will need to provide the amount of money you wish to transfer.
You will need to balance the transfer fee of 3 per cent to 5 per cent for each transfer.
I hope my explanation on balance transfer credit cards helps you out.
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At times you may end up having pending credit card dues coupled with compounding interest rates and that’s when you will need to balance transfer. Let me share with you the meaning of balance transfer credit card so that you can pay your pending credit card balance along with the interest rate.
Get home loans at the lowest interest rate from NoBroker and purchase the house of your dreamsWhat is a balance transfer credit card India?
As you can see by the name, a balance transfer credit card helps to carry out a balance transfer. But you won't get this facility for every card. So, in balance transfer, you can transfer your pending balance which is the outstanding balance into a new card and clear the amount more conveniently at a lower cost.
By opting for a balance transfer, you will be able to avail of lower interest rates and other offers too. At times credit card companies offer a predetermined 0% interest rate or offer a nominal interest rate for a specific period of time. Although during a balance transfer you have to pay a processing fee. So, check properly before opting for a balance transfer to understand where and how can you save the most.
By availing balance transfer you can get rid of debts piled up in multiple cards. Keep a track of your due dates so that you will be able to pay the dues more easily.
I hope you understand the meaning of balance transfer credit card meaning now.
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jashmine
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2022-10-14T10:50:33+00:00 2022-11-29T11:32:20+00:00Comment
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