In today’s unpredictable world, a financial emergency can hit anyone at any point in time. To deal with such a situation, remarkably large numbers of people from different walks of life rely on the credit card. There are endless advantages to using a credit card such as purchasing power, rewards, convenience, trackability, builds credit history, etc. provided you use it responsibly. Smart use of a credit card will help you to earn money just by using the card. But if you end up in pending credit card dues paired with compounding interest rate, then it is advisable to carry out a credit card balance transfers. Transferring the pending dues to another financial institution with an economical rate of interest can help you to reduce financial stress.
Be well aware
A balance transfer card is a great debt-management tool. Today there is ample information available online. Read all the relevant and latest information related to credit cards for small businesses, cashback, travel, rewards, and promotional savings, etc. on the reliable website and then make informed decisions. Go through the terms and conditions offered on credit cards thoroughly to avoid financial confusion later. Although getting credit card balance transfer for applicants with average credit score is quite challenging, but some credit cards offer zero interest credit cards for candidates with all credit scores.
Things to consider
Credit card balance transfer will enable you to pay off the debts without incurring hefty charges and can be a big money-saver. Credit card balance transfer is a quick and almost hassle-free process, but some of the aspects that need to be considered beforehand for smooth experience are
- Eligibility criteria
- Introductory APR period
- Ongoing APR
- Balance transfer fee
- How much debt can be transferred
- How long does it take to process the balance transfer request
- Minimum monthly repayments
- Penalties for missed payments