Source: National Cyber Security – Produced By Gregory Evans
If your spend on the credit card has gone beyond your control and you are wallowing neck deep in debt, the one thing you can possibly consider is a credit card balance transfer. Here’s what you need to know about credit card balance transfers. What is a credit card balance transfer? This is the facility given to a credit card holder to switch his unpaid outstanding balance on a new credit card at a better rate of interest. The motivation behind a credit card balance transfer is to reduce one’s debt burden. How does it work? Say you have used your credit card A to make a purchase of Rs 50,000 and are unable to pay off the outstanding when the statement arrives. You therefore opt for an entirely new card, Card B that offers you a “balance transfer” option. Credit card issuer B also offers you a 0% rate of interest. This is an offer valid for a minimum of 90 days and it charges you a processing fee for the same (ranges from 1-3% of the amount being transferred). You receive a cheque from bank B and deposit it in bank A to clear your outsanding dues. After […]
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