Pay off debts with balance transfer and heave a sigh of relief

Advertising Disclosure

Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Research » Guides » Balance Transfer Cards » Pay off debts with balance transfer and heave a sigh of relief

Pay off debts with balance transfer and heave a sigh of relief

Add to Favorites:
With the financial market brimming with options, it is no surprise that a variety of loans are becoming a popular option with the masses each passing day. Nowadays, loans range from generic to ones very specific in purpose, such as car loans, home loans and student loans. Growing multitudes of people are benefiting from this upsurge, including the companies that offer loans and charge interest during the repayment period. While most users plan their repayment procedure carefully to avoid any financial pitfalls, emergencies and accidents can often happen. In cases like these, opting for a balance transfer credit card account can be a smart choice that can relax your financial worries. What's In It for You Balance transfer accounts are offered by credit card companies to new users in a bid to win their favor. They shift or migrate the debt of a user to a credit card account, accompanied the option of ultra low interest rates and an increased period of payback. While this option is most often used to repay credit card debts incurred with another company, it can also be used to repay other types of loans. Users should note, that this is a higher risk option, and should only be used as a last resort if the need arises. How to Go About It All forms of loans have a strict repayment schedule, which is predetermined at the initial stages of the loan process. The user usually plans ahead, and selects the terms which are most comfortable. However, there can always be unforeseen expenses, in which case the user might find it tough to proceed with repayment as planned. If you are in such a situation, you can apply for a balance transfer credit card, which allow you to shift the debt to the credit card account. The companies often have a zero percent balance transfer option, which denotes that during the stipulated period of repayment, the company will charge no interest on the mentioned debt. This is a good option to bring your finances back on track. Smartness Pays If you are shifting your debt to a balance transfer account, it always pays to be smart. There are many players in the current market who have a plethora of different packages for new customers. Intelligent reviewing of these packages is the only way to choose what would work best for your current situation. The paperwork involved may have fine print containing obscured costs and fees, and it is up to you to fish these out and deal with them. Look out for a balance transfer fee, this is sometimes charged and you can often negotiate for a waiver. Also, check the documents carefully for clauses and penalties relating to any small change in the repayment schedule. Companies often charge a late fee for the slightest delay in repayment, and revoke the zero percent interest rate option on the account. Stay alert and look out for these clauses, and you should be safe while migrating to a balance transfer account for your loan.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products’ Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

How to Subdue Wedding Expenses and Earn up to $1,000 for Honeymoon

How to Subdue Wedding Expenses and Earn up to $1,000 for Honeymoon

Posted: June 21, 2017

Whether you are married or not, we all agree that marriage is incredibly important for a person. It signifies the beginning of two people as a team, as a family, of a long commitment. It is a newly born union and the sign of your choice, ... Continue reading
How to Save Money. Best Credit Card Deals and Tips.

How to Save Money. Best Credit Card Deals and Tips.

Posted: June 20, 2017

We all've been through or may find ourselves in such an emergency when money is needed immediately. Lucky you are if you have savings for unexpected expenses. If not, it's never too late to start saving money. There are different ways to ... Continue reading
Cashback Match Lets You Double Your Discover Rewards

Cashback Match Lets You Double Your Discover Rewards

Posted: June 7, 2017

Discover has always been a leader in the cashback rewards game; with their generous 5% cash back in rotating categories offer, you can earn up to $75 in cashback rewards each quarter. But their latest card takes credit card cash back ... Continue reading