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

By
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.

Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

5 Reasons to Get the Capital One Venture Miles Rewards Card

5 Reasons to Get the Capital One Venture Miles Rewards Card

By Herbert Moore, Posted: January 18, 2017

If you’re looking for a great travel rewards credit card—one that offers unlimited earning opportunities, flexible redemption, and lots of perks—look no further. This card from Capital One has you covered. Continue reading
Credit Card Tips For Holiday Shopping 2016

Credit Card Tips For Holiday Shopping 2016

By Herbert Moore, Posted: November 23, 2016

November and December are the busiest months as gift shopping reaches its peak. People rush around looking for the best gifts and the best deals leaving a lot of money in the shops. Holiday season may force you to go over the household ... Continue reading
Credit Cards to Save More on Holiday Shopping

Credit Cards to Save More on Holiday Shopping

By Herbert Moore, Posted: November 22, 2016

Discounts and special offers are available all year round. Werther you are a bargain hunter or an impulse buyer, make sure you check online discounts and special offers. Also, if you are a cardholder, see if your credit card opens the door ... Continue reading