The advantages of opting for balance transfers on credit cards
Advertising Disclosure is an independent, advertising-supported web site. 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. has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » Research » Guides » Balance Transfer Cards » The advantages of opting for balance transfers on credit cards

The advantages of opting for balance transfers on credit cards

Add to Favorites:

Have you utilized the maximum amount on your credit cards with no means to repay them? Are you looking for a solution that can help you get out of your financial misery? Do you want to clear your debts fast so you can work on rebuilding your credit history? If your answer to any one of these is "yes", then you have to consider the option of applying for balance transfers. Though this option is very helpful, not a lot of people are aware of it. Opting for this can be useful in ways more than one. Let us take a quick look at how you stand to benefit if you opt for balance transfers.

Lower rate of interest

One of the biggest benefits of opting for credit card balance transfers is the low interest rate. This, by itself, can reduce your financial burden. If you are paying an interest rate of 19% APY on your current card and you get to transfer the balance to another card that is offering 0% APY for the first 12 months, you have literally hit a jackpot. Just think about the amount of money you can save in this process? Finding low interest rates will not only bring down the overall outstanding balance, but is will also reduce the monthly EMIs you will have to pay to the bank, thus providing you some financial relief. If you pay off the balance completely within the first 12 months, you will have to pay a single dollar as interest on the transferred amount.

Consolidating debts

Balance transfer is a benefit to people who have too many credit cards with high outstanding balances. You can bring all those balances under one umbrella by applying for balance transfer on just one card that is offering the lowest interest rate. This is a great way to ease your monthly finances. You will have to pay monthly to just one bank as compared to multiple banks. Not only will this reduce your burden, you can also clear the balance in a short time.

Repairing credit report

If you have large outstanding debts that you are unable to repay, it is quite but natural that your credit report has been tarnished. Opting for a balance transfer is one of the ways in which you can start rebuilding your credit report.

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

Related Research:

How to Get Free Wi-Fi in the Air

By Herbert Moore, Posted: September 28, 2016

Sometimes in-flight Wi-Fi is the bare necessity when you travel abroad or within the country. However not all airlines offer free in-flight Wi-Fi. There is only a couple of airlines that will allow you to use Wi-Fi ... Continue reading

Amazon Credit Cards Review

By Allison Martin, Posted: May 30, 2016

When was launched 20 years ago, few could have envisioned how far the company would come. What was once an online specialty bookstore is now an Internet juggernaut that sells nearly anything and has made major inroads into ... Continue reading

How Much Do Shell Cards Really Save on Gas?

By Allison Martin, Posted: April 20, 2016

There is an endless amount of gas cards on the market, and practically every major gas station, including Shell, has options to choose from. In fact, Shell offers two options for gas cards for consumers. Continue reading