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There are a number of different features that are provided with bank accounts these days. However, one of the features that have gained a sufficient amount of interest recently would have to be balance transfers. One might wonder as to what is so exciting about this feature to be considered seriously. After all, it might be just another feature that the banks might be making use of to lure you in. But, if you do some research, you might perhaps better understand more about why this feature matters and what makes it as important as it might seem.
Manage your balances
A typical individual will have more than one credit card
and more than one bank account. Hence, it is important to know how it is possible to manage these balances and control them before they take control of you. With balance transfers, you can shift your money between accounts and maintain the necessary limits in all the different accounts so that there are no delayed or missed payments. Hence, this automatically makes it a useful feature in order to stay on top of your credit record and ensure that your credit score doesn't end up suffering because of low balances.
With this feature being free to use and essentially just a couple of clicks to implement, it follows that you would be able to use this without making any significant changes. Hence, the effort involved in using this feature to maintain your balances is significantly lesser. Thus, this makes balance transfers
a feature that can significantly simplify banking for you. Compared to the other features that the bank account might provide, you would probably want this one, since it is one of the few features designed to make things easier on your side.
Helps maintain your credit history
Without balance transfers, it would have been quite heard to decide where you would want to put in all of your money and how you would take care of your multiple credit cards. Thanks to this option, people are able to easily shuttle money from one account to another and be able to maintain the credit history with minimum problems. In many cases, it has been observed that maintaining balance in accounts is essentially something that would be taken care of primarily by the spending habits of the individual. Hence, if you don't have a way to monitor and transfer money quickly, you might end up with bad credit history affixed to your name.
Thus, even if you haven't really used it, balance transfers are a great way to save money. Not only do you get to take care of your expenses in a swift and easy manner, but you will also be able to easily understand what your bank accounts are and how it is that they tend to work. Many people are still confused about these things and hence need a way in which they can easily keep track of all the expenses and also the credit balances that is in their name.