How can you use balance transfers effectively? - Balance Transfers Questions


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Credit Card Applications » Questions » User Questions » Balance Transfers » How can you use balance transfers effectively?

How can you use balance transfers effectively?

Answered on | Updated on August 2nd, 2011
The content is accurate at the time of publication and is subject to change.

Most of us use credit cards and it has become a way of life. So, it has become inevitable for card issuers to add new features to make the cards sound more user-friendly. Credit cards come with a lot of features and consumers are constantly looking forward to availing benefits out of their cards. One of the most significant features is the 0% balance transfers.

Balance transfers are a clever way to get out of sticky situations with a relative amount of ease.  These are a good option if you have a credit card payment coming up and you don’t have money to pay for it immediately. But suppose you are expecting a payment shortly, then you may transfer your balances from your existing card onto your new card and pay off the outstanding at a comfortable pace. You will have sufficient time to pay off the balances on your new card. Once you get your payments you can clear the entire amount without any problems. This has worked well for many people and this has worked very effectively.

You may also use the balance transfer option to help someone who is in need. If you wish to help a friend or a member of your family, you can ask them to send their balances to your card. But if you want help, then you may approach them for help with the balance transfers feature. This is one way to exchange money between both parties but with very little effort. There is no need to even go to a bank in order to get this done. There are a number of financial institutions that are providing this option online. Hence, you can use this option or recommend it to the others as well.

The 0% balance transfer is also something that can be done between credit cards as well as bank accounts. If you wish to make use of this option with the bank account you have, then you must check the balance transfer options out. You will be able to synchronize the credit card as well as the bank account in such a way where you can be assured that your payments would be made on time. Hence, we can safely say that balance transfers are a great feature provided you know how to make good use of it. Even if you are unsure, you can learn the ropes quite easily. It is a great feature that is being offered by the card companies and very useful too.

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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.
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Intro APR on Balance Transfer: 0% 15 months on Balance Transfers

Ongoing APR on Balance Transfer: 15.49% - 25.49% (Variable)

Balance Transfer Fee: 3% of each balance transfer; $5 minimum.

Excellent, Good Credit

Intro APR on Balance Transfer: 0% Intro APR for 12 months

Ongoing APR on Balance Transfer: Variable APR of 14.99% - 24.99% will apply after the Introductory Period

Balance Transfer Fee: Either $10 or 4%, whichever is greater, will apply on each balance transfer and credit card check

Good, Excellent Credit
See Rates & Fees

Intro APR on Balance Transfer: 0% 18 months on Balance Transfers*

Ongoing APR on Balance Transfer: 15.99% - 25.99% (Variable)

Balance Transfer Fee: 3% of each balance transfer; $5 minimum.

Excellent, Good Credit

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