Balance transfers offer a smart technique to manage mounting credit card debts

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most 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 » Balance transfers offer a smart technique to manage mounting credit card debts

Balance transfers offer a smart technique to manage mounting credit card debts

The content is accurate at the time of publication and is subject to change.
Typically, a balance transfer is one where consumers move funds from one account to another with the balance in an account involved either in part or in completion. By helping consumers manage their transfers without any problems, companies make a bid to have new credit card consumers. Credit card holders, in particular, are known to select balance transfers when their credit card has crossed huge amounts in debt. Users may also have their balance transferred to checking accounts of their bank or other trading accounts. Consumers may have to shell out transaction costs for having their balance transferred. Many companies offer a free balance transfer to consumers having an old credit card and the only term is that they must acquire a new card from the company offering them a balance transfer. A grace period is provided by the company typically for six years when the money has been owed. Consumers are generally charged lower on the balance which has been transferred to the new account in this time duration. The company allowing a balance transfer provides a minimum interest rate or even zero in some cases. The grace period is known to help consumers lower their debt, especially if they have a huge credit amount on their card. Balance transfers empower consumers to continue making payment to their credit card minus any worries and without the high interest rates. This technique should work for consumers, particularly if they stay aware of their balance transfer credit. They must ensure that they have read the fine print on the documents of the new company accompanying the transfer so that they are not surprised by hidden charges. In addition to this, account holders must close their previous account that reflects the huge debt amount and transfer the amount to either a novel credit card or a new account. What consumers also need to check for is the balance transfer fee amount. The important thing is that it shouldn`t be huge when compared to the credit amount that has been transferred. The consumers must additionally not be charged an increased fee for applying or as the annual amount. In this manner, the balance transferred against the credit card gives the consumers a good way to begin their new account. Even if the consumer`s credit card amount is not too large, this option can be considered by those old accounts that are about to expire or have expired. A convenient way to transfer the balance of the credit amount, particularly when it has surged beyond the limit is a grace period which makes it comfortable to handle finances too and that too, at a minimum charge. Applying for a balance transfer is very simple. Consumers simply need to have a security number and a mailbox to have their balance transferred to a new account or with a new credit card.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
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:

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Top 5 Cards for Travel from Our Partners: Summer 2018 – Expert’s Choice

Posted: February 12, 2018

The sun shines more and more each day, flowers are in bloom and you already feel how hot it is getting - summer is here. Summer holidays are almost here, and you are in need of dire preparation. You can lift in spirits and let CreditLand ... Continue reading
Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Posted: February 10, 2018

If you're trying to find the perfect rewards credit card, you might feel like you're drowning in options. There are just so many out there, and many of them look similar. This can make it tough to decide on a card. One thing people often ... Continue reading
Price Protection: Credit Cards That Will Refund a Price Drop

Price Protection: Credit Cards That Will Refund a Price Drop

Posted: February 8, 2018

Those who often find themselves buying stuff and then discovering that they could pay less for the same item they've just bought, will appreciate this credit card benefit – price protection. This is the least known and the most neglected ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!