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Research: Making The Most Use Of Your Multiple Accounts - Credit-Land.com

People often wrongly regard the option of balance transfers to be something of a bane when it comes to their accounts. Hence, they feel that having such an option might severely hinder their ability to get loans or successfully maintain a positive balance. But, when used correctly, this feature can actually help in significantly reducing the debt that you might have to face. Therefore, it is highly recommended that you do give this a try before you can actually disregard it altogether. People have been able to maintain their credit scores solely because of this particular feature.

Transferring money from credit cards

Everyone knows how problematic credit cards can be, especially when the due date is fast approaching and you have no money to clear the credit account. Hence, if you have managed to use the credit card more than you should have, it might be feasible to try and transfer this huge balance to another account which doesn`t have to be reimbursed right away. Hence, in this manner, you can successfully cut down on the costs involved in terms of late payments and increased interest rates. With balance transfers, this is very much a possibility.

Shifting money between accounts

Sometimes, it might so happen that you need to have a greater amount of money in one account compared to the others. In such cases, you might need to have some way in which you might be able to transfer or shift money between accounts. Unless you are able to do so, it can be quite tough to manually draw money and deposit it in time for the check to not bounce. With balance transfers, money can be instantly shifted from one account to another without much problem. You can easily have the desired amount of balance without having to worry about your checks not getting cleared in time.

Security

If for some reason you feel that your account has been exploited by some scrupulous entity, you might need a place to transfer the money right away. Thankfully, balance transfers have the feature of transferring money when you feel like, which should provide you an option during emergency times to send your money to. Hence, rather than wait around like a sitting duck, you can actually do something about it and take necessary steps to safeguard your money. As you might have imagined, this is definitely a valuable feature to have, especially during emergency times.

Therefore, it is safe to say that having the feature of balance transfers is not really such a bad thing. In fact, you can be in a better position to make use of your own money when you can shift it between accounts that you own. In this way, you will always have control of it no matter what the situation might be. Hence, the next time you are planning on opening a new account, it is highly advisable to get one which will provide you with the option of balance transfers.

Disclaimer: This editorial content is not provided or commissioned by the banks or credit card issuer(s). Opinions expressed here are the author's alone, not those of the banks or credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the banks or credit card issuer(s). Reasonable efforts are made to present accurate info, however all info is presented without warranty. Consult with the issuing bank of the card or account for terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are accurate as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.