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Research: Selecting the right bank for balance transfer - Credit-Land.com

Nowadays, banks provide such amazing features, that it is astounding as to what is now possible with a simple bank account. From transferring funds to other people's accounts from your cellphone, to paying the electricity from another country, there are literally no limits to the things that you can do! One feature that stands out in the crowd in this regard would probably have to be Balance Transfers. Not many people make use of this option, but if you feel that you should have this in your account too, read on to see how to select the right vendor.

Rate of interest

Most reputed financial institutions that provide Balance Transfers, usually offer it at a certain rate of interest. It is important to ensure that you are able to get this at a fixed rate rather than a variable rate. Since you don't want to be paying a lot of money for no reason, it is important to get something that helps you utilize the feature without the additional amount for fees or other such things. You should thoroughly read the fine print in order to understand more about this.

Limitations on transfers

The other aspect about balance transfers that you may want to learn more about, would be whether or not you are able to get them as per your requirement. Sometimes, there are certain limitations on these transfers that you need to be aware of in advance. This is so that you are not taken by surprise at a later time when you are actually making use of it. Many customers tend to think that this is not really possible, but the truth is that these limitations are very real and usually hidden deep within the documents that you readily sign to get the feature.

Extension of feature

This is another tricky area that many people tend to overlook until they really want to use it. Some banks tend to restrict the use of Balance Transfers only to the primary accounts that are opened in the banks. Consequently, if you get an add-on card or open some other mutual account for your children or loved ones, the feature might not get automatically added on to the account. Hence, you might need to check whether the same terms and conditions are applicable to all future credit cards and accounts that are opened under your name or connected to you in some way.

Although a truly great feature to have, it is important to ensure you are able to get Balance Transfers to work in the right manner for you. Simply looking at superficial features is not sufficient in helping you get the right kind of bank account suitable for your needs. It is important to also consider getting something that will work well in the future when you are going to require something slightly different. In most cases, you should be able to get all your requirements satiated without issues.

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.