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Every single person will have come across marketing emails from credit card companies. There will be a lot of emails claiming you are getting the best deal in balance transfers there is in the market. When you go for these balance transfers you are looking at one main thing and that is a lower interest rate. When you are looking for a way to close the outstanding balance then it's a good idea but if you are looking at making purchases then check that the promotional 0 interest is valid for the new purchases you make. Else you could end up with a lot more to pay off on your credit card than you began with.
What you need to do when looking at finding a balance transfer is to see if the fee on the card is reasonable. There will be varying percentages of interest on a balance transfer. If you are going to do the balance transfer at a fee more than is affordable then you will lose out on the credit limit that is available at hand. When you are working out your monthly payments you will also need to add the balance transfer fee on your card. If you feel it is too much then do not go for it.
When you accumulate a large outstanding balance on the card you need to take care that you will be eligible for a balance transfer that is reasonable. The maximum amount you can transfer will need to be about 80% of the credit limit on your card. If you play your cards right and get a card where you get low interest rate for enough time you can close the amount soon. When you are deciding to go for a balance transfer you should be sure that you know what the process is all about. When you decide to go in for a balance transfer you need to fill in all the pertinent details about the old credit card. You also need to attach important documents like a most recent bill statement. Once the procedures are done then the balance transfer will occur.
There are several important things that should not be missed out on. If you are doing the procedure, it usually takes 7 to 10 working days for the procedure to be completed. In case the procedure does not complete before you have closed your existing card you will miss out on payments on the old one and it will affect your credit score negatively. When doing your balance transfer make sure that your dues get settled as the main aim is to be able to close your outstanding balance. When you are trying to close the balance also take care that you close down the old credit card. Any new purchases may incur higher interest rates, and the promotional interest may get waived if you miss a payment, so make sure you are able to meet with your deadlines. credit cards can be beneficial if used with care.
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.
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