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Research: The need to go in for balance transfers - Credit-Land.com

There are certain features that banks provide with accounts these days that might not really be required. You might think that it is an unnecessary feature, but, it might actually be quite a useful one. One of the things that you might want to keep in mind when it comes to choosing such features would be to perhaps think carefully about how it can benefit you and then make the call regarding the feature. Balance transfers are one such feature, which has people in split minds. Perhaps learning more about them can help you make the call regarding their usefulness.

Managing multiple accounts

If you have a lot of bank accounts and are constantly shifting money between them, it might probably be a wise idea to go in for balance transfers. With this, you can easily transfer money between accounts and make sure that you have the required amount of money in your accounts. There are a number of reasons as to why money might fluctuate in your bank accounts, but knowing the way to keep them constant might help in understanding more about how to avoid the overdraft fees for withdrawing more than what you have.

Avoiding late payment charges

Sometimes, you might need a little more time in order to repay some of the debt that you might have incurred. When it comes to this, it can be extremely advantageous to have balance transfers as an option to fall back on. With this, you can be assured of transferring money as you wish, and not simply have to pay more than what you actually owe. Hence, this is actually a feature that can save money for people that need some more time to pay back their credit card debts and things along those lines.

There are a number of other ways that balance transfers have helped people avoid getting negative remarks on their credit score. You might just have to think of different ways to implement them. However, it has continued to remain an unnecessary feature in some cases as well, when people don`t do too many transfers in their accounts. In this way, you can pretty much decide on what you want to go ahead with. Unless you are made to pay extra for this feature, it is not really something that you should miss out on. Hence, the next time you are opening an account, it might be advisable to ask for this feature.

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.