Everything You Need To Know About Balance Trans..

What do you do when you are due over a lot of credit card payments and want to start afresh, In such cases, getting a balance transfer would not only help you get time to repay the amount, but also save money by avoiding the interest charges. However, before opting for this option, it is important to know everything about balance transfers and find out the best cards for balance transfer.

What is a balance transfer, A balance transfer in credit cards means that you transfer the balance amount you owe on one card to another card. One of the major reasons to do this because the card in which the amount is transferred offers lower interest rates which would eventually save money and becomes easier to pay back.

Are there any benefits of balance transfer, As mentioned, a balance transfer lets you take advantage of the lower interest rates of a credit card. If you opt for a balance transfer, unlike your current credit card, more of your payments would be towards reducing the credit card balance, and not for paying the interest.

You can consolidate your debt, i.e leaving you with fewer credit card bills. Debt consolidation helps you to prevent the troubles of making multiple credit card payments to different credit card lenders. What is the transfer fee of balance transfer, The transfer fee is the charge bank levies to transfer the balance amount between the credit cards.

Although you have to pay the amount as an upfront fee, it is also likely the bank would add the fee to the balance amount which you can pay gradually. There are chances of getting balance transfer cards that have both, no transfer fee and 0% interest period. Even though the period of 0% interest is not always long, these cards could enable you to borrow for free in case you repay the balance before the 0% period expires. How do repayments work with a balance transfer card,

Although many banks offer balance transfer on their credit card, those that give 0% interest period can save you money. In order to save money, you need to find the best card that offers for balance transfer. Once the amount is transferred, make sure you pay at least the minimum payment each month on your credit card. Once you check your free credit report and have a good credit score, your mailbox would be full of credit card offers.

Before finalizing on the balance transfer credit card, do your research. Even if you get an offer that seems like a good deal, it’s always advisable to do a comparison to make sure you’re getting the lowest interest rate. As transferring your balance amount would charge you a transfer fee, it is advisable to keep around 3%-5% of the amount you’re saving.

Apart from the transfer fee, you should also check whether there are any other charges on the credit card such as annual fee, etc. This would help you to prepare yourself and analyze the debt in a much better way. Once you pay off the entire balance amount, it is normal to feel tempted to close the account you have.

However, what you need to see is the effect it would have on your credit history. The credit accounts sum up to 15% of your credit report and therefore, any account closed would directly impact the score. The number of credit accounts helps in determining the average age of your credit history.

When you close an old account, it might look as if you have less experience of managing credit. Moreover, closing an account affects the credit utilization ratio. In simple words, it means the amount of debt you have in comparison to all your credit limits. The higher the credit utilization ratio, the more it lowers your credit score. When you apply for too many credit cards, it might not seem like a big deal; however, it is. The more you apply for credit cards, the more inquiries are made on your credit report. This shows your loan hunger behavior to the lenders and make you look risky to the lenders. Therefore, it is always advisable to apply for a credit card, and not too many.

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