How Balance Transfer Works In Credit Cards In I..

Now a days, mostly all the Credit Card companies offer Balance Transfer from your one Credit Card to another. Balance Transfer (BT) facility is an offer which is open to selected Credit Card Holders with no overdue amount outstanding of more than 60 days. You can transfer the outstanding dues of your one credit card from other banks’ credit card. You can transfer minimum Rs.5000.00 and maximum 80% of the available credit limit.

And, pre closure charges are 3% of the outstanding principal amount. You can avail this option for minimum 60 Days and maximum 180 Days. 1. Rate of Interest is 0%. Processing fee is Rs.199.00 or 2% of the balance transferred, subject to minimum Rs.199.00; and the applicable processing fee would be the highest of both. And, all these are applicable, only if you repay the complete amount in 60 Days. 2. Or, if you repay the total amount in 180 Days, in such case, Rate of Interest is 1.7% per month.

But, processing fee is “Zero“. This option is available for minimum 3 months EMI and maximum 6 months EMI. Few, credit card companies offers BT on 12 months EMI as well, but not all. BT on 3 months EMI: Rate of Interest is 0.50% per month and processing fees Rs.199.99 or or 1.5% of the balance transferred, whichever is higher. BT on 6 months EMI: Rate of Interest is 0.75% per month and processing fees Rs.199.99 or or 1.5% of the balance transferred, whichever is higher. Note: Rate of Interest and processing fee vary from one credit card to another.

How to Transfer Balance from one Credit Card to another, If BT facility is available on your credit card, you will be communicated from your Credit Card issuing Bank or company. Else, if you want to know whether your credit card has BT facility or not, you can call your credit card customer care as well. 1. Call you credit card customer care and place a request for the BT.

2. Login to your credit card website, and book BT request on your own. 3. Or, login your credit card mobile app, and book BT request. After you place BT request successfully by any of the above mode, then it may take 3-5 working days for the amount to get transferred depending on your credit card variant. If you transfer the outstanding balance from one Visa Credit Card to another Visa Credit Card, the BT amount will be transferred within 3 working days.

However, if your other bank card is not a Visa card, you will receive a cheque of the BT amount within 5 working days. SBI Credit Card, HDFC Credit Card, RBL Credit Card, CITI Credit Card, ICICI Credit Card. These are the main credit card issuing banks or companies offering BT facility in India.

Now, instead of needing to keep track of payment due dates for three cards, you will only have to one. Look for a card that offers 0% APR for as many months as possible. For instance, the Citi Simplicity Card offers 0% interest on balance transfers for 18 months, giving you more time to pay off your outstanding balance with no interest charges.

Average balance transfer fees are usually 3% to 5% of the total balance you are transferring. These fees will be added to your outstanding balance on the new card, and they will be factored into the monthly payment. If you have multiple cards with a high APR, you can transfer all the balances at once. 1. Find the right card, with as many months as possible with 0% interest on transferred balances.

2. Make a plan on how you are going to use that period of time to pay off the debt. 3. Set up automatic payments so you never forget to pay at least the minimum payment, and hopefully much more, by the due date. 4. Don’t make any additional purchases—you will be charged interest on those charges. 5. Don’t buy anything else with the card.

6. Pay your balance in full before regular rates take effect. How Do You Get a Balance Transfer Credit Card, Experian offers numerous balance transfer cards. Alternatively, if you are currently doing business with another credit card issuer or bank, and you like doing business with them, look on the company’s website for balance transfer cards to see what the offer. Keep in mind you will generally need pretty good credit scores to qualify.

Is consolidating credit card debt a great selection, Well, the answer will more often be yes than no. Merging credit card debt is usually seen as step one towards credit card debt reduction. This refreshing success paper has oodles of staggering suggestions for the meaning behind it. But, even before you proceed to simply take first step towards consolidating credit card debt, you should recognize that consolidating credit card debt (or balance exchange) can be an activity that you are using to eliminate credit card debt.