If you use a credit card and due to non-payment of its dues, compounding interest is being added on it. In such a situation, you can transfer the balance to overcome this problem. This will help you financially a lot. Also you will be able to save money.
What is credit card balance transfer?
Balance Transfer Credit Card Balance Transfer allows you to transfer balance. However, not all cards allow this.
How does credit card balance transfer work?
Along with low interest rates, some balance transfer credit cards also provide you with other benefits. For example, some credit cards come with a pre-determined 0% interest period, while others offer a nominal interest rate for a specified period. When you do a balance transfer, you usually have to pay a processing fee. So, before you transfer the balance, calculate how much you will be saving in total. In this case your savings should exceed the processing fees and additional costs that may be involved in the balance transfer process.
How to Transfer Credit Card Balance?
Firstly, you need to check your current outstanding balance, interest rates and penalty charges.
Now you have to take such a credit card which offers you a low interest rate.
Calculate the balance transfer fee and decide whether swapping is worth it or not.
Request a balance transfer and repay your loan.
List of Credit Cards Offering Balance Transfer
SBI Card
Axis Bank
Standard Chartered Bank
HSBC
