A credit card can be a convenient tool to make financial transactions with a pre-set line of credit. However, dealing with credit cards requires sound financial discipline. Moreover, keeping track on your expenditures and its consistent repayment is imperative to build a good CIBIL score. However, at times when your credit card dues mount up, repayment could be a hassle. In such tricky circumstances, comprehensive credit card balance transfer deals could be your saviour to manage this debt.
Most of the financial institutions and NBFCs allow their customers to transfer a balance from one credit card to another to ease the situation. Such balance transfer facilities enable you to reduce financial stress and strengthen your financial management ability.
But what is a balance transfer credit card?
Understanding balance transfer
For instance, you have substantial outstanding dues on a credit card and have to pay a high interest rate as well. In such scenarios, you could opt for a balance transfer in transferring the pending dues to another card which has a comparatively lower rate of interest. Such balance transfer facilities allow you to clear off your outstanding dues at one go. This, in turn, reduces your overall expenditure on penalty charges and interest incurred. It is vital how to repay your credit card debt with a balance transfer.
Now, as the name suggests, a balance transfer credit card allows you to conduct a balance transfer. But, not all cards will enable this feature in equal measures – so make sure you pick a card wisely that satisfies your goal. You can transfer the outstanding balance to this new credit card and clear this amount more conveniently at lower costs.
Which cards to choose for a balance transfer?
Numerous credit card companies offer cards that allow a balance transfer facility. For instance, you can avail a Bajaj Finserv RBL Bank SuperCard to carry out this process. Besides, this SuperCard comes with industry-first features, which makes it stand out from all other credit cards available.
The features include –
- Interest-free cash withdrawals from ATMs for up to 90 days.
- Convert the available credit limit into a personal loan during emergencies.
- Instant approval with only minimal joining and annual fees.
- Robust security features such as ‘in-hand security’ and ‘zero-fraud liability cover.’
This is how you can apply for a Bajaj Finserv RBL Bank SuperCard online and benefit from innovative features.
They also bring you pre-approved offers on credit cards that make the process of availing them hassle-free and save time as well. These pre-approved offers are available on unsecured credits like personal loans, business loans and secured advances such as home loans among numerous other financial products. You can check out your pre-approved offer by sharing a few necessary details like your name and contact number.
How do credit card balance transfers work?
Apart from lower interest rates, specific credit card balance transfer deals offer other benefits as well. For example, some credit cards come with pre-determined 0% introductory offer or a nominal rate of interest for a specific duration.
However, remember you have to pay a minimal processing fee to carry out a balance transfer. Thus, it’s advisable to calculate the amount you want to save before you opt for such a facility.
To be effective, one’s savings must be significantly more than the processing fees and associated costs involved in a balance transfer. Hence, it’s mandatory to perform a cost-benefit analysis before, to have absolute clarity.
How to perform a credit card balance transfer?
Take a look at how to transfer a credit card balance from one issuer to another –
- Check the outstanding dues, rate of interest and penalty charges
- Look for a credit card that offers you lower interest rates
- Check if the credit limit is sufficient given the outstanding debt
- Check the transfer fees and decide whether it’s worth the swap
- Make a formal application with your new credit card
- Request for a balance transfer to clear off your debt
Now that you are aware how a credit card balance transfer works, don’t waste any more time in applying for the best card for this facility. You can consider one of the best credit card balance transfer deals with the Bajaj Finserv SuperCard.