Credit card balance transfer helps to consolidate your credit card debt and saves you some money as well helps you get rid of the several credit cards once and for all. More importantly the zero interest credit card balance transfer is again the best option to help you stop shuffling between credit cards bills and you get only one bill to pay off your amount.
Actually, one can save a lot of money with the balance transfer on credit card facility as the amount that you would be paying as equated monthly installment would actually go towards paying your principal amount rather than only the interest charges. Thus, if you were in possession of too many cards, the best option would be to transfer the high interest credit cards to the low interest one.
However, it is the best option, but one might also be cautious to avoid any future pitfalls. There are certain key queries that if resolved will help more in understanding the added benefits of a zero percent credit card balance transfer.
It is important to get clear as to if there exist any minimum amount for balance transfer, if so, then get to know on the interest rate that would be charged after the introductory period. If you don't pay off the balance in time, then the credit card company can charge higher interest on the remaining balance. So, it is important to get clear on this issue before one embarks on credit card debt consolidation by balance transfer mechanism.
Again, if there is no minimum amount concept then find out if they would charge higher interest on the new purchases. If so, then it would be prudent not to charge anything on this card and use it only to pay off your balance transfer amount otherwise the charges on purchases will go on increasing.
Actually, one can save a lot of money with the balance transfer on credit card facility as the amount that you would be paying as equated monthly installment would actually go towards paying your principal amount rather than only the interest charges. Thus, if you were in possession of too many cards, the best option would be to transfer the high interest credit cards to the low interest one.
However, it is the best option, but one might also be cautious to avoid any future pitfalls. There are certain key queries that if resolved will help more in understanding the added benefits of a zero percent credit card balance transfer.
It is important to get clear as to if there exist any minimum amount for balance transfer, if so, then get to know on the interest rate that would be charged after the introductory period. If you don't pay off the balance in time, then the credit card company can charge higher interest on the remaining balance. So, it is important to get clear on this issue before one embarks on credit card debt consolidation by balance transfer mechanism.
Again, if there is no minimum amount concept then find out if they would charge higher interest on the new purchases. If so, then it would be prudent not to charge anything on this card and use it only to pay off your balance transfer amount otherwise the charges on purchases will go on increasing.
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