At times credit card bills can rack up, becoming a burden in your life. Interests and penalties are charged on the outstanding amount – further worsening the financial situation and creating a debt trap. To tackle such tricky situations, you can opt for a credit card balance transfer. It is an effective way of clearing your outstanding debt on your card and pay off in easy installments without getting stuck in the debt spiral.
Country’s leading financial institutions and NBFCs offer the best balance transfer credit cards in the market to save you from the high interests that you’re paying on your existing credit card. When one opts for a balance transfer facility, the new credit card issuer pays off your outstanding balance in full and generates EMIs for the same sum at a much lower interest rate.
Why should I transfer balance on credit card?
You can opt for transfer of credit card balance if you lack the necessary funds to pay your credit card outstanding. This adversely affects your overall credit history. Once your CIBIL score takes a beating, it’s tough to rebuild, especially if you have a rising debt.
Moreover, you can enjoy incentives on a credit card balance transfer. Financial institutions and NBFCs employ innovative measures to provide the best balance transfer credit cards – hoping you’d to switch to the new card. Some of the favourable methods are –
- Providing a card with a lower interest rate compared to the existing one.
- Interest-free periods.
- Additional perks like offering reward points, complimentary airport lounge access, cash-back points on specific e-commerce sites, etc.
Feature of a credit card balance transfer
The perks extend to –
- Save substantially on interest payments
- Instant transfer
- Attractive rate of interest
- Easy EMIs extending from 9 to 48 months
- Minimal documentation
- Paperless money remittance
What are the best balance transfer credit cards?
Although you’d find a plethora of options available in the market, you can consider opting for a Bajaj Finserv RBL Bank SuperCard for its dependability and innovative features. You can easily go for a balance transfer with its easy-to-avail Transfer N Pay Program. Apart from this, you can also enjoy other industry-first features like –
- Get robust security features such as zero-fraud liability cover
- Complimentary airport lounge access
- Interest-free cash withdrawals for up to 50 days
- Convert your available pre-approved credit limit into an emergency loan
- Enjoy exclusive perks from partner stores
- Receive welcome rewards
- Earn reward points and cash-backs on every purchase and online spends
They also bring you pre-approved offers on credit cards and loans to ease the availing process. These pre-approved offers are applicable on unsecured credits like personal loans, business loans and on 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.
You can apply for best credit card online and enjoy these benefits.
Apply for a credit card balance transfer
Having a healthy credit score makes it easier for you to apply for a balance transfer. However, before you search for the best balance transfer credit cards, check whether you’ve missed out on any previous payments which could pose an issue in the balance transfer application.
Here are some things you need to consider –
- In case, you already own a credit card with sufficient credit limit with the availability of balance transfer facility – you can transfer your overdue balance to the new card. If not, then proceed to the next step.
- Check the processing fee and other details to make sure this balance transfer is beneficial for you or not.
- You can make an online application by providing your card details, outstanding amount and the balance transfer tenor.
The credit card company will directly transfer the balance to your other card. The monthly installments will be due from next month on wards. However, if you don’t have a card with sufficient credit limit – you can follow these 3 steps to apply for a credit card online to make a balance transfer.
