The facility of credit card balance transfer can be used to transfer debt on a credit card, to another bank’s credit card. The idea is to avail a lower rate of interest and an introductory time period. The introductory time period offered varies across banks and is quite beneficial if you are paying high interest rate on outstanding amount.
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The process of credit card balance transfer is similar to the transfer process on a personal or home loan from one bank to another. The credit card companies provide application forms for the transfer, which can be availed online. Fill up the form and provide the necessary details like credit card number, expiry date, credit card limit and the outstanding amount that you wish to transfer. After completion, submit the form along with proper documents to initiate the process.
After verification of the documents, the bank will either send a demand draft for the transferred balance or will directly transfer the credit on your new card. The bank generally takes a time period of 10 to 15 days to complete the process.
SEE ALSO: What is a Credit Card?
You can apply for credit card balance transfer either online or offline. The online method requires you to fill up the online application form and submit it with supporting documents. However, you can also call the customer care service for enabling balance transfer on your credit card. The bank executive will guide you through the process.
This is a very useful feature offered by banks. The customers who are not able to pay credit card debt on time, land in a debt trap. The debt keeps mounting each month and you just don’t know what to do.
This facility can be availed by an individual to transfer the debt, provided he fulfills the eligibility criteria set by the lender:
The main features of credit card balance transfer are as follows:
SEE ALSO: Types Of Credit Cards
Credit card balance transfer is a feature that allows you to come out of the debt trap. This facility helps you reduce the burden of paying additional interest on outstanding balance each month. It also allows you to save the extra interest payment on the accumulated balance and pending credit card bills:
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