How you can do a Credit card balance transfer ?
Credit card balance transfer is the process of transferring of the balance left in a credit card account to transfer of balance to a credit card of account of another company. In order to attract new customers, this process is being followed by or encouraged by almost all credit cards companies in USA and many others countries. This process is attractive and as well as lucrative to the potentials customers as the new bank or credit card issuer will provide various offers/ incentives ,for example, a low interest or interest-free period, loyalty points or some such other device or many more incentives. By providing alluring offers to the customers, the credit card companies try to have new customers. However, having new customers in this alluring way, of course, is detrimental to the prior credit card company. With proper meticulousness, savvy consumers can take the opportunity of these benefits and avoid high interest rates while paying of debt. However, prior to avail offers one need s to read the condition carefully, as many credit transfers encompass unexpected charges and other conditions which may not be suitable for the new card holders.
By avoiding making purchases or taking cash advances altogether, the borrower can ensure they maintain the full benefits of the original balance transfer.
The Credit card balance transfer process is extremely fast and can be settled within a matter of hours in some cases. Automated services are ready to facilitate such balance transfers. The transferred balance will be subject to same rate as the card's purchase rate. Usually the same terms is applicable to apply as to purchases that may be interest free until the payment date.. More often such transferred balances transfer immediately to the full purchase rate. Credit card balance transfers involving transfer of funds from a high credit card to a low- or zero-APR credit card will result in a reduction in monthly for the card holder.