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What Is Credit Card Balance Transfer?

by Banking Desk

Most of the Credit Cardholders are struggling with the problem that how should I pay the debts back in a convenient and faster way. So if you are one of them then here is good news for you. Banks provide “Credit Card Transfer Balance” if you know what it is then is good but if you are not aware of it then you are at the right place!

What is Credit Card Balance Transfer

  • A credit card balance transfer goes a long way in helping you clear your credit card debt faster, hasslefree and without incurring much costs. But take proper precautions i.e. have a detailed understanding about terms and conditions prior to signing the card issuing agreement and balance transfer fee schedule, before you go ahead and avail one such service.
  • Keep this fact in mind that credit cards that offer balance transfer facility require a credit score by the applicant that ranges from good to excellent for a successful application approval and hence card issuance.

Below we would be giving you a list of some balance transfer credit cards

  • Citi Diamond Preferred Card
  1. If you do balance transfer with this Card, post expiration of your 0% intro purchase APR, then you have to pay interest on both new and unpaid purchase balances until all your balances are cleared in entirety.
  2. You would be levied with a balance transfer fee of either USD 5 or 5% of the amount of each transfer, whichever is greater.
  3. No annual fees.
  • Wells Fargo Platinum Visa Card
  1. 0% Intro APR for 18 months on all purchases and balance transfers (fees applicable), post that 17.24%-26.74% variable APR and balance transfers made within 120 days are eligible for the intro rates and fees.
  2. No Annual Fees

To conclude, Credit Card Balance Transfer concept is aimed to assist credit card owners clear the debt in a comfortable manner, but they should keep this fact in mind that if they are not cautious while applying for such cards the solution to the problem could turn into the one aggravating it.

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