Balance transfer Credit Cards

By: Aldiva

Credit cards have surely eased our lives by offering us the option of deferred payments, but the charges that are levied on us for these services are sky high. The companies issuing these credit cards are making a fortune by charging interest rates that are higher than the annual growth rate of the hottest stocks. The payment of all the credit card debts would have proved a nightmare if the intense competition among the lending companies had not given rise to the system of balance transfer credit cards.

In order to lure new customers for their credit cards, the companies offer !a href="">balance transfer credit cards wherein you can transfer your old credit card debts to the new ones. The customer has a great advantage in such transfers as once the money is owed to the new company, it offers a grace period wherein the interest rates on the balance transferred is very less, sometimes even nil. This gives a chance to the customers to pay off the credit card debts at the least cost possible. This special rate offered by the new banks lasts for around 6 months to a year after the balance transfer takes place.

However, some banks may have hidden charges linked to such balance transfer credit cards which may be a percentage of the balance transfer. It is very essential for a person to ensure a cap on these transfers. Closing your old A/c will also prove a cost saving option after such a transfer. Also, before going for a balance transfer, it is advisable to check for any joining or annual fee with the new bank. One can easily benefit from balance transfer credit cards by being diligent enough.

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