Find answers for queries on balance transfer credit cards

Find answers for queries on balance transfer credit cards
3.26 (65.19%) 285 votes

Paying off an incurring loan from your credit card which does not offer good interest rates can be a bad idea. It is better to transfer your pending loan amount to a new credit card that has competitive interest rates and other offers. Read on to find out more about balance transfer credit cards and how can they help you manage your loans.

What are balance transfer credit cards?

What are balance transfer credit cards?
2 (40%) 1 vote

Balance transfer credit cards allow you to transfer all or a part of your debt from one card to another. Thus, allowing you consolidate and stock your debts on to one card, making it easier for you to keep track.

What are some of the popular balance transfer credit cards?

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Credit cards such as CHASE SLATE do not charge any balance transfer fees for first 60 days of account opening. The BLUE CASH EVERYDAY card from AMERICAN EXPRESS offers a sign up bonus and 1- 3 % cash back on $1000 – $6000 purchases. In addition to this, it offers 0% intro APR for the first 12 months.

When should you consider getting a credit card with balance transfer?

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You should consider getting a balance transfer credit card if you are sure that you will pay off the balance of your preexisting loan in full before 0% intro APR ends.

What things are to be kept in mind before getting a balance transfer credit card?

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The first thing you should be sure about is that you are not planning to get an additional loan when you already have transferred an incurring loan. The total balance will be harder to pay off. Credit cards levy a balance transfer fee of 3% – 5%. So, do your math and pick which is the best offer for you.

Can I transfer the balance of other loans on my credit card?

Can I transfer the balance of other loans on my credit card?
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Yes, apart from loans from your previous credit card, you can transfer car, furniture, appliances and other monthly installment payments to your new balance transfer credit card.

Do I need a good credit for a balance transfer credit card?

Do I need a good credit for a balance transfer credit card?
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Credit card issuers want to make sure that you have enough finances even though you are planning to transfer your balance debt. So, yes, it is necessary that you have a good or excellent credit score to get a balance transfer credit card.

Can I transfer the balance of my student loan to a balance transfer card?

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Yes, you can transfer your student loan balance to a new balance transfer card. Be aware of the interest rates after the 0% APR expires and keep a check on balance transfer fee. You don’t want to end up paying your student loan even after a decade of completing your course.

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