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What Is a Credit Card Balance Transfer, and Should I Do One?

A credit card is the best tool to make your purchases now and pay for them later. It is like a short-term debt that can provide you funds when you need them the most. However, using a credit card requires a lot of control and financial discipline. You must pay your credit card bills regularly to avoid interest charges and maintain your credit score. However, there may be times when you have outstanding credit card balances, and you cannot pay them in full. A money transfer credit card can be your best course of action in such a situation. Let’s know more about this option and decide should you go for one.

What is a Credit Card Balance Transfer?

When you have outstanding credit card balances coupled with their compounding interest rates, a credit card balance transfer can be an ideal way to ease the situation. In this arrangement, you transfer your pending dues to another bank offering you a better interest rate. The key benefit of transferring your balance is that you clear your due balance in one go. Besides that, you save your money on penalty charges, and you are left with just one monthly payment at reduced expense.

Since not all cards have favorable terms with this option, you need to choose the best credit card in India to achieve your goal. If done the right way, you clear your due amount at a reduced cost more conveniently. Therefore, a balance transfer not only reduces your financial stress but also helps you save a significant amount.

Steps to Transfer Your Credit Card Balance

The process of availing of a money transfer credit card is relatively straightforward. These are a few steps to take:

  • Check your outstanding balances, penalty charges, and interest rates
  • Find the best credit card in India offering you the lowest interest rates
  • Ensure that the credit limit provided is sufficient to cover your outstanding balance
  • Calculate the fees applicable and decide if the transfer is worth it
  • Apply for a credit card from your new bank or issuer
  • Transfer your balance and clear your dues

Benefits of Credit Card Balance Transfer

Not sure whether to go for a money transfer credit card or not? Look at these benefits before making your final decision:

Reduced Financial Stress:

Interest rates on the best money transfer credit cards are significantly lower than the finance charges. Some issuers also offer a 0% interest rate, which ultimately translates to a reduced financial burden.

Improved Credit Score:

With reduced interest rates, you can manage your payments easily on time, thereby improving your credit score. 

Interest-Free Period:

After the balance transfer, many credit card issuers offer an interest-free period on your new purchases. You may use this period to shop around without accruing any interest charges.

Should You do a Credit Card Balance Transfer?

Any cardholder carrying a significant debt amount at a high-interest rate can apply for a credit card balance transfer. It will help them pay off their debts while saving on hefty charges. A credit card balance transfer can be a practical choice if you need time to pay off your high-interest debt and want to save some money on the interest outgo. 

You may even qualify for the 0% introductory APR on your balance transfer if you have a good credit history. With this, you can save plenty on the interest amount and give you an edge to pay off your balances. Besides the apparent benefits of money-saving and extra time, some banks also offer additional perks with a money transfer credit card, such as reward points and discounted flight booking. 

A credit card balance transfer makes great sense if you think you can pay off the majority of your outstanding balance within the interest-free period on your new card. Now that you know what a credit card balance transfer is, waste no more time and apply for the best credit card in India right now. It can be an excellent tool to pay off your debt faster and save money on your interest outgo without hurting your credit score.

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