))
How Credit Card Balance Transfers Work?
Manage episode 324937385 series 3325260
Kandungan disediakan oleh Bunty Sharma. Semua kandungan podcast termasuk episod, grafik dan perihalan podcast dimuat naik dan disediakan terus oleh Bunty Sharma atau rakan kongsi platform podcast mereka. Jika anda percaya seseorang menggunakan karya berhak cipta anda tanpa kebenaran anda, anda boleh mengikuti proses yang digariskan di sini https://ms.player.fm/legal.
Moving outstanding debt on one credit card to another card—usually a new one—is a balance transfer. Credit card balance transfers are typically used by consumers who want to move the amount they owe to a credit card with a significantly lower promotional interest rate and better benefits, such as a rewards program to earn cashback or points for everyday spending.
Click on this link to know about how credit cards balance transfers work: https://everyonezone.com/read-blog/67936_balance-transfer-credit-card-everything-you-need-to-know.html
What is a balance transfer credit card?
Many credit card companies waive balance transfer fees (which typically range from 3%–to 5% of the transfer amount) to entice cardholders. Often, they might also offer a promotional or introductory period of six to about 18 months where no interest is charged on the transferred sum.
KEY TAKEAWAYS :
- Credit card balance transfers are typically used by consumers who want to save money by moving high-interest credit card debt to another credit card with a lower interest rate.
- Balance transfer credit card offers typically come with an interest-free introductory period of six to 18 months, though some are longer.
- Many credit transfers involve transfer fees and other conditions.
- Any violation of the cardholder agreement can potentially nullify the introductory APR and trigger penalty rates to be applied.
30 episod
Kongsi
