InvestorQ : Is there anything I need to bear in mind while applying for a credit card balance transfer?
Ankit Patil made post

Is there anything I need to bear in mind while applying for a credit card balance transfer?

Answer
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Anusha Savla answered.
2 years ago


While credit card balance transfers can be a boon for an individual who’s spent a lot of money on a particular credit card, he/she should make sure of the following:

Interest rate should be lower than the previous card: Don’t get swayed by emotions on seeing a huge bill and then jumping to hasty decisions. Ensure that the card you are transferring your balance to is actually lower than the interest rate on the existing credit card.

Bear processing fees in mind: Banks charge processing fees for credit card balance transfers. This fee is usually a percentage of the amount being transferred, so ensure that you account for processing charge while doing the math.

Processing charge of various banks: