In order to streamline your existing debts and collect them all on a single credit card, the best choice will be transfer balance credit cards. Almost all banks have best credit cards with these features. With this option, banks aim to earn new customers and make money from these transactions. Customers, on the other hand, aim to reduce the debt burden by minimizing the debt interest rates.
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Transfer balance credit cards Annual fee
Most of these cards do not charge annual fees. But there are also charged cards. Rather than the annual fee, the processing fee is charged. When you want to transfer your balance to a different card, the bank will charge you the transaction fee. These rates can range from 3% to 5%. For example, if you want to transfer $ 20,000, you may need to pay between $ 600 and $ 1000. This gain is more profitable than the annual fee for banks. Therefore, banks do not charge the annual card fee in order not to lose customer.
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How it Works Transfer balance credit cards?
To do this, simply call your bank’s customer service and forward your request. After you have transferred the amount you want to transfer, the account number of your old card and a few small details, you can easily transfer the balance. The Bank may approve all or part of the amount. This is the bank’s decision. Your financial status is assessed and the transaction is concluded.
Tips for Transfer balance credit cards
Here are some tips for Transfer balance credit cards: Specify the net amount you will transfer before the transaction and choose a payment plan for yourself. Pay your installments on time so don’t lose this chance. Don’t make new expenses with your new card. Just focus on paying off your debt and get rid of your debt.
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