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Transfer Cards and How They Can Be Used
The Usefulness Of Credit Cards
Credit cards are one of the most widely used credit instruments all over the globe these days. Credit cards work on the mechanism of simple credit obtainment from the bank. Whenever a credit card is swiped at a credit card machine or is used online to make payments or online purchases, the issuing bank actually makes prompt payment on customer’s behalf and then issues a bill to the customer, asking him or her to pay the bill within the specified time, which is normally 25-30 days (this grace period varies from bank to bank).The bank actually assigns a limit to the credit card that is basically known as the available credit limit. This credit limit represents how much a customer can spend using that particular credit card. Apart from making payments and doing shopping, one can also use credit cards to obtain instant loan from the bank in the form of cash. There is a cash withdrawal limit on all credit cards and that limit is generally found to be slightly less than the prescribed available credit limit.
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What are Transfer Cards?
Credit cards these days do have another feature with the name of credit card transfers or, as some people say it, transfer cards. These are actually credit cards with the ability to transfer credit card account balance to another account that is being held by the card holder at some other bank. So many banks today are encouraging the use of transfer cards and offering different kinds of cards featuring this characteristic. This feature has both pros and cons for the customer and for both of the banks that are detailed as follows.At DontSpendMore.com, you can compare and apply for low APR and 0% APR credit cards. These offers are ideal in terms of bringing down your interest expenses and also a viable platform to become debt free.
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Advantage To Consumer
Consumer is offered a wide range of incentives as banks try to attract more and more potential customers for using their credit card services in order to grow. The incentives that these banks use for attracting the consumers include better reward points, low interest rates, more credit limit, etc. This, at the end of the day, comes in the favor of consumer who takes a better service home at a cheaper rate.
Detrimental To The Previous Bank
This transfer cards facility, however, does not prove to be advantageous for the credit card issuing bank that was in the first place. This is so because after using this service, customer has the option to transfer credit card balance to other banks at which he or she owns a credit card account. This would surely divide the business activity between the two, ultimately resulting in the shared profits.
Advantageous to the New Company
Credit cards transfer feature is a very good option to exercise for the banks that aim to attract new customers. When a customer uses this option, he or she is making sure that they have the flexibility to work with the different banks at the same time and can transfer credit balance as and when required. This opens the door for business to other banks as they get a chance to make a new customer that is ultimately going to the help the business proper and grow. The transfer also involves a transaction fee that is earned by the credit card company earning one’s business.
You might need a loan at some point. At least now you know the easiest -- and cheapest -- way to go about getting one.
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