Real Benefits of Transfer of Balance via Credit Card

Credit card has made life very comfortable for people, especially for those whose main business deals with buying, selling and payment of other expenses.

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Always keep track of your purchases

Credit card allows users to track all purchases. Furthermore, a credit card is a viable mechanism to initiate transfer of balance outstanding, mostly from one credit card account to another. Generally, a balance transfer occurs when a person with a credit card account transfers balance from one account to another. The process is generally beneficial when fees are low and is especially initiated with 0% APR credit cards.

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Banks Offering Minimum or No Interest Rate Balance Transfer
Balance transfer via credit card is offered by almost all credit card issuers in order to attract maximum number of customers. Usually banks charge interest expense on such transfers, but there are banking companies which offer zero interest rate on balance transfer. The banks that offer lower interest rates or zero interest rate on balance transfers are the most popular choices amongst all customers.

A person looking for a new credit card should prefer the credit card which offers maximum loyalty points and lower interest rates for such transfer. Decision of a customer i.e., whether to transfer the balance or not, depends upon three things; normal rate, teaser rate and transaction fee.

Transfer of Payment Dependent on 3 Factors

Normal Rate

Normal rate is the usual interest rate charged by a banking company. If this rate is lower, then it is beneficial for the customers. While looking at lower rates from bank’s point of view, lower interest rate appears to be worse. This is the expense that directly deals with balance transfer. Balance transfer is dealt in the same way as the purchases are dealt via credit card.

Teaser Rate

Second thing that influences a person decision is a teaser rate. Teaser rate is a temporary rate. It is the rate that banks offers to persuade their customers. Such persuasion is used as a lure to attract new customers for balance transfer. This rate is used on temporary basis i.e. from six to fifteen months afterwards the remaining balance becomes subject to normal rate applicable to purchases.

Transaction Fee

At DontSpendMore.com, you can apply for your credit card online and receive an instant approval, where possible. That’s about as easy as it gets.

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