These days, not only one, but a plethora of leading banks with their best of services try to grab the attention of customers. And, offering the facility of balance transfer and that too at lower rates is one of them. Yes, many banks provide you with this facility, wherein you can easily shift the outstanding amount on one credit card of yours to another one. However, one thing that needs to be mentioned here is the fact that usually people think that low interest rates or in fact zero interest rates will be applicable on balance transfer. But, this is not the reality as many banks give you this offer for limited period only and it is just an eye wash.
Yes, once your grace period is over, the banks will start charging you with the normal interest rates, just like your any other previous card company was charging you. Now, before going any further, let’s understand this topic in detail.
What are the Benefits of Balance Transfer
- There is no denying on the fact that if you are a savvy consumer, availing the balance transfer is nothing but a viable method of reducing your debt.
- With the help of this process a person can freely pay down the debt on his credit card without even facing the additional charges.
- If gives the benefit to the card holder when the interest rate is high on his current card. One can transfer his balance on another account to stay away from high interest rates.
- Such type of facility is a boon for those customers who are not satisfied with the services of their current credit card company.
- Thus, with the help of switching, one can avail the various benefits offered by other bank, and can enjoy the low interest rates or even sometimes zero percent charges, and other services.
- Another benefit that you can get from banks or lenders is the interest-free period. Yes, during this period the bank won’t charge you with any interest, for any activity.
How to Select the Best Credit Card for Balance Transfer?
When it comes to getting the right balance transfer card, you need to do the thorough research. Depending upon your choice, compare the various options available in the market. You need to compare your balance transfer credit card on various parameters such as interest rates, fees, credit limit and so on. Also, compare the lucrative offers and deals offered by these cards, as it will help you in differentiating. There are plethora of online sites available in today’s internet driven world, so you can take their help as they will save a lot of time of yours.
Some of the leading banks that offer balance transfer facility are:
- Kotak Mahindra
- Citi Bank
- Axis Bank
- Yes Bank
- Induslnd Bank
- Standard Chartered
So, to avail the credit card balance transfer facility, do your research, and start comparing the different banks on various parameters!