As the name implies, a balance transfer plan allows you to transfer the outstanding balance from one credit card to another – and repay them in instalments at a low interest rate. Feel free to send us an email, find us on Facebook, or Tweet us @Bankrate. When you're managing interest debt with a balance transfer, every dollar you save matters. Before you start thinking of going in for a balance transfer, you need to first know what a credit card balance transfer actually means. Citi Flex Plan offers are made available at Citi's discretion. The following information needs to be furnished while applying for credit card balance transfer. Uh-oh! Although balance transfers are primarily used for credit card debt, each issuer has its own rules for what types of debt you can transfer. To go ahead and start comparing offers, skip down to Bankrate’s recap of the best balance transfer credit cards. As with any credit card, applying for a balance transfer card typically leads to a short-term dip in your credit score. Sometimes, it can even … The card features an introductory 12-month balance transfer offer at 0% – 5.99% based on creditworthiness (13.24% – 23.24% variable APR after). Although it’s possible to pay off a loan with a balance transfer credit card, keep in mind that they’re best suited for managing smaller debts. CardSmart: Which offer is better, longer low APR or shorter zero APR? Here is a table that depicts and compares the credit card balance transfer features offered the topmost credit card issuers in India. Depending on the issuer, you might be able to make the request by phone. The repayments for such transfers can be done in either 3 or 6 months’ worth of instalments. The time taken usually is a few days and varies from bank to bank. Get better at managing your finances by consolidating all of your credit card … 2,500 to be transferred. You can transfer a balance to this card and pay 0% intro APR for 20 billing cycles (13.99% – 23.99% variable APR after).With no rewards program, the U.S. Bank Visa Platinum could provide a straightforward way to manage debt using a balance transfer. We don't spam or sell your details to annoying people. The potential benefits are significant, just as long as you hold up your end of the bargain. Balance transfer fee — either $5 or 3% of the amount of each transfer, whichever is greater. Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. The interest rate charged for the first 6 months is about 0.99% a month, after which the interest rates associated with the card will be charged. Read our U.S. Bank Visa® Platinum Card review. If you don’t pay off the transfer entirely during the introductory period, the remaining balance will be subject to the new card’s regular APR. The interest now that you will pay will be decided by your new credit card. Balance transfer fee of 2% of the amount transferred, $5 minimum. What debts can you transfer to a credit card? Axis Bank too offers balance transfer, the minimum amount that can be transferred is Rs. Some cards have intro periods of low (but not zero) interest that last considerably longer. Still, depending on the size of the balance you’re transferring, the savings from avoiding a balance transfer fee could be worth a couple of hundred dollars. Generally, the interest charged to avail credit card balance transfer facility is less than what is charged by banks on credit card pending bills. Most credit cards charge a balance transfer fee of 3 percent of the amount transferred, but the Alliant Visa Platinum Credit Card charges just 2 percent or $5, whichever is greater. Balance Transfer / Balance Transfer-i. For example, if the outstanding credit card balance on your existing credit card is Rs.75,000 and your new credit card has a credit limit of Rs.50,000 then only Rs.50,000 can be used for transferring balance. AFFINBANK Balance Transfer Installment Plan. Most issuers will have a process online or in their mobile app that allows you to make balance transfer requests. This card comes from Alliant Credit Union, named Bankrate’s best credit union of 2020. © 2021 Bankrate, LLC. The good news is that you have the ability to calm things down with the help of a balance transfer credit card. **On transfers completed by March 31, 2021. A 3% fee (min $10) applies to all balance transfers, No penalty APR. If the difference is substantial then you will surely save some extra money that you might be paying as interest amount. With Public Bank Balance Transfer, you have the option to service your credit card outstanding balance from 6, 12, 24 and up to 36 months. The interest rate per annual is 15.00%. Select the Bank you want to “Transfer To” and enter the account number. Bankrate.com does not include all companies or all available products. Potential savings with each card are calculated by comparing how much interest you would pay on your current card at 20 percent APR, minus the balance transfer fee. This is to ensure that credit holders do not keep hopping from one credit issuer to another in order to avail lower rates of interest. His work has also appeared on websites including Nasdaq.com, Zillow.com and The Simple Dollar. Availing credit card balance transfer reduces your credit limit in the same proportion. Read our full BankAmericard credit card review. A 2019 Bankrate.com survey found that less than half of U.S. adults who owe credit card debt have applied for a balance transfer credit card. Cards available from our partners could help you avoid APR on a transferred balance well into 2021 or even 2022. Kad kredit Public Bank Petron Visa Gold juga menawarkan pelan pindahan baki (Balance Transfer Plan) dan pelan bayaran ansuran mudah (Easy Payment Plan). The tenures available are 3 months and 6 months, with the shorter of the two not attracting any interest while the latter, 6 months, will have an interest charged on the transfer. After that, the variable APR will be 13.49% - 23.49%, based on your creditworthiness. We'll process your application faster too! If you’re a frequent shopper looking to optimize cash back potential, this card offers a lot to choose from. The card doesn't charge penalty APR, which means your interest rate won't automatically rise if you pay your bill late (although we recommend paying on time and in full whenever possible). The averages for prime and subprime credit are $5,895 and $2,731, respectively. Check the bank’s website for the most current information. As long as you have your account numbers and other information ready beforehand, the process of, You might be tempted to cancel your high-balance card once you transfer, but, Best balance transfer credit cards: 0% intro APR for 12-18 months, $10,000 or less total on multiple credit cards, $10,000 or less in different kinds of debt. Does the card have features that make it worth keeping after you’ve used the balance transfer offer to pay off debt? Customers can also make a payment of a minimum of 5% of the transferred amount each month and the facility can be availed by sending the bank an SMS indicating you wish to avail a balance transfer. 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