Balance Transfer

Credit card balance transfer

Credit card balance transfer is transferring the credit balances of one or more credit cards to one credit card with lower interest rate or zero percent interest rate on particular period of time. This balance transfer of loan amount helps to maintain the lesser interest rate or low interest rate.

• By maintaining the credit values in one credit card.
• Paying interest at lower rate of interest.

Make sure to repay the debt amount before introductory period will get over to lower or zero percent interest rate.
Not able to pay the amount of debt or credit card amount which is being transferred before the time period will cause certain percent of interest to add on for monthly payment.

What way to transfer balance

With our credithelpindia.com team support and help on advice you can easily transfer your credit card balance to the lower or zero percent interest rate credit card account.
For zero percent interest rate credit transfer, some banks only collect the percentage of transfer amount in the balance transfer.

• Speak with our credit card company experts and getting a beneficial credit card, or
• Check through online about our offers and decide as per your wish.

Cost for transfer

• Transfer amount of Credit Card Company will cost.
• The size of your credit transferring amount will make consider
• And the period of time used to repay the amount of credit will be considered.

How to select a best balance transfer card

• Most of the companies provide zero percent interest transfer card.
• But after the time period the balance transfer of introductory amount gets some percent of interest
• Make sure that the interest rate is below the old consumption of your other credit card.
• If the amount of rate of interest at the finial level is more than your old credit card charges try for another credit card.
• The transfer amount has certain credit limit less value of transfer fee. Within the credit limit the transfer of amount is being considered.
• Some providers of credit card maybe fraudulent. They try to sell fraudulent protection card and the services may be lost.
• It is advisory to say that the credit card which is a transfer credit card may not be used to purchase for credit. Which is the standard credit rate will be applied.

This type of faults will be avoided if you go with our credithelpindia.com expert. Their advice is to make their customer get beneficiary by their guidelines.

Balance transfer may affect your credit score

Choosing of wrong credit transfer credit card will seriously hurt your credit score.
Repayment of the credit transfer value should be on time to make sure. If delay in credit repayment that will lead you to pay for interest.
But you can avoid from getting hurt of your credit score by regular repayment before the duration gets end.

Good or not a good ways of credit transfer

Credit transfer may help you from high paying interest rate to zero.
If not maintained properly it might hurt you.
There is duration for zero or low payment credit score. If the time period gets over then the jungle of interest pops up.
Check on the interest rate value, after the limited period of balance transfer offers.
Make sure the interest rate should be below the level of already paying interest rate of yours.
If not there will be sure wound when you are not upon to the correct repayment person.

Will credit score get affected by balance transfer

Yes, the impact of transfer of balance will affect your credit score.
The hard inquiry will be added to your credit score reports for a new credit card, which affects the accounts age which decreases. Which is a cause of negative influence in your credit score.
It may changes if you didn’t made any changes to your other lines of credit card, then your utilization towards the credit card will decreases. Which is a cause of positive influence in your credit score.

Let’s see an example

This will motivate you to pay the credit amount before the period of utilization period gets over.
If unable to pay the amount before the zero percent interest rate gets over, percent rate of interest should be paid is lesser compared to the other credit cards.

Here the utilization of amount failed to be paid during the zero percent period then you have to pay more amount of interest compared to other 2 credit cards.
This will seriously affect the credit score of yours and payment will be above your willingness to pay.

Credit limit is not enough for new transfer credit card

• Make regular payment to the amount which comes under the credit limit.
• Transfer high percent of interest amount to the new credit card.
• Manage to pay the amount of high APR which is lower compared to other forms.
• If you are a regular repayment person ask the bank for increase of credit limit amount.

After clearing credit transfer balance

There is some task left to you after clearing your credit transfer balance

• After clearing your all debt amount keep your credit card open or in usage, this will help you gain good credit score history.
• Maintain your credit utilization up to 30% - 40%, below 30 percent utilization of credit will keep you as not a credit hungry person.
• Payoff your credit card amount and interest month by month will boost your credit score.
• After paying final amount and clears your debt amount, the amount you owes will be failed. This will create a good credit score and positive impression on you.

Denial of balance transfer

• Your card is being denied by the issuer of the card, for this you have to know,
• The reason why your card is being denied by the issuer of the card
• What way you increase your eligibility for approval
• Things to do when your card is being denied.
• Your card is approved but card limit is not sufficient.

For this all denial of transfer credithelpindia.com will give hands to make you get your card sanctioned.

Minimizing the chances of balance transfer denial

Before applying for new credit card for balance transfer, with the guidance of credithelpindia.com make check on it,

• Before applying check for the score of credit which is credit score.
• Checking your credit report is being important, there may sometimes appear errors, make sure to clear the errors within period of 30days.
• ICICI bank gives credit balance transfer for their regular customers, knowing the card issuer before may gain the knowledge of denial and takes steps for it
• You should know about your credit limit. For credit balance transfer knowing of your credit limit is being important.
• Check before itself the amount APR for the new credit card and your old credit card is below the ranges of percent.

Denial may due to low income for the individual also.

Influence of credit card payment delayed

Missing of payment or lower payment or forgotten to pay the credit card payment will impact the customer in a way which decrease in credit score, increase in debt amount and make you pay more and more for the consideration.
For example, The individual’s credit payment statement states that the balance of payment should be of 10000, the debt is being missing to pay for the month or reduce in payment about 1000 the balance amount of 9000 will be considered as debt and interest payment done for month will be considered as 700 as interest amount and the balance amount be only considered as principle amount.
For the next month due the balance of repayment about 9700, if there is any add on value of credit purchases which is also added with the balance amount and totally being paid.
This type rising in the debt amount will be riskier for the payee while paying the credit amount.

Advantages of credit card balance transfer

Zero percent interest rate or low rate or interest :

With our credithelpindia.com team support and help on advice you can easily transfer your credit card balance to the lower or zero percent interest rate credit card account. For zero percent interest rate credit transfer, some banks only collect the percentage of transfer amount in the balance transfer

Period of interest rate for free :

Within the given period of time the transfer of balance credit for new card, make free repayments.
If unable to pay the amount before the zero percent interest rate gets over, percent rate of interest should be paid is lesser compared to the other credit cards.

Loyalty points for balance transferor :

Credit card points are given by banks to their customers, the regular payment persons and having good credit score persons will get good credit points which offers to make use of vouchers and things given by the bank to their customers.

Transfer balance fee

For transfer of balance 1% to 5% of fee is collected by banks for the transactions. Zero percent for the new transfer free credit card is being provided to their customers. For that transaction of balance the amount of fee is being involved in the credit limit also.

On what way to transfer balance from one credit card to another credit card

Eligibility for transfer :

The individual who is already a customer to the bank they applied for new credit card, or new to the bank. Already being a customer may get good point of credit limit if they have good report. If the individual having credit card of another bank and applying on some other bank, the bank check for the credit card score of the individual. To give them the new credit card or not and what percent should be given.

Modes of Balance Transfer :

Balance can be transferred by National Electronic Funds Transfer (NEFT) or by Demand Draft (DD). The customers have to give the other bank details to them to transfer the amount from that credit account to the new card of credit card.

Way to apply :

Register to the bank through online registration, or apply by call the bank and get details with direct contact or apply by our expert credithelpindia.com to get best credit card for balance transfer.

Frequently Asked Questions :

1. How to ask for more credit limit, I have 1,50,000 credit balance, but the bank given permission only for 1,00,000. Can I get more credit limit?

Ans: Yes, you can get sanction for 1,00,000 of credit transfer. For another 50000 you can ask for the bank you applied for and make adjustments.

2. How long it may take to transfer the credit balance from one bank to another bank?

Ans: If you are eligible for the new credit card for balance transfer, then the processing will be completed within minimum of 3 days.

3. What’s the eligibility criteria for credit card balance transfer?

Ans: Good track record of the credit card usage, their payment due is on date, and transaction pattern.

4. Is possible to get a new credit card for the purpose of balance transfer?

Ans: If the customer is having good salary, stability in job and criteria is being set by the bank, and then the customer is eligible to get the purpose of credit balance transfer.

How to apply new credit card for the purpose of balance of transfer

A) Website: Through website search you can get the new credit card.
B) Branch: By visiting the local banks or apply for already familiar bank.
C) Credit Help India: With our experts’ advice and guidance you can apply for the credit transfer.