Credit card balance transfer: What to look for when choosing a balance transfer credit card

Life happens, and sometimes, we end up spending more than we can afford with our credit cards. It could be an emergency expense or an impulsive purchase. Either way, it may lead to some balances rolling over to your next billing cycle. The problem? You’ll be charged an interest on it. But with the right credit card balance transfer, you can get away without paying interest fees by buying yourself some extra time.

With so many options on the market, how do you choose the right way to balance transfer? This article will look at the top features when searching for the best credit card balance transfer.

Top 5 features of the best balance transfer for credit cards
 

Here are the key features that you will get with the best credit card balance transfers -

● Lower interest rate - The best credit card balance transfers charge a low interest rate on the transferred amount, usually 5-10% lower than regular credit cards. If you select the right balance transfer for credit cards, you may also save money on a concessional interest rate offered for a limited period. In fact, you can even get an interest-free period as you start your customer journey, which will further save interest costs.

● Ability to repay in EMIs - One of the most important features to look for in a credit card balance transfer is the ability to repay the transferred amount in Equated Monthly Installments (EMI). This allows you to spread out your payments over a period of time, making it easier to manage your finances and avoid a large lump sum payment at the end of the interest-free period.

● Longer interest-free period - The whole point of a balance transfer is to take advantage of a lower interest rate and save money on interest payments. Therefore, looking for a longer interest-free period is crucial. This period can range from a few months up to a year, so choose a card with the longest interest-free period that you can find.

● Joining fee waiver/lifetime-free - The best credit card balance transfers are either lifetime-free or offer a joining fee waiver on meeting specific criteria. This helps reduce the costs of transferring outstanding balances, saving you more money to clear your credit card debt.

Key benefits of choosing the best balance transfer facility for credit cards
 

By using the balance transfer feature, you can expect to enjoy the following benefits -

● Repayment flexibility - The best balance transfer for credit cards primarily eases the repayment pressure. For instance, CreditPro Balance Transfer offered to select IDFC FIRST Bank Credit Cardholders gives you up to 105 days to get your finances in place before resuming your repayments. You may also get an EMI option on the transferred balance, adding to the flexibility in repayment.

● Credit score boosting - If you have struggled to repay your credit card dues on time, it is a given that your credit score must have taken a beating. Switching to a credit card balance transfer means that the repayment becomes affordable for you. Converting it to EMIs and paying these smaller amounts promptly will help your credit score capture its lost glory.

● Regular benefits - Regular credit card benefits like reward points are also available after the credit card balance transfer. With the best credit card balance transfers, you can even get perks on the transferred balance. 

● Easier debt management - Balance transfers make life easier for customers with multiple credit card dues. Different cards, different amounts and different due dates make life complicated, particularly if you are struggling to repay them. With CreditPro Balance Transfer, for instance, you can start paying all your credit card dues in a more organised manner.

In a nutshell, look for features that provide opportunities to lower your costs through fees and charges so you can focus on clearing your dues in the most affordable way possible.

Why choose CreditPro Balance Transfer?
 

When it comes to credit card balance transfers, you need not look any further than CreditPro Balance Transfer by IDFC FIRST Bank. Instead of having multiple credit cards for different needs, CreditPro keeps it simple. It is the ideal balance transfer for you if you want to go debt-free quickly and affordably. Some of its standout features include -

● 105 interest-free days - You get an interest-free period of up to three billing cycles with every balance transfer. You just need to pay the minimum amount due during these two cycles. This gives you that extra time to save money on repaying your debt.

● Low interest rate of 19.99% p.a. - A CreditPro Balance Transfer offers a low interest rate of just 19.99% p.a. once the interest-free period ends. This is significantly lower than the standard 43% APR most credit cards in India offer. So, you get to utilise the benefits of your favourite credit card while paying low interest on transferred balances.

● Convert into EMIs with 0% processing fees - At the end of the interest-free period, you can convert your outstanding balance into EMIs at zero processing fees.

● Joining fee waiver - You get a joining fee waiver upon making a balance transfer within 15 days of signing up for CreditPro. Again, this makes paying off your credit card dues easier on your wallet.

You can transfer balances from multiple credit cards via CreditPro to consolidate your debt and simplify your finances. The best part is that you can do all this with a few clicks from the IDFC FIRST Bank Mobile Banking App.

​​It’s all about moving and saving
 

A balance transfer can be a great way to save money on interest and manage your credit card debt. When looking for the best balance transfers for credit cards, make sure to consider factors such as a low interest rate, the ability to repay in EMI, a longer interest-free period, rewards for making balance transfers, low balance transfer fees, low interest rates, good credit limit, and other perks. By choosing a credit card balance transfer, you can get on the path to financial stability.

If you are shelling out a lot of money every month on interest costs, it is time for you to move your balance and save on the costs. With CreditPro Balance Transfer by IDFC FIRST Bank, you get a balance transfer feature tailored to facilitate easy repayments. Visit the CreditPro webpage to learn how to carry out a credit card balance transfer today!