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FinFIRST Blogs
Credit Card
How Credit Card balance transfer can help in debt management?
Summary: A Credit Card balance transfer can be a great debt management strategy. It not only allows you to save money, but also lets you repay your debt at your convenience. Continue reading to know the benefits of this card and how it works.
The number of Credit Card users in India has increased at an astonishing pace in the last few years. However, with the increasing Credit Card adoption rate, Credit Card debts are also on the rise. As per the Reserve Bank of India’s (RBI’s) data, the total Credit Card outstanding in India after the first 10 months of the Financial Year 2022-23 was a whopping Rs 1,44,612 crores. This calls for effective debt management by Credit Card holders.
A Credit Card balance transfer can help immensely in this aspect. It can not only help you lower your interest outgo but also allows you to choose your debt repayment tenure.
Want to know what is a Credit Card balance transfer and whether you should choose it for debt management or not? Continue reading.
What is balance transfer?
A balance transfer facility allows you to shift or transfer your outstanding Credit Card amount to another Credit Card, offering a lower rate of interest or flexible repayment tenure or both.
However, there are some pitfalls that you should consider before making the move. Below are the advantages of using a Credit Card balance transfer for debt management.
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Advantages of Credit Card balance transfer
· Pay your Credit Card debt with 0% interest
Some Credit Cards allow you to transfer debts from another Credit Card and repay it with 0% interest. However, this facility is usually offered only if you are willing to repay your outstanding within a specific promotional period.
· Enjoy an extended interest-free credit period
Credit Cards usually offer an interest-free period during which no interest is charged on the amount utilised. By opting to transfer your Credit Card balance to a new card, you can enjoy an extended interest-free credit period of up to 45 days.
· Increase or decrease your repayment tenure
When you transfer your Credit Card balance, you have the option to convert the transferred amount into Equated Monthly Instalments or EMIs. Moreover, you can decide your EMI tenure as per your financial capability and the rate of interest charged on your new Credit Card.
· Improve your credit score
Transferring your Credit Card dues to another card allows you to lower your credit utilisation ratio. This, subsequently, improves your credit score.
· Do more with your money
Earn interest on the funds lying in your bank account, which would otherwise have been used to pay your Credit Card bill.
To wrap it up
Make sure understand the fine print of the Credit Card balance transfer feature before using it. Also, conduct a cost-benefit analysis to know the actual amount that you can save.
By transferring your Credit Card balance to IDFC FIRST Bank Credit Cards, you can enjoy lower interest rates, minimal processing fees, and flexible repayment terms. Click here to check your eligibility and transfer now.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.
