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Balance Transfer Your credit card balance is running high. You are now paying in parts.
This results in high finance charges on the remaining balance at as
high as 3-4% per month.
Getting a new card in these conditions may be disastrous. But a new
card chosen wisely and used to transfer your existing balance can work
wonders for you.
This is called as credit card balance transfer.
In countries like India, credit card finance charges are as high as
3.10. This amounts to almost 44% per annum. Now when your credit card
balance is high and you are almost paying the minimum balance due each
month and paying this finance charge on the remaining balance each
month, it makes sense to apply for a new credit card who is offering
best deals in balance transfer.
Along with the best balance transfer offer, read the fine print to
look for any hidden charges, you need to also look at annual charges,
joining fee, balance transfer fee etc.
Make sure that once you opt for the balance transfer, you close the
first credit card, so that you won't get into more debt by using the
old card again. |
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