Avoid taking a loan to pay the credit card bill. Balance transfer is the way to avoid this debt. Through balance transfer, you can pay the bill of one credit card from another credit card. If you pay the balance transfer money later, then no interest will have to be paid on it. Do this work in 90 days.
Sometimes it happens that credit cards (credit cardThere is no money left in the debit card to pay the bill. In such a situation, the question arises whether one credit card bill can be paid with another credit. The answer is yes and it is called balance transfer (balance transfer) They say. This happens when you have many credit cards, but are unable to pay the bill of any card due to financial constraints. Then the bill payment is done by transferring the balance from one card to another. Many banks provide such facility. Payment of dues on credit card bills of other banks using one of the credit cards (credit card bill payment) is allowed.
For balance transfer, money is taken from the credit card and it is transferred to another card. The minimum amount that can be taken in balance transfer is Rs 2500 and up to 75% of the maximum credit card limit. The bank from whose card you take the balance transfer money, that bank charges you GST and processing fee. If the money taken for balance transfer is repaid within 90 days, then no interest will be charged. Otherwise, you will have to pay interest on the balance transfer money.
EMI facility can be availed
After taking the balance transfer money, you can opt for EMI to repay it. To pay the bill, you can take the same amount in the balance transfer which is in the limit of your credit card. If the limit of the card is Rs 50,000, then you cannot transfer more than Rs 50,000 balance from that card. If you opt for EMI then you will have to pay interest. Therefore, while starting EMI on balance transfer, definitely check the interest rate. Taking money somewhere should not prove to be an expensive deal.
Who is Balance Transfer for?
Balance transfer is perfect for those who are unable to pay their credit card bills due to financial constraints. They have to take a loan to pay the bill. If they have any other credit card then they can take advantage of loan transfer on it. This will save them from falling into the debt trap and pay the credit card bill by taking balance transfer. Due to this facility, the burden of interest can be avoided. The interest on the credit card bill is very high and it is charged on the basis of compound interest. There is a better balance transfer option than that.
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