A balance transfer is the process of shifting outstanding credit card debt from one credit card to another. The card to which the balance/debt is moved is typically a new credit card. Frequently used by consumers to make a balance transfer from credit card to credit card, this process enables users to move balances owed, to credit cards with substantially low introductory interest rates. Moreover, when you move the balance on your credit card to a new card, you get promotional benefits like cashback and good reward programmes.
About Credit Cards and Credit Card Cash Withdrawal
Without a doubt, using a credit card affords many benefits to consumers. For starters, you have the power of cash-on-hand and have a month-long (or more) interest free period in which to spend on your card. Nonetheless, the ‘buy-now, pay-afterward’ moniker of cards has pitfalls. When you get down to brass tacks, a credit card is an instrument that gives you revolving credit. You have to settle a bill at the end of the credit period, otherwise balances (with interest) just get carried forward. The result is a pile of debt. Your credit card bill/statement is a summary of what you have spent on the card, including any cash withdrawals made on the card and outstanding payments on the card. How to check credit card balance is an important aspect of being a card holder.
How to Check Credit Card Balance
Essentially, a credit card balance refers to any outstanding balance to be owed and current balance on your credit card. Here are some easy ways to keep a track of your credit card balance:
- ATM Use – You can use an ATM to check your balance.
- Credit Card Bill/Statement – Your monthly bill/statement for your credit card is a good source of how to check credit card balance. This is generated at the close of a billing period. If you have availed for email services, you can check this conveniently.
- Customer Care – You can call your credit card customer care centre and get any information on your credit card, including balances of funds spent and credit card cash withdrawal.
- Internet Banking – Perhaps the best way to check your balance, if you have the service. You can check balances on your card across any device frequently.
How to Transfer Balance From Credit Cards
In case you owe a huge balance on your credit card, a way to resolve the issue of outstanding balances is to undertake a balance transfer from credit card to credit card. Here are the steps:
- Get approval for a new credit card with a nil percent interest promotional offer.
- In case you have balances on more than one card, decide which to transfer first.
- Find out if there is a fee for transfer. If there isn’t a cap on the fee, consider transferring a large balance amount.
- Check the credit limit on the new card. The balance you transfer cannot exceed that limit.
- Transfer your balance on to the new card – you can do this in part or whole.
Concluding Piece
You can know about balance transfers and how they’re done at Finserv MARKETS. All the information you want, as well as a choice of credit cards is available here.
