CREDIT CARD BALANCE TRANSFER

Card issuers offer balance transfer facility, allowing eligible cardholders to transfer dues from one or more credit cards issued by different banks

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Balance transfers allow cardholders to move outstanding balance from one credit card to another with the option of repaying via EMIs. While interest charges may still apply, it will be much lower compared with the high finance charges on overdue card balances, making it a smart strategy for those struggling with credit-card debt. Also, they can be an effective way of consolidating multiple credit card debts. Let’s take a closer look.

Card issuers offer balance transfer facility, allowing eligible cardholders to transfer dues from one or more credit cards issued by different banks.

While the total outstanding amount stays the same, repayment becomes more structured, as you can opt for EMI plans typically ranging from 9-18 months, depending on the issuer.

If the outstanding is ₹1.20 lakh on a card. Ideally, paying off the entire outstanding would be the best option. However, failing to do this could result in finance charges,