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Credit Card Balance Transfers
The balance transfer feature in credit cards is the option of transferring debts from one credit card to another. It is mainly beneficial when the new credit card comes with interest rates much lower than the older one.
The popularity of this service is increasing as more and more customers dicover the convenience of overcoming debts. With attractive balance transfer options rival credit card companies can successfully lure customers away from other credit card companies.
A growing number of credit cards offer an introductory balance transfer fee at 0%. In this case it is clearly an advantage to transfer balances from older cards. Customers should be aware of the balance transfer limits that their new cards due to which only a part of the existing balance can be transferred.
The other advantage of balance transfer is that the customer no longer has to keep a track of multiple balances to be paid as only one credit card payment nees to be made every month. This helps in better budgeting in order to overcome credit card debt. By transferring balances from all high interest credit cards, customers are able to make significant savings. Credit card info.com reports:
Credit card balance transfer is an important feature for many credit card users. It allows them to transfer their debts from one credit card to another. This is significant if their new card has a lower interest rate than their previous one.
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