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If you use a credit card wisely, it is very beneficial. Apart from the interest-free period of 45-50 days, you also get cashback and discounts. If you do not use it wisely, it can trap you in a debt trap. Many times we spend more than necessary and we do not have money to pay the card bill. If you do not pay the credit card dues on time, you have to pay about 40 percent annual charge. This process will continue until you pay off the entire account.
If you are also stuck in a similar situation, then there is no need to panic. In such a situation, you can get help from the facility of credit card balance transfer. In this facility, you can transfer the outstanding balance of one card to another card. However, interest is also charged on this facility but it is less than the credit card finance charge.
What is the balance transfer facility?
The bill is paid by transferring the balance from one card to another. Many banks provide such facilities. You can pay the bill of a credit card of another bank from one credit card. However, before transferring the balance, you should be aware of the charges of the new credit card company or bank.
It is also possible to transfer the balance of multiple cards to one card.
You may also get a chance to pay very little or no interest on balance transfer. Usually banks give an introductory offer of 3 to 12 months. If the card limit is good then you can also transfer the balance of many cards to one card.