Tuesday, August 12, 2008

Balance Transfer

A few months back, I've decided to avail the promo of the credit card that I have which is balance transfer. It's very timely since the debts on my other credit card is piling up due to my personal insurance and the monthly due for the gym in which I'm a member.

It's a relief at my end and I think a lot of people agree with me that having this kind of option gives you a gain to control your finances as well as saving money due to the low interest rates that the card company is offering.

For example, on my credit card where I avail their balance transfer they let me move my other credit card's outstanding balance and I was given an option to pay it in an installment plan. I did this since they offer much lower interest rate compared to the other credit card that I have. It's an escape from future headaches that will come my way for the balance that I have to pay (with high interest rates) and helped me re-arranged my finances.

While others offer lower interest rates, some credit cards offers a 0 balance transfer! Apart from that they also have additional promos to go with it. Too bad that my credit cards don't have these kinds of option.

1 comment:

Unknown said...

After browsing several price comparison sites such as eComparison,I applied for a balance transfer card to deal with the debts I had built up on my other credit cards. I got a deal of nine months interest free on my balance which will hopefully give me time to clear the debt.