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- What is a balance transfer card?
- Would you like to consolidate your debt and reduce your interest payments?
- A Balance Transfer card might be a good option for you
Whilst a credit card is normally associated with spending money in shops every month and paying off your balance gradually, it can actually be far more useful if you need to pay off your existing debts.
A balance transfer card allows you to make free transfers, and will not charge you interest for a certain promotional period, depending on the terms of the credit card. This can be incredibly useful for someone who has multiple debts already, and would like to make it easier to pay off in the long run.
We’ve put together some information that might come in handy if you’re thinking of taking out a 0% balance transfer card – read on to find out more.
How does a balance transfer card work?
A balance transfer card allows you to transfer money from a credit card or personal loan and consolidate the outstanding amounts. Having the amounts combined onto one credit card gives you better control over the entire amount you owe, resulting in the following benefits:
• One single payment to make during the month - instead of multiple payments to make, this gives you less chance of you missing payments and incurring late fees
• Have your debt combined – this means you can have it all in one place so you can see the total amount you owe
• 0% interest for a promotional period – this means your debt will not grow within this time, giving you a chance to pay it off completely
• Give yourself a target of paying off your debts - you can make a plan to pay off your debt gradually before the end of the promotion
In addition, you will often find that your balance transfer card gives you the option to do a money transfer too. This is the opposite of a balance transfer as you’re taking money from your new credit card and topping up an account such as a current account. This can come in handy if you’re thinking of paying off an overdraft or just to top up your current account.
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Although initial eligibility checks involve a soft search of your credit information and report (which has no impact on your credit file), any lenders or credit providers may subsequently conduct a hard search, prior to finalising your loan or credit offer.