Unable To Pay Credit Card Bill? Opt For Balance Transfer - Whether you opt to pay partial payment or not pay your credit card bills, you will be attracted towards paying high interest rate, which could be over 30 percent per annum in certain cases, and you can find yourself in the debt trap. In such a situation, you can opt for the balance transfer option which is provided by many credit card companies in India. Here, the interest rate outgo could be lowered to as low as zero for few months, giving you sufficient time to make arrangements for funds. In most of the cases, banks charge a nominal processing fee to provide balance transfer option.
How balance transfer option works?
Take an instance, you have made a purchasing of Rs 60,000 by using credit card of your Bank A but you face shortage of funds when you get your credit card statement. In such a situation, you can call on the customer number of Bank B, where you are holding another credit card and can ask for balance transfer option.
Bank B would provide you a zero percent interest rate for 90 days and will charge 2 per cent as processing fee. You can opt for this and Bank B will charge Rs 1200 as fee (2% of Rs 60,000). You will get the cheque from Bank A which you have to deposit in Bank A to clear your outstanding amount. Now your balance will be transferred to Bank B and you will have 90 days for clearing your debt. Thank you my friend for read the post about Unable To Pay Credit Card Bill? Opt For Balance Transfer today.
