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Balance transfer leverage is also referred to as credit card arbitrage. This is a legal mechanism that allows you to borrow money from a credit card and invest the funds. The intention is to yield higher returns than the interest rates, from the investment so as service your loan. Ordinarily, when you get the funds … Continue reading What is balance transfer leverage?
All the rates and fees are availed in the disclosure documents. The fees that you should pay keen attention to are the balance transfer fee, annual fee and the revert APR. The ideal situation is when these fees are much lower than the potential savings that you will make from the balance transfer credit card. … Continue reading Are there any hidden fees or catches?
When the introductory period comes to an end, the APR will revert to the high rates. This applies to any balance that is not paid off plus the original balance. It would be of great benefit if you can pay off your balance during the promotional period.
In most cases, you will not. However, this will vary from one lender to another, but ordinarily, the balance transfers will not earn rewards. Be sure to check all the terms and conditions for any credit card that you wish to apply for.
Hardly would you be allowed to do a balance transfer within the same bank, from one account to another. If you are not sure about this, you can seek clarification from your bank.
With the balance transfer, the creditors will have their money paid off in a period of 7 days to 3 weeks. You should verify that all payments have been made so as to discontinue using the old credit card.
Yes, there are credit card companies that allow online transfer of balance. This is quite convenient, and you should check with your bank if the option is available.
The balance transfer fee refers to a one-off fee that is charged to your card when you transfer the balance to the new account. On average the fee ranges from 3% to 5% of the total balance transferred and will be included in the balance that is moved to the new card.
The application process for a balance transfer credit card is the same as the conventional credit card. However, during the application of the balance transfer credit card, there will be a section where you will be required to indicate about the balance transfer. In this section, you should provide the details of the existing credit … Continue reading How do I apply for a balance transfer credit card?
Even with the 0% interest rate on the balance transfer card, you should make the minimummonthly payments, which vary from bank to bank.