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Balance Transfers Explained

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DESCRIPTIONS:

If you think you are paying too much interest charges on your current credit card, then perhaps it’s time to take advantage of balance transfers. When you move the amount of money you owe from your current card to another card that promises more manageable rates, you may be able to pay off your loan faster and manage your monthly cask flow better.

Look for “Introductory Zero Percent”

Most balance transfer deals offer 0% interest, often limited to a certain “introductory period” that usually lasts often six months. Once your application for a balance transfer is approved, you are typically given 6 weeks to transfer your balance from your old card to your new one, for as long as the balance is within the credit limit of your new card. This means that you no longer owe anything on your old card.

During the introductory period, you will not have to pay any interest on your debt. All the repayment you make will be applied directly to your balance. When the introductory period lapses, you will start to pay the new interest rate (usually a standard, pre-arranged rate).

Watch out for Balance Transfer Fees

To make money from the transfer, most credit card companies charge a balance transfer fee. The rates vary, but most banks charge about 2%. Always read the terms and conditions from the credit card issuer before you sign up, because that seemingly small 2% may turn out to be a lot of money. The terms and conditions are not always detailed in the brochure or application form. Check the bank’s website to be sure.

Taking full advantage

Balance transfers can really save you a lot of money, but only if you know how to take advantage of it. The best thing you can do is to NOT use the cars for any other purchase until you have fully cleared your debt. This way, you avoid interest completely. Also, if you can pay off your debt within the introductory 0% period, you don’t have to pay any interest.



Featured Credit Cards:

MABUHAY MILES WORLD MASTERCARD


FEATURES:

  • Enjoy an annual fee of only Php6000 for the primary card and Php3000 for the supplementary cards. But guess what, the first year is actually for free for both cards
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  • Cash advance fee of only Php50 plus 5%, whichever is higher.
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METROBANK PLATINUM MASTERCARD


FEATURES:

<ul>
<li>Delight in the special financial charge now for only 2.75%.</li>
<li>With the Metrobank Platinum Mastercard, you get round the clock international concierge package on any credit card associated need, may it be business transactions, medical treatments or a special shopping. Now it has even HIGHER credit limits that lets you enjoy the lifestyle you ask for&hellip;</li>
<li>Pay for just Php5000 for your annual fee to enjoy a credit card with the highest credit limit with an extremely low interest rate! But guess what, the first year is actually for FREE!</li>
<li>No more worries because with the Metrobank Platinum MasterCard, you get to enjoy 24/7 Concierge Service all year round!</li>
</ul>

UNIONBANK Gold Card


FEATURES:

  • Pay for just Php2500 annual for your membership card
  • Get cash advance service fee of Php300 or 6%, whichever is higher!
  • Enjoy 53 interest free days and just 3.50% finance charge
  • Transfer your balance with just 1.25%
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Unionbank Omni Pass


FEATURES:

  • Pay an annual fee of just Php1500 for the primary card!
  • Transfer your old account to your new Union Bank OmniPass with just 1.25%!
  • Avail of Cash Advance service Fee of Php300 or 6%, whichever is higher!
  • Get Cash Advance rate of just 3.50%
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Featured Articles:

Featured Article 4

Ever thought of getting a credit card but don’t know where to start? For majority of cardholders we know, credit cards are terrific tools that certainly have very great advantages.

We at comprecreditcards.com.ph have surveyed many customers and here is what came out…

Its very handy payment. That’s the big thing, right? You don’t have to worry about being robbed or something because you don’t have that big cash with you. Even if you’re just making small purchases, it’s a big help. Plus, the fact that we are in the on-line shopping age, it’s a total must have.

On the spot loans. When you’re short of cash, a credit card will be there to save you from the embarrassment of not being able to pay as it will help you make up for your purchase. To avoid any fees, just pay your balance in full.

You have no idea as to where you’re spending your money? People have the tendency to say they don’t know where half of their money went. With a credit card, you can easily track your purchases on your monthly payments. So if you think your wife spent too much for the month, check on your bill, who knows, it might even be you…

It’s easier to pay off. It’s easy to pay credit card bills. All you have to do is find an ATM with your checking or an easy account transfer. Good news is you don’t have to wait a month to pay it off. And guess what, some even lets cardholders pay their bills ONLINE. So say goodbye long lines; Hello to convenience!


You get rewards.

Every time you make transactions you earn point or “rewards” that you can exchange for either gift checks, vouchers, exclusive items or maybe the cash back system. We’re not saying that you use your credit card non-stop to avail of these, but as a matter of fact, it is a nice bonus.

Very exclusive deals. How would you spell exclusive? Its “c-r-e-d-i-t-c-a-r-d”. Why? Because you get a lot of high class services that are only available for those people who hold the cards. Sometimes its discounts on products, dining and traveling first class. Remember the times when you really wanted to buy something and you were able to buy it because of the discount my credit card was able to give me.

We can go on and on with these, but nothing is really important than learning it by experience. Everything has its ups and downs. It’s up to you, as the card holder, to become responsible in how you manage your money. Look into the bigger picture of how credit cards make life easier and who knows you might just even love it. Just be responsible and a word of advice, pay your dues on time, all the time…