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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.



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Featured Articles:

The Story of Allied Bank

With a continuously evolving world, Allied Banks’ Mission remains constant. Formally known as Allied Banking Corporation, Allied Bank is one the overall largest banks in the Philippines who in terms of assets rank tenth. The other being the United Coconut Planters Bank, Allied Bank is one of the two universal banks in the Philippines that could not be traded to the Philippine Stock Exchange.

Under the laws of the Philippine Republic, Allied Bank was incorporated on April 11, 1977 and awarded by Bangko Sentral ng Pilipinas the Certificate of Authority to run as a commercial bank on May 20, 1977. December 1981, they were granted permission to operate as a universal bank or an expanded commercial bank.

Since December 31, 2007, Allied Bank was the country’s 10th largest in terms of net worth and the 9th largest private domestic commercial bank in terms of total deposits.

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