You must have heard a lot about balance transfer of credit card payments. But what does balance transfer means?
Balance transfer is a facility that allows you to transfer your existing credit card outstanding or debt to another one that is less used or even new.

How does it work?
The credit limit of the new card or less used card on which you want to transfer the balance amount reduces in proportion to the balance transfer amount. Like the credit limit of your card is Rs 50,000 and you have opted for a balance transfer of Rs 20,000, then the credit limit on your original card will be reduced by Rs.20.000 and now the available limit will be Rs.30,000 that you can use for your transactions.
The thing that needs to be considered is that the balance transfer amount should not exceed with 80% of the credit limit.

How you can go for a balance transfer?

To avail the balance transfer facility, you need to inform the credit card issuer from whom you will take the balance transfer facility.

You might find these relevant:

• Guidelines favoring CREDIT CARD holders | RBI
• Credit cards related complaints increased in 2008-2009
• loyalty rewards schemes to raise Debit and Credit Card spends
• Number of CREDIT CARDS down by 27%
• Corporation bank will soon launch the multi-utility cards
• Heavy Penalties on credit Card defaulters is unfamiliar to RBI
• Instance | CREDIT CARDS
• How to Get a Credit Card Online
• CO-BRANDED CREDIT CARDS | Aditya Birla Group | SBI Cards
• CREDIT CARD DUES – All possible ways to payoff