If you are unable to pay the full amount due on your credit card by the payment due date, you have the option of balance transfer to another card, provided you have a good credit history. The bank will do the balance transfer either by issuing a demand draft in favour of the bank where you have the credit card or an electronic transfer. Credit card balance transfer is quick and the new bank usually takes two to three days to transfer the money. Most banks require a few documents such as photocopy of credit card, card bill statements and bank statement for six months, PAN and address proof. Typically, banks offer balance transfer for a minimum amount of Rs 5,000 to a maximum of 75% of one’s available credit limit. Banks do not allow balance transfer for another card of the same bank. Advantages of balance transfer One of the most important benefits of balance transfer is that the cardholder will get an additional three to four months during which one can pay the outstanding … [Read more...] about Here is how balance transfer can reduce your credit card woes
Credit card 0 balance transfer fee
SAINSBURY'S BANK credit card customers should check their statements now after a bungled direct debit change caused some users to be hit with late payment fees. Back in July, Sainsbury's Bank enabled credit card customers to make changes to their direct debits online for the first time. Previously, any changes to direct debits - such as the amount paid - could only be made by Sainsbury's Bank staff over the phone. But Sainsbury's didn't make it clear to customers that when they change their direct debit amount, it automatically cancels their existing direct debit - leaving a month where no payment is taken. For example, if your direct debit was due to be taken tomorrow - September 22 - but you changed the direct debit amount today, the next payment would be taken on October 22. This means your September 22 direct debit is missed and you're slapped with a late payment fee. How to complainWHEN your bank or credit card provider does something wrong, you should complain. First, you need … [Read more...] about Sainsbury’s Bank credit cards customers hit with fees after direct debit bungle – are you affected?
Jackie, 29, is a New York–based writer with $10,000 and change in consumer debt, spread between two credit cards. Like many of her friends, she got her first credit card in college. During her 20s, she opened three more cards for various purchases — a laptop, post-grad classes — as she worked her way up the editorial ladder. (She has now paid off two of the four cards entirely, although they’re still open.) She recently got a great new job and is now able to cover her living expenses, but her debt seems insurmountable, particularly with the interest rates she’s up against — one card has an APR of 16.9 percent with a $6,500 balance, and the other’s is 19.49 percent and $3,000. The good news is that she’s always paid the monthly minimums (about $115 and $60 per card, respectively), has an excellent credit score, and is ready to tackle her payments more aggressively. Still, the most she can manage is about $400 per month, on top of the $129 … [Read more...] about How Can I Pay Off My Credit-Card Debt?
A few years ago, you could transfer a balance on a credit card and get more than 40 months interest free. No longer. And as the trend of shorter and shorter 0% periods continues, Marin Lewis has issued a warning to anyone with debt on their existing cards. "So this is a clarion call to anyone with existing credit or store card debt. Do not dilly-dally if you pay interest - sort it now while deals are still reasonable or you may miss the boat (though as we've no crystal ball, there are no certainties)," he wrote in his weekly newsletter . Balance transfers let you move money from an existing card to a new one. There's sometimes a small fee for making the switch, but in return you pay no interest on that money for a set period. The problem is that the length of time you have to clear the card before interest comes into play is getting shorter and shorter. Figures from MoneyFacts show last month the best deal on the market was from MBNA at 28 months, a year before you could have got 31 … [Read more...] about Martin Lewis warning to all credit card holders – if you have debt, move it now
SAINSBURY'S Bank has launched a new balance and money transfer credit card giving borrowers 42 months at zero per cent interest.The 42 month deal is the longest ever offered by any lender, pipping Virgin Money's, Halifax's and MBNA's 41-month offerings to the balance transfer post.But, Sainsbury's lengthy deal comes with a catch in the shape of a four per cent fee on the balance being shifted from an existing credit card in the first three months.After three months, the fee drops to three per cent of any balance being transferred, with a minimum £3 fee applying regardless how much you transfer across.For the first three months, purchases made on Sainsbury's new card attract a zero per cent interest rate. After that, it shoots up to 18.95 per cent.Anyone wanting Sainsbury's new card shouldn't hang around as applications close on 31 October. The deal is not open to existing Sainsbury's Bank credit card holders.New customers with a Nectar card will be able to get 5,000 bonus Nectar … [Read more...] about Sainsbury’s Bank launches longest ever 0% balance transfer credit card