Balance Transfer, a GLIMPse:
Credit cards can be a money-saving measure to pay off expenses, but on the other side of that is a cycle of never-ending debt when handled the wrong, uninformed way.
There’s no limit to how many credit cards you can have. You can apply for two or more and use them however you like but sometimes, people are biting more than they can chew. This of course, leads to increasing debt plus piling interests on their credit card bills.
If you’re overwhelmed by the amount of interest on your current card, it might be time to transfer that balance to another credit card that offers lower interest rates, more reasonable fees, and other benefits.
Balance transfer is a financial recourse for card holders with an outstanding balance on their high-interest card (or even multiple credit balances) and would like to transfer to another credit card offering a lower interest rate. It’s a smarter choice for consumers who want to continue using their credit card and build a better credit score, instead of closing the account for good.
Generally, you must have a credit score of 670 or higher. Lenders take note of the applicant’s lending history which is necessary in any credit card application. Although you’re pre-approved for a transfer balance card, the credit card company can still decline applications depending on your credit score, or they can issue you a higher balance APR.
A balance transfer fee is charged to the cardholder when he decides to transfer his existing balance to a new lender. The amount usually depends on the total amount that is transferred with low introductory interest in some credit card companies. Some lending companies waive charges on balance transfer cards to attract more customers to their products, but annual fees are always imposed.
You can keep transferring credit balances to another card as you please but this won’t help to pay off your debts. Moving from one account to another is only a band-aid solution to your increasing debt. Remember that you’re not just paying for the principal, but you also need to pay for interest and other card fees.
What is AT HOP Card?
This is a cashless fare payment card that’s used in Auckland public transport services. It can be topped up through ticket machines, ticketing offices, retail stores, and through online transfer.
When lost or stolen, you can have your balance transferred to another card that you registered to your account. But before requesting for a balance transfer, you must first cancel the lost AT HOP card and then transfer balance to an active card. Here’s how you can cancel AT HOP card.
There’s always a way to pay off your debts. Lending companies consider each circumstance and provide you options so that you can take care of your expenses fast. Do some research and look into the best features of credit card providers that suit your needs. To find the right credit card for you, use Glimp's credit card comparison tool and compare deals now!
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