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Carrying a credit card can sometimes feel like holding a double-edged sword. It enables prompt access to funds that you may not be carrying physically with you at the time or entitle you to make expenses in excess of the funds in your account if the situation demands. At the same time, there is a possibility that debts may start piling up on the card. Do you feel that you have accumulated substantial debt on your existing credit card? Is it becoming a heavy burden on your salary, and do you feel that a lot of your income is getting wasted in repaying the outstanding balance on the card? One smart strategy to get rid of such existing debts, or at least minimise their volume, could be to transfer your balance to an alternate credit card that provides this feature. Banks and financial institutions provide credit cards with a balance transfer option. It is in the interest of various banks to try and lure customers by offering them lower interest rates on outstanding credit debts for shorter terms like 3 to 6 months or allowing them reduced interest rates as compared to the earlier card. Thus, the customer should be smart about his or her choice and make the most of this facility by perhaps availing of easier installment plans. A credit card with the balance transfer facility may be used to transfer all the outstanding debts into one card, thus consolidating the amount into one card.
One of the factors that need to be considered while making a balance transfer is the policies that are mentioned by credit card companies. For instance, only a certain credit score with the AECB will entitle you to use this feature, and one must check what is the minimum credit score requirement of the company. The customer should do thorough research about the various transfer facilities available on such credit cards, the rate of interest required to be paid, and the other technical features that are mentioned in the fine print on the credit card purchase pack. Provided below is a descriptive summary of some of the cards that provide a balance transfer facility and the details that you need to pay attention to if you are considering purchasing one.
As explained above, a balance transfer comes in handy when one is dealing with an accumulated debt on one’s credit card. The plus point is that banking companies are willing to waive the debt that a person might be carrying in exchange for their conversion to their own credit card policies. In case one is carrying substantial debt, balance transfers can come in useful in saving one’s money by transferring the balance into another card which ideally has zero or a comparatively lower rate of interest. However, there are certain catches to this situation that one must be wary of. The balance transfer is likely to go through if one has a credible credit score and a lack of that will forestall the possibility of the transfer happening. At any rate, one has to do the math and make a comparative evaluation. The first factor to consider is the amount of outstanding debt that one has in one’s personal credit card and multiply it with the relevant interest rate to calculate the final amount payable. In comparison, one has to think whether they stand to gain by converting this liability into a transferred balance to a different card. If the interest on the new card is zero or nominal, and a majority of the credit debt is allowed to be transferred, it probably makes sense to go for the balance transfer.
Features & Benefits for Abu Dhabi Commercial Bank Etihad Guest Infinite Card
Features & Benefits for HSBC Advance Credit Card
Features & Benefits for FAB Platinum Credit Card
Citibank Citi Premier Credit Card
Features & Benefits for Citi Premier Credit Card
Features & Benefits for HSBC Zero Credit Card
Features & Benefits for Mashreq Platinum Elite MasterCard
Features & Benefits for Mashreq Solitaire Credit Card
Features & Benefits for RAKBANK Red Credit Card
Features & Benefits for Emirates NBD Visa Platinum Credit Card
Features & Benefits for HSBC Black Credit Card
|Credit Card||Eligibility Criteria|
|ADCB Etihad Guest Infinite Card||Minimum salary required is AED 40,000|
|HSBC Advance Credit Card||Minimum salary must be AED 15000.|
|FAB Platinum Credit Card||Minimum monthly salary of AED 8000 is required.|
|Citi Premier Credit Card||Minimum monthly income of AED 750 is required.|
|HSBC Zero Credit Card||Minimum salary should be AED 10,000.|
|Mashreq Platinum Elite MasterCard||Minimum salary should be AED 7000.|
|Mashreq Solitaire Credit Card||Minimum salary of AED 25000 is required.|
|RAKBANK Red Credit Card||Minimum salary requirement ranges between AED 5000 to AED 35000. Minimum age of 21 years is required.|
|Emirates NBD Visa Platinum Credit Card||Minimum income of AED 5000 is required.|
Individuals generally need to submit the following documents while applying for a credit card with a balance transfer facility in the UAE. There may be specific divergences based on the specific company and the same needs to be duly checked.
What is the exact process of making the balance transfer from one card to another? The customer has to first fill in the application for a zero percent interest balance transfer to an alternative credit card. They should be clear about which funds on the respective cards that they wish to transfer. It makes sense to make this decision based on the highest volume of debt on a specific card or the amount of interest that is being charged on a specific debt. Secondly, one must check whether the zero interest rate is applicable based on the credit score that one possesses. Finally, one must be wary of the transfer limit of the new card and whether it is possible to shift all the debt onto the new card. Also, the transfer fee that is charged, which is typically around 3% to 5%, should be checked.
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We at Policybazaar understand the importance of having accurate knowledge of the various card features while one is making this decision. If one has decided to switch their balances to a different credit card, one must have a clear understanding of the shift in finances that this will affect. To make this calculation, one must be clear about the amount that one is transferring, the interest rates on the new card, etc. One can visit our website while making this decision. We are committed to providing you with a rigorous comparison of all the cards that you can opt for and ensuring that you make the best choice regarding the card that you switch to.
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