- September 6, 2021
- Posted by: admin
- Category: Blog
A balance transfer can assist the cardholder to repay the amount on the existing card by transferring it to any other card. Balance transfer credit cards in UAE are becoming increasingly famous. The credit card balance transfer can assist in saving more at high rates of interest to repay the loan easily. To understand more you can consult with the Start Any Business consultants who will surely guide you completely on this matter. Here we mentioned a little guide on the balance transfer credit cards that will help you to understand some important points.
Several credit card providers give a 0% or low introductory Annual Percentage Rate. It is worth mentioning here that the rate of APR can come at 48 percent after the initial APR rate is not valid for longer. Suppose an applicant owes a high amount to the issuer of a credit card with an APR of 21%. In this situation, what will be wise to do? This is simple, they can transfer the loan to a credit card with 0% or low APR and save more on interest. This is a very viable manner of repaying the loan. Most of the balance transfer credit cards in the UAE come with a lot of advantages like interest-free tenure, low rates of interest, loyalty points, and more.
The holder of a credit card who wants to repay the amount on existing cards can choose a new credit card and avail the advantages of balance transfer within a period of 5 to 7 working days. Loan management just got easier with the balance transfer credit cards. This goes without stating that the best credit cards always come in handy whether you wish to create your savings or is a plan to avail of interesting offers and discounts. If for any reason, in case the cardholder is in financial trouble and has to pay interest amounts, they can choose the best balance credit cards.
How to Apply for Balance Transfer Credit Cards in UAE
This is very simple and easy to apply for a balance transfer credit card in UAE. Below are the steps that you need to follow:
• Find a credit cards issuer that provides a significantly low rate of interest than existing cards.
• Get all the concerned information comprising the charges of processing.
• Obtain all the necessary application forms from the bank.
• Fill in all the required information comprising the credit limit.
• Collect the form of application from the bank
• Fill the application form by giving the necessary details like date of expiration, credit limit, credit card number, the unpaid amount of existing card, and more.
• Attach all the necessary documents like payment record of last month, proof of address, and copied credit card documents.
Features and Benefits of Balance Transfer Credit Cards in UAE
A 0% balance transfer credit card gives great choices for those who don’t wish to pay any interest on buys for a pre-determined tenure. A cardholder can transfer its balances from the existing credit cards, to credit cards with good APR rates without making payment of any financial amount for 6 months or more.
Below are the features and benefits of balance transfer credit cards in the UAE:
1. Low-Interest Rate: If you have a credit card with a higher rate of interest, choosing a credit card with a lower interest rate is a wise step. Transferring a higher interest loan from an existing credit card to a card with a significantly low rate of interest would make capable them to repay the loan. Since you require to pay a very interest rate, your monthly credit card outgoings would contribute towards paying the balance of your credit card dues, not interest.
2. Pay Low Charges: Transferring the balance to a fresh credit card is easier with a credit card offering better advantages. If your existing credit cards do have not a good history because of higher charges or short grace tenure, then you can transfer your balance to a good credit card. The new credit card can also provide promotional rewards for new buys.
3. Low APR: Transfer balance to a card with a low balance transfer APR can assist you to secure more on your existing bank loan. This is because you can get a 0% or low initial PR to repay the amount within the specified duration.
Read More – How To Check Credit Score in UAE