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March 25, 2023
Ways to Avail of Zero Balance Transfers
When using credit cards or store cards, chances are, the user incurs mounting interests on these cards on top of their debts. That is why, while convenience is tops when using these plastic cards, chances are they ultimately ruin the life of the user just because it leaves him piled up in debts.
Fortunately now, there are ways to ease the user of credit and store card debts, and erase the interest as well. This is by means of a method called the zero balance transfer.
Basic Information About Zero Balance Transfers: How Does It Work?
First off, it is important to know the definition of a balance transfer. A balance transfer is basically just a process of transferring the balance or debt of one credit card or store card to another financial medium, say, another credit card. In this way, the balance or debt that user owes the credit card or store card in question will be erased, and then transferred to that other credit.
Now, here is the question: how does that help? Doesn’t that mean that the user is just brought on into another cycle of paying balances and debts on his credit cards?
Here is where zero account transfers come in. Zero account transfers basically mean a account transfer with zero or virtually no interest at all. Well, there are still some account transfer providers offering the services with a minimal interest fee. But if the user is lucky, or if he is careful in searching his options, he will eventually find one credit that will agree to swipe debts on credit or store cards without added interest to the user.
Conditions Associated With Zero Balance Transfer Deals
As with all deals concerning a financial medium such as credit cards and store cards, account transfer deals such as the zero balance transfer transaction can only be availed of based on some special considerations, usually written in fine print. For one, most of these zero account transfer deals are only available if the credit or balance transfer card in question is new. And then, this balance transfer card will require the user to shift the debt in a span of two months after opening the balance transfer card account. Also, while most zero account transactions allow the debt stricken credit card or store card user to transfer debts or balances as often as he desires or needs to, the limiting factor would be his credit score or rating. In other words, the user still has to establish a good paying record in order to qualify for the zero account transfer deal.
Steps on Applying for a Zero Balance Transfer Deal
To start off with availing for a zero account transfer deal, here are the steps:
1. Apply for a new credit card.
2. Application forms for new credit cards would usually have a question as to whether the applicant would want to shift debts or balances from other credit or store cards. Just answer “yes” and write on all the required information for the credit cards or store cards in question.
3. If the card issuer approves the card application, the balance from the other credit cards or store cards would be paid off.