The facility to transfer the outstanding balance from one credit card to another is called credit card balance transfer. It is typically used to take advantage of lower interest rates or waiver of interest on the balance that is transferred.
It can also be used to consolidate credit in a single card to make it more manageable and close a card that is not used too often. The customer pays the transferred amount to the credit card issuer to whom the balance has been transferred. He may also be offered the option of repaying this amount as equated monthly instalments (EMIs).
It can also be used to consolidate credit in a single card to make it more manageable and close a card that is not used too often. The customer pays the transferred amount to the credit card issuer to whom the balance has been transferred. He may also be offered the option of repaying this amount as equated monthly instalments (EMIs).
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