Use Your Balance Transfer Card Wisely

Balance transfer cards are cards that offer very low or zero interest rates. If you have high-interest debts to pay like loans, credit cards then you can go for a balance transfer card to preserve money on the high interest rates. You can transfer your due balance to a balance transfer card with a low or zero interest rate and pay off the balance without worrying about the interests piling up. But to get approved for a balance transfer card, you need to have a good score. A good CIBIL score also helps to get the balance transfer deals. But you should also know that balance transfer cards have an expiry period ranging from 3 months to a year.

So how should one use a balance transfer card wisely? 

Your main aim should be paying off that balance before the low interest rates for the balance transfer card expires and interests start piling up again. Don’t transfer a balance if you are not sure of paying off the debt before your low interest rate expires. Transferring a balance when you are not sure about paying it does more hurt than help because in the end you’ll be stuck with a bigger interest rate than the one in last account, once your low interest rate expires.  You would lose money than, what you were thinking of saving, while transferring the card. Make sure you understand all the terms and cinditions of the card before you make a transfer. Try to get the lowest fees & lowest interest rates and the longest period of time.

Balance transfer card don’t make the balances go away- they optimize your debt by making it less expensive for a limited period to help you pay it off. 
So, follow these steps and use your balance transfer card wisely!

For any assistance regarding credit score visit www.cibilconsultants.com

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How to get Healthier Personal Finance ?

What defines our finances may not be in our hands always but most of the times it. Our Finances define many of the important factors so it is necessary to have a healthy financial life.

Prioritize your financial goals:
Write down the financial goals you are aiming for and focus on the ones which rank high on your priority list. Having goals set is very important and the first step to healthier finances. 

Get a Credit Report: 
Credit Report is a major factor defining the health of your finances. Checking your credit report at regular intervals is good financial practice and helps you spot any deceitful activities on your reports immediately. You can correct these errors before they devastate your finances.

Reduce Debt: 

Optimize your debts to pay less. Pay off any pending balances to keep your credit report clean. Because the better credit score you will have, the more money you can save. Higher credit score not only gets you lower interest rates but also gets you more ways to pay off your debts with debts consolidations, balance transfers etc.

Insurance:
To tackle the risks in our financial life, insurance is a must. Search for the best insurance deals with lower costs and enough protection. It makes your finances safer and gives you a safety net.
 

 

Follow these steps to healthier personal finances and know more @ www.cibilconsultants.com

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