Credit card Balance transfer?
I want to do a balance transfer,to my excisting credit card from another new card which has some grace period .
My question is after grace period can i transfer back again from that new card balance to old i.e viceversa?
Can i do this so that i can avoid interest rates?Is it possible to avoid interest rates by switching b/w multiple cards?Pls guide me
Thanks
Deep
Answer:
It will reflect negatively on your credit. Plus, most balance transfers have a fee associated with them.
Also, the company does not have to honor your request to do the transfer. They could decline your request.
Just pay your bill and do not buy things you cannot afford. Save your credit for an emergency.
You are going to suffer extensively by depending on card and latter drowning urself. In one case AMERICAN EXPRES BANK , to HSBC transfer was done American express started debiting my account immediately, where as the resultant credit from HSBC was missing. When I enquired they said they have not recieved any credit from American, I took up with American express they said they have credited the money to HSBC, the drama went on for 10 months, then American sent a photo copy of the transfer. I showed it to HSBC they took another 3 months to confirm afterwards they blushed. When I demanded the services charges and the agony i was put up with they simply said we do not know. Do you know they enjoyed my money for one year and i lost interest as well as paid service charges month after month.
It seems you are young and not aware of the cheating business credit card companies do. The Money transfer is one such thing. Earn yr money do not be fooled thru crsdit cards and balance transfer, BEAWARE
I call this game "credit card roulette".
For starters, you have to pay a fee when you do balance transfers, so it's not doing you any good. The only time it's to your advantage is if you trasnsfer to a card with very low interest rate, and leave it there.
Just a warning.I've seen many people make this mistake. The purpose of balance transfers is to try and consolidate your debt into one payment. This is for people who have abused their credit, have several cards, and can not keep up the payments.
What they do wrong is make the balance transfer, then turn around and run up the now-emptcy credit cards all over again.
Over the past couple of years thousands of people have been suckered into this trap, and end up filing for bankruptcy.
Word of warning.be carefull playing "credit card roulette" before you end up killing yourself.
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