Hi All,

Are you paying higher interest charges for your Card outstandings?
Do you have the capacity to pay over and above your minimum dues?
 
Then here comes my suggestion to easily
come out of your credit card debts!!!

If you are a owner of single credit card and ending up paying higher rate of interest for your credit card outstanding my suggestions would be

* Choose the best card which offers you lifetime free card with 0% Balance Transfer (BT) for 3 months. (SBI, ICICI, HSBC.....) are some of the cards which offers 0% BT.
* Transfer your current outstanding opting 0% BT for 3 months.
* Kindly take a note on the day the final confirmation of your BT provider. From that day only the actual 90 grace days will be counted.
*  On 80th day check with your previous Credit Card client whether he is offering BT, if "yes" go for BT and clear the outstanding which you have engaged with the new credit card. If "no" apply for one more credit card who can offer 0% BT and through that service provider and opt for BT.
* This process continues till you close all your credit card outstandings.

Note:         
While opting BT your credit card outstanding should be nil/zero. Say for example, you own HDFC Credit Card and the outstanding is 30000, you are opting for BT from SBI Card for 30000, before opting BT from SBI your outstanding with SBI card should be nil, then only you will enjoy the benefit otherwise your finance charges for the outstandings will reflect each month. Better not to go for BT when you have outstandings with that card.

When you have taken BT from one credit card dont go for any purchase with that credit card, your finance charges will take effect from the day 1 onwards. Its better to keep the card at your home or in lockers, till the next turn comes for BT.

In my case I am using 2 credit cards exclusively for BT and I wont touch that credit card for any other purchases.  For regular usage like paying petrol, groceries, hotel bills I used to have one credit card and the other lying at my lockers only for BT and High value purchase.

Just imagine how much interest you will be paying for an outstanding of Rs 65000/-  with 2.95% interest rate: Its Rs 1917.5/-, but I am paying less than Rs 250/- per month as interest.... This is a smart way of managing your Credit Card....

Don’t abuse or harrass the Credit Card providers, by their agressive marketing strategies they have given us a boon called "Balance Transfer" to avoid paying extra interest. Think and act smart.