Posted on January 13, 2010.
Dear friend how to consolidate two credit cards from two banks on diffrend card low interest? friend I have a credit card HDFC and SBI to manage my debt I want to consolidate the two cards on one card low interest rates, is it possible? if so, how? Pls guide.
You can either use your card to lower interest rates (as it is below 10%), or enjoy one of the many offers that you might get the mail or cards with low interest 0%.
If you use one of your existing cards, call customer service credit card number. They will send you checks "to use. Write a check for the balance of your card at the higher rate and pay it back. The balance will go directly to your low-rate card. Sometimes you can even negotiate an agreement with a bank that you have a card with, in terms of reduced rates or increased credit limit. (If you've reached the credit limit on your cards, you can not consolidate them.)
If you receive an offer by mail, make sure the offer interest rate is for a suitable period of time, say a year or more. Sometimes it says "Standing on zero balance transfers." Join the new low-rate card, and check the box that says you want to do a balance transfer '. " Sometimes they have a place on the form where you can give information on the transfer balance, and they take care of him. Sometimes they send the checks you can use to transfer the balance. It depends on the company. They are all hoping that you will use the card for purchases of new debt and increase your ... Do not do it!
Whatever you do, do not use credit cards for anything else. The zero interest rate generally applies only to balance transfers. If you put new taxes on the map, the rate could be as much as 15% ... and payments that you are not going to balance transfer, if interest rates continue to accrue on new purchases, and you'll be even more in debt. This may sound strange, but you can freeze the card in a container of water, and store in the refrigerator. Therefore it is quite difficult to use!
You know the joke about using a MasterCard, Visa to pay the bill? It's sorta like that.
In some cases, you can tell the credit card company when you sign up, you want to transfer balances, and they can do it for you. In other cases, the credit card company will send the draft white that you can use to pay other cards yourself, projects being charged to your new map.
In general, these projects include an interest rate substantially higher, but the transfer of registration does not work.
The best way to do it? Calling the new company DC, and ask how.
Most credit cards give you two options for the transfer of balances. Firstly, they will give you the convenience checks you can perform as a check on your bank account to send your credit card company to pay the balance. Make sure it is seen as a balance transfer and not a cash advance. Cash advances on credit cards are generally at a higher interest rate and does not help you.
Second, many companies credit card can now transfer balances electronically. Check and see if your company will. If so, all you need to do is give them the information card credit card you wish to pay and they do the rest.
