5 Smart Tricks To Handle Your Credit Card Debt
2. Procedure of Balance Transfer
Before you choose the balance transfer option it is important that you should know the procedure of balance transfer well.
The very first step is to inform your credit card issuer that you want to opt for balance transfer facility. An official will be sent by the card issuer with a balance transfer form where you have to provide all the information of your old card and attach the latest bill statement. Usually after 8 to 10 working days a Demand Draft (DD) on the name of your previous card provider will be sent to your residence. Your outstanding amount will get clear when you provide the Demand Draft to your old credit card issuer. After that you need to pay the balance transferred amount to the new credit card provider.
What Else You Need To Take Care Of?
As mentioned above that it will take 8 to 10 working days to process the Demand Draft, there are few other things which should not slip off your mind. It is observed that most people miss out their due date of payments while waiting for the balance transfer. As you already have failed to pay the minimum amount it is not advisable to miss one more due date which can have adverse affect on your balance transfer.