Credit cards have become a necessity for many people these days.
However, every purchase made on a credit card is essentially a loan that must be repaid within the grace period.
If you're are one of them and struggling with a large credit card bill, a balance transfer might be a helpful solution.
A balance transfer allows you to pay off your credit card bill by transferring the outstanding balance to another credit card.
To do this, the second card must have a sufficient credit limit, as you can only transfer up to 75% of the available limit.
The bank facilitating the balance transfer typically charges a processing fee and GST for this service.
There are two ways to initiate a balance transfer.
The first method involves calling your bank's customer service to request the transfer.
The second option is to use your bank’s app or website to transfer the balance yourself.