Question

Explain the key functions required when amending an account that is ready to be brought back into balance without any debts. Discuss in 50–80 words.

Answer 1

When it comes to paying-off credit card debt, a balance transfer credit card is one of the best options to help chip away at debt and avoid extra charges in interest. A balance transfer credit card can transfer debt from one or more accounts to a new card. The best balance tranfer cards offer lengthy  introductory peroid with zero percent APR offers, providing a window to pay-off tge combined baance, interest free.

Pros of balance tranfer cards

• Save money on interest: Balance tranfer credit cards are generally characterized by zero percent APR offers. These offers provide you with time to pay off our credit card debt without being charged interest.
• Consolidate our Debt: Balance tranfer credit cards allow for several tranfers, giving us the ability to consolidate debt from multiple cards.
• Opportunity to earn rewards: If we have good to excellent credit, we can qualify for a balance tranfer card with a rewards structure and other perks. Once our debt is paid off, we can continue to use the card to earn rewards on our purchases.

Pros of balance tranfer cards

• Fee for each balance transfer: For each balance we transfer to our new card, we pay a balance tranfer fee. These fees range from 3 to 5 percent of the total amonut we want to transfer .
• Poor Credit: Most balance transfer cards with zero APR offers require good to excellent credit. For those with bad credit, we can expect a low APR for a set time peroid, but nothing to long.