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A balance transfer credit card is a card which allows you to transfer your debt from an existing credit card to another credit card to save on the interest charged for repayments.
You can call the bank and request for them to help you with the balance transfer. Some banks may require you to fill out a form and send the current statement of the credit card that you wish to transfer from. The bank will either approve the full or partial amount that you have requested to transfer. It would depend on your credit limit which is set differently for every bank.After the bank has approved your request, they will automatically transfer the amount to the balance transfer credit card. This process could take up to 2-3 weeks, depending on the respective bank.
There are a few limitations and requirements, such as:
It’s as simple as filling up an application form and submitting the relevant personal documents. On Loanstreet, just press apply and fill in your details. You will receive a phone call from us within 1 working day in order to check your eligibility, after which we will submit your application to the banks. You will then deal with the banks directly until your application is approved and your credit card is received.
Every card issuer has a different processing time to approve your application. However, it usually takes 7-10 days to receive your card, either by mail or collection at the bank. To make the processing time faster and more efficient, be sure to submit all the relevant documents with the correct details required by the card issuer.
You must contact your respective bank immediately and request to block your card. If you do not report it as soon as possible, you may be liable for the charges made to your card. The hotline services are available 24 hours for this issue. Besides that, you should also report to the police to protect yourself from any unauthorised usage.