updated: Oct 17, 2024
Are you tired of juggling multiple credit card debts in Singapore? A credit card balance transfer calculator might be just what you need. With a balance transfer calculator, comparing different credit card offers is easy. You can see which one offers the best deal, whether it's from DBS, UOB, or OCBC.
Credit card balance transfers can be a smart financial move when done right. Let's dive into what they are, their benefits, and the potential pitfalls.
A balance transfer means moving your credit card debt to a new card with a lower interest rate. This can save you money and help you pay off debt quicker, allowing you to enjoy more 'milo dinosaurs' guilt-free. To benefit from this, you need to understand how to calculate balance transfer fees and use a balance transfer minimum payment calculator.
Pitfall | Description |
|---|---|
Transfer fees | Most banks charge a fee, typically 1-5% of the transferred amount |
Short promotional periods | Low rates may only last 3-12 months |
Higher rates after promotion | Interest rates may increase significantly once the promotional period ends |
Minimum payment traps | Making only minimum payments can lead to long-term debt |