How to transfer credit card debt ? When the utilization rate and indebtedness as discussed Credit Cards, which were confirmed by quantitative data most commonly used in Turkey. In our daily life, we use our credit cards to postpone our expenditures by 1 month for many payments, shopping and even cash transactions. We make our cash flow more normal by paying minimum amount even if we have difficulty in payment. The fact that credit cards are widely used in our country is determined by the number of cards per person. As a result of the analyzes carried out in this case, the number of customers in a serious credit card debt is quite high. In such cases, credit card users may want to combine their debts under a single bank and streamline their payments through a single channel, rather than borrowing from multiple credit cards. When this is the case, the option is Credit Card Debt Transfer ! Let’s examine this process with all the details.
What is Credit Card Debt Transfer ?
Credit card debt transfer is one of the services that banks like to provide. Because, thanks to this service, banks increase their income considerably. Apart from increasing the income of banks, it is also popular due to the acquisition of new customers. As they will make you use a new credit card or credit to transfer your credit card debt, there will be a new customer, a new gateway for banks.
Credit card debt transfer system , credit card debtors, all debts under one roof; is the collection process in a single bank. Nowadays, the use of credit cards is quite common and there are multiple credit cards from almost every individual. This has negative consequences when it comes to unconscious expenditures. One of the negative results; to reach unpaid debts. Credit card users see the credit card debt transfer system as a way to repay their debt to various banks . Because with the transaction, dispersed debts are collected in a single bank and appropriate payment plans are adjusted according to the customer.
Credit Card Debt Transfer
Credit card debt transfer starts with the person who borrows to various banks due to various bank cards and applies to the bank to collect the debts. Upon approval of this application, the amount transferred from the borrowing bank is divided into equal installments. The account cut date is then determined by the customer and expected to be paid.
In this system, the customer advantageous part; interest payments to different banks. Because with this transaction, the bank that was owed became the only bank. Moreover, bank customers will not be able to pay interest on the debts they cannot make their payment, and they will be free of legal proceedings. Consequently, there is no need for enforcement and foreclosure transactions, no lawsuit is filed against the customer and the MadeEZ Bank does not enter the black list, credit rating does not fall. From this perspective, it is advantageous to have a debt transfer for the cards .
When debt transfer transactions are approved by the applicant bank
The transaction can be performed in two ways and these applications may vary from bank to bank. In the first of these applications; the bank pays the customer the total amount of the debt in cash and the debtor makes the necessary payments himself. Sometimes banks ask their customers to present their debt-free document to their banks when the debt is provided in this way. In the other; banks take care of the debt situation among themselves and do not engage customers.
What are the Disadvantages of Transferring Credit Card Debt?
Credit card debt transfer transactions are generally offered to the borrower bank customers as an advantage, but this process also includes negativity for the customer. This is a service that the banks love and continuously provide because it serves the interests of the bank directly on the basis of the application. In credit card debt transfer, people have the advantage of collecting their debts in a single bank, while at the same time paying a high interest rate on this collective debt. That is, the total debt transferred from other banks; is repaid to the bank by applying high interest .
Credit card debt transfer transactions also incur additional charges. Under the name of transaction fee, a certain amount is charged to the customer after the application process. This fee is reflected in the first statement behind the structuring of debts and the bank customer pays this transaction fee along with the first-come statement.
What are the Credit Card Debt Transfer Terms?
In order to carry out debt transfer on the cards , first of all, people must have more than one credit card and they must have debts. Another effective element; the credit rating of the person is sufficient. Because the credit rating is the degree of reliability of individuals in the eyes of banks. Therefore, if you owe to several banks through multiple cards , your credit rating should not be low if you plan to transfer credit card debt .
When transferring debts for cards , your credit record must also be proper and your credit score should be at a sufficient level. Because the bank to transfer your debt should trust you and analyze whether you will pay the debt you will transfer. If you do not have the ability to pay your credit card debt, if your previous payments are irregular and made to lower your credit rating, your debt transfer may be rejected.
- High credit rating,
- The credit record is smooth,
- Making previous debt payments regularly,
- No disruption to payments
The above conditions are among the conditions that are most taken into consideration by the banks . Debt transfer can be easily carried out by people who meet these conditions and who have a high credit record and who have a high credit score . If you want to transfer your credit card debt to other banks, you can apply with these criteria.
How to withdraw debt transfer loan?
If you think that you have fulfilled the above-mentioned requirements, you can review the campaigns of the banks you have previously worked on. Almost all banks currently carry out campaigns under the name of debt transfer loans in various periods. You can follow these campaigns and transfer your debts to new banks with appropriate interest rates.
You can apply for a loan transfer loan by reviewing the current campaigns of the top banks. As the campaigns offered by banks to obtain credit card debt transfer loans will be with various and different interest rates, the opportunities that each bank will offer to its customers may vary. You can still opt for the loan to be approved instantly by choosing the banks you worked with before.