Luxury and comfort is the norm of day today life in Singapore. Many face critical conditions of debts and large payments. This may result in financial mess and lead to larger debts. This may also result in bad credit and lead to future problems. If the money is not paid in time, then the debt may increase due to high interest of rate. Bad credit history reduces the chance of getting loan, savings account and other banking application. It also may affect in opening mutual funds.

Balance transfer credit cards can save a lot of financial mess and reduce the debt interest. Urgent payments can be easily met by using these cards. As from the name, we can know that the balance can be transferred easily to manage the debts. Though balance transfer credit cards can save lot of money, it has its own limitations and complications. The various limitations and complications are listed below here.

• Limited period
• First Few Days Condition
• Higher Interest Rate

These cards are allocated only a limited period of time. Though the customers are using the card during that allocated period, the debt may rise. This may happen due to the repeated usage. So, the customers must carefully use this card. If the card is used continuously, then it may lead to high debts only.

Some cards have this condition of “First Few days”. The card must be used only during this introductory time. This condition is introduced so that the customers may be eligible for free balance transfer credit cards. If the customers did not notice this “First Few days” condition, then he must pay the respective charges. The charges include processing charge and high interest charges.

The card must be used only in the introductory period, otherwise the customers has to pay the higher interest. This may lead to higher debts only. If the card is properly used, then there may be no problem. The various ways to reduce the excess charges are listed below here.

• More time can be bought by using deferring the actual payments.
• Default penalties can be reduced by paying the money in time.
• Credit history can be improved by making lager payments in time.

• DBS Bank
• HSBC Bank
• Citi Bank
• OCBC Bank