Balance transfer allows you to pay off the balance on your existing credit card by transferring it to another credit card account. It is a great way to save money if you are getting a lower interest rate. When you save money on interest, you will be able to pay off your debt faster. You will only be able to transfer the amount that is up to your credit card limit. Banks usually charge a certain balance transfer fees. You may also get 0% interest rate as an introductory offer for a certain period. Commercial Bank of Dubai offers balance transfer facility for their credit cardholders. You can transfer the credit card balance of another bank to CBD credit cards.
Features and benefits of CBD Credit Card Balance Transfer
Following are the features and benefits of CBD Credit Card Balance Transfer:
- You will be charged a 0% interest for the first 6 months.
- There is no annual fee charged on your CBD credit cards.
- The minimum payment you need to pay each month is 5% of the outstanding credit card balance or a minimum of AED100.
Fees and charges of CBD Credit Card Balance Transfer
You will be charged a 1% processing fee on the balance you transfer. The minimum processing fee charged is AED100.