New Delhi. In today's time, the number of users of credit card is increasing continuously. People use it indiscriminately but the problem arises when the credit card bill has to be paid and there is no money. Now in such a situation, first of all people think of paying the bill late but then there is a fear of spoiling the CIBIL score.

Now how to pay credit card bill without spoiling your CIBIL score and without taking any loan ? The answer to this is the Credit Card Balance Transfer Feature. This feature can prove to be very helpful for you too.

What is the balance transfer feature?

To use the balance transfer feature, you must have two credit cards. In this, you can pay the bill of one credit card with another card. This process is called balance transfer.

Now you will have to pay interest for making payment through other cards also. However, this interest is much less than late fee or loan.

How is balance transfer done?

There are two ways to transfer balance. In the first method, you have to call the bank's customer care and then get the balance transferred from them. Whereas, in the second method, you can transfer the balance yourself with the help of the bank's website and app.

In the second method, you will have to provide the details of the credit card to which the balance is to be transferred and also the amount. In this, you can also choose the method of paying the balance. You can select either lump sum or EMI option to pay the balance transfer.

What are the benefits of the balance transfer feature

If you do not have money to pay your credit card bill, then you can easily pay your credit card bill with the help of balance transfer without arranging money.

Now you will not have to worry about repaying the balance transfer amount. You can do this through EMI as well.

What are the disadvantages of the balance transfer feature

While the balance transfer feature can prove to be helpful for you on one hand, on the other hand it has disadvantages too. This is a kind of double loan. You are taking a loan from another credit card to pay the bill of one credit card.

If you use this feature once or twice then you will not face much problem. But, if you use this feature more then your CIBIL score can get spoiled.

Another disadvantage of this feature is that if you are a little careless, you can get caught in the trap of a new loan. If you transfer the balance through EMI, your EMI can increase every month, which can become a burden later.