Know the ins and outs of balance transfer
News from Business Line:

Banks offer incentives to customers who use balance transfers by providing a lower interest rate or offering an interest-free period.

Manish, a trader, has a credit card which he isn’t quite happy with. He currently has an outstanding balance on the card and is looking for an option that will not necessitate him to pay off his dues immediately, and at the same time enable him to do so without any additional interest added on to the existing outstanding balance, as he was in the habit of paying only his minimum amount due in the past. Manish should opt for balance of transfer facility.

How it works

It is a facility offered by credit card issuing companies to card holders wherein the outstanding balance on a credit card can be transferred to a less used card or a new card.

Banks provide incentives for customers who use balance transfers by providing a lower interest…………… continues on Business Line
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Related News:

US gets chance to catch up on credit card security
News from San Jose Mercury News:

NEW YORK — The next time you swipe your credit card at checkout, consider this: It’s a ritual the rest of the world deems outdated and unsafe.

The United States is the only developed country still hanging on to credit and debit cards with those black magnetic stripes, the kind you swipe through retail terminals. The rest of the industrialized world has switched — or is in the process of switching — to “smart” chip-based cards.

The problem with that black magnetic stripe on the back of your credit card is that it’s about as secure as writing your account information on a postcard: Everything is in the clear and can be copied. Card fraud, and the measures taken to prevent it, costs U.S. merchants, banks and consumers billions each year.

The smartcards can’t be copied, which greatly reduces the potential for fraud. Smartcards with built-in chips are the equivalent of a safe: They can hide information so it can be unlocked only with the right key…………… continues on San Jose Mercury News
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