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Since July 1, 2024, you have more power in your hands: portability of credit card balance arrived to help you pay off your debts more easily and economically.
If you, like millions of Brazilians, are tired of paying high interest rates and facing short terms, you will benefit from this new feature.
With portability, you can, for example, transfer the outstanding balance to another bank that offers better conditions.
In addition, you can negotiate the best conditions for your budget. This measure will certainly help you save money and also bring you more peace of mind.
Want to know how it works? Keep reading and find out how portability can be the key to your financial freedom!
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Trapped by credit card debt? Portability of your credit card balance could be your solution!
Indebtedness in Brazil, especially with credit cards, is a worrying reality.
According to data from Procon, in 2023, 66,5% of Brazilian families were in arrears, and the credit card was the main culprit, present in 82,4% of cases.
One of the biggest challenges for those in this situation is high cost of credit card revolving credit.
With interest rates that can exceed 300% per year, the debt grows like a snowball, making payment increasingly difficult and frustrating.
It is in this scenario that the portability of credit card balance as a light at the end of the tunnel for indebted consumers.
This new tool, implemented by the Central Bank in July 2024, allows you to transfer the outstanding balance on your card to another bank that offers better payment conditions, such as lower interest rates, longer terms and even no interest!
Imagine the following situation: You have an outstanding balance of R$ 5,000 on your credit card, with an interest rate of R300% per year.
If you continue to pay the minimum, your debt could reach R$1,400,000 in just 2 years!
Now, imagine transferring that same balance to a bank that charges only 10% in interest per year. Your debt, in this case, would be R$ 5,500 in 2 years, a difference of R$ 14.500!
Portability is a unique opportunity for you reorganize your finances, reduce your debts and have more peace of mind.
It's the first step towards a life free from the burden of debt and with more control over your money.
Read also: How to Get Out of Credit Card Revolving Interest?
How does it work?
Credit card debt is an unfortunately common problem in Brazil that affects many Brazilian families.
But, with the new Bacen rule, the portability of credit card balance can be an important tool for families who want to get rid of debt, but paying a fair amount.
In this topic, you will see in more detail how each step of the process, from the consultation with the original bank to the signing of the contract with the new bank.
First, you must access the app and contact your bank. In this contact, you should request information about the outstanding balance on your card, interest rates, revolving credit costs and other fees.
Record the amount of the outstanding balance, the interest rate, the cost of the revolving credit and other fees. This information will be important for comparing with offers from other banks.
Then you must look for a new bank to request portability.
To do this, you should explore the options available on the market. Use comparison sites and online simulators to get an estimate of your new installment.
Be sure to analyze interest rates, payment terms, fees, additional services and the bank's reputation.
Additionally, you can also use online tools to get an estimate of your new installment and compare different offers.
So when you decide, contact the new bank to request the portability of the outstanding balance on the credit card.
You will need to present your documents. If the bank accepts your request, it will contact the bank where your debt is to request portability.
Negotiations of conditions
When negotiating, the bank may present an offer with different rates and terms than those initially stated.
At this point, it is important to pay attention to negotiating the best conditions for your pocket, comparing them with the offer from your original bank and with the simulations carried out.
You have 5 business days to accept the proposal or return to the original bank. Once you have reached an agreement with the new bank, you will sign the portability contract.
The new bank will pay off the balance owed on your original card, freeing you from the debt with your previous bank.
You will then pay the new installments, as agreed with the new bank.
The original bank also has a period of 5 business days to present a counterproposal to the customer, after the portability request.
If the customer does not accept the counteroffer from the original bank, he/she may proceed with the portability to the new chosen bank.
Advantages
This innovative tool offers a series of advantages that can transform your relationship with money.
For example, with the possibility of transferring the outstanding balance of the credit card, you can say goodbye to abusive interest rates.
With portability, you can find banks that offer significantly lower rates, helping you reduce the total amount of your debt and save money in the long run.
Credit card debt often puts pressure on you with tight, rigid deadlines.
Portability gives you the freedom to negotiate longer terms that are more suited to your reality, allowing you to pay off your debts with greater peace of mind and without compromising your monthly budget.
Furthermore, with this alternative, you can get rid of revolving interest and have more control over your finances, avoiding the accumulation of new debts.
Portability is not just a way to pay off your debts, but also an opportunity to restart your financial life with more responsibility and planning.
By reducing the amount of your debts and having more control over your spending, you make room to build a more solid and peaceful financial future.
Conclusion
Certainly, portability of credit card balances is an important tool that will help thousands of consumers pay their card debts.
So, don't waste any more time and try to regularize your situation.
