Many consumers consider the perks and benefits of a credit card while making their decision. Discounts, privileges, unique access, promotions, and reward points are just a few examples. However, credit cards also have debt management features that we should be aware of. Take, for example, easy payment plans (EPPs) and debt transfers. The first allows you to divide large payments into smaller ones, while the second allows you to transfer debt from an old card to the new one. Well, it is very common to choose between the two benefits. Let’s compare and contrast these two to assist you in making your decision. What do EPP and Balance Transfer have in common? 1. Save money The first common thing is that they both assist you in saving money. When you absolutely need an expensive home appliance or other significant buy but can only commit to a small amount per month, easy payment plans are ideal. This makes even the most expensive purchases considerably more affordable. Balance transfers enable you to accomplish the same by combining all of your other debts into a single credit card charge. 0% balance transfers imply you can pay off your old debt with no interest under certain restrictions. This eventually lowers your monthly rate to reduce your debt. 2. Need to check interest rates and loan periods. When using both, keep interest rates and loan terms in mind. Make sure you do the calculations correctly when using easy payment plans and balance transfers to ensure you truly spend less. If you are using an easy payment plan, make sure you can afford to pay off the loan in the time given. If you can’t, the interest rate charged after that period will likely cost you more money in the long run. The same is for interest-free balance transfers. Remember to verify the rate that applies during the loan time and the rate that applies after that to ensure that you’ll be saving money by paying off those obligations. What do EPP and Balance Transfer differ from? They are useful in different periods of time. Easy payment plans are helpful before you get into debt. For instance, they help you avoid owing too much too quickly. You avoid accumulating more debt than you can handle by making your payments more reasonable. Easy payment plans won’t help you get out of debt if you are already in debt. It will only aid future purchases. On the other hand, balance transfers help you after you get into debt. They are used to manage existing debts. Balance transfers are the most effective way to reduce the amount you owe by lowering your interest rate. Balance transfers aren’t immediately advantageous if you don’t owe the bank. Conclusion In conclusion, you may utilise this information to your advantage when selecting a credit card to help you better manage your finances. It is even better if the card you choose includes both of these advantages, such as low interest rates. Feel free to use our credit card comparison page for more benefits comparison. Also, do contact us for more information. Follow LoanPanda on FaceBook & Tiktok to get more information.