| |
| |
|
WebsiteAlways |
|
Credit Card Balance Transfers Can Help You Stop Putting Money Down The Drain
As you probably know, interest rates are at all time low right now and if you aren't getting the best deal from your credit card company then they owe it to you to either lower your rate, or you owe it to yourself to find a better deal. You see, credit card companies need your business in order to succeed and if you refuse to pay a penny more than you have to then you'll be doing yourself and others a big favour indeed. By doing this, you'll avoid paying more than you should and the companies will stop treating its clients inappropriately. Now that this is clear, we will talk about the essentials of balance transfers, how they work and how you can ensure that you get the absolute best possible deal. 1. First and foremost, understand what a balance transfer is. A balance transfer is when you transfer the balance from one card to another in order to get a better interest rate than the one that you are currently getting. 2. Second, to find the absolute best deals, look to transfer balances on cards where the initial interest rate is 0% and the amount after that is lower than the one you have now. For instance, if you're a cardholder that has an interest rate of 27.4% on a 1000 balance and you only pay 150 a month for 6 months, you will not pay off the balance in 6 months. Instead you will pay 247 worth of interest and your balance after 6 months will be 346. In contrast, if you had a 0% card and make the same monthly payment then your balance will be reduced to 100 at the end of the 6 month period, a tremendous saving! 3. Third, don't throw those offers that you receive in the mail away. If you have great credit then you'll likely have credit card companies vying for your attention. Just use this power to your advantage and find the very best 0% deal for you. 4. If no good deals seem apparent, then you have to find your own deals. You can do this by conducting a thorough search on the internet to see if you can find a 0% card offer. 5. Once you've done this, request information and then review it carefully. Pay close attention to the rate after the initial introductory period is over. For instance, if you have two choices of cards with 0% interest rates for 6 months and one charges an interest rate of 15.00% after the initial period and one that charges 11.00% after the initial period then by all means choose the second one because it is by far the better deal overall. 6. Read and then re-read the credit cardholder agreement a couple of times. Make sure that you understand all of the jargon and if you don't, find someone that does before you sign it. Review it closely to make sure that you are getting the best deal possible. For instance, when evaluating deals, you should ask yourself these questions: a. How long does the introductory rate last? b. What will be the rate after the teaser expires? c. What are the cards annual fees? Can they be waived? d. Are there any transfer fees that you should be aware of? e. Are there any perks that are offered? (Ex. frequent flier miles, free gifts, etc). 7. Once you've decided on an offer, fill out your application fully and get it in the mail as soon as you can. 8. Once you get the offer, make sure that it is a 0% teaser rate and if it isn't, then contact the company right away. If they aren't open to doing so then tell them that you're cancelling the card and look for another company that delivers what they promise. Your primary goal is avoid the old "bait and switch" while simultaneously saving money on interest. 9. While waiting for your new card, make sure that you continue to pay on your old card to avoid glitches in your credit report and once you receive notification that the transfer has been made, make sure you contact the old company and make sure that they received the payoff amount. 10. After the teaser rate is up, don't be afraid to jump from one credit card to another after the teaser expires. You see, there is absolutely nothing wrong with surfing cards and taking advantage of 0% offers whenever you possibly can. Just keep finding and researching great deals. That's it my friend. Credit card transfers don't have to be so confusing and daunting. If you follow the above mentioned steps then you can and will win the balance transfer rate and stop throwing your hard earned money down the drain. Claire Bowes is a successful freelance writer and owner of http://www.the-credit-card-centre.co.uk where you will find further advice and money-saving tips on the best credit cards, 0% balance transfers and cash back credit cards.
MORE RESOURCES:
Credit - Google News |
|
|
|
RELATED ARTICLES
How To Use Your Credit Cards Wisely Are you one of the thousands pulling your hair out trying to figure out how you're going to pay your credit card bills? Using your credit cards wisely and sensibly will help you avoid financial problems and establish a strong credit rating, so here's some information to help you get your credit card problems under control.Credit cards are convenient for buying things now and paying later. Consumer Credit Reports A consumer credit report is a factual record of an individual's credit payment history. It is provided for a purpose permitted by law: to help a credit grantor or lender quickly and objectively decide whether to grant you credit. How Do I Establish A Good Line of Credit? A line of credit, roughly defined, is the amount of credit that can be given to a borrower from a lender. Usually a contract or note of promissory is exchanged between the two parties, in which both parties agree to the line of credit amount, as well as the annual interest due to the lender at the end of the term. Stop Struggling Because Of Poor Credit And Improve Credit Rating Now Did you apply for a personal loan only to be turned down by a bank or lending institution? Like most people there is always a need to borrow money to buy a car or to renovate a home or even to get a student loan. There are many reasons why people need a loan and lenders turn people down from a loan application based on ones credit rating and credit score. Fight Credit Card Fraud with Common Sense By now, you have undoubtedly heard of credit card fraud, an alarming and damaging trend that is sweeping the country. Here's the bad news: It is disturbingly easy for thieves to obtain your credit card number--usually from discarded receipts or even directly from you. Know Your Credit Card Rights When you apply for a credit card, the application that you sign is also a legally binding contract laying out all the termsbetween you and the bank, such as the interest rate and how its calculated, the grace period, whether there's an annual fee, etc.While you have to agree to the terms and sign if you want the credit card and while the lender will certainly hold you to the terms, the lender doesn't feel similarly committed. How To Eliminate Credit Card Debt There is almost nothing more troublesome than having too much debt to pay each month. Consumers incur debt for many different reasons. Your Credit Score Credit scores: all lenders use credit scores to determine interest rates and credit limits.The credit scoring system was developed in the early 1950's. Fixing A Credit Report Fixing a credit report starts with seeing what's on it. You may get access for free online. A No-Brainer Way Of Getting Credit And Credit Cards What Is Your Credit Rating Now?If you have any charge accounts now, or have ever borrowed from the bank to buy a car, or if you ar paying on a mortgage, there is credit information on you.Up until a few years ago, you could only guess at what your credit rating was, because the credit bureaus who keep track of borrowers wouldn't tell the borrowers anything! But that's been changed through several laws, and now the bureaus have to send you your credit file when you request it. Credit cards If gold medals were awarded for marketing consistency, the credit card industry would be the Sarah Hughes of the business world. Major players Visa and MasterCard, who have maintained their steady rates of spending and commitment to their positioning platforms for years, will stick to their established routines this year. Why Does FACTA Matter to Me? FACTA stands for Fair and Accurate Credit Transaction Act. FACTA is the law which allows any American access to their credit report once per year. Student Credit Cards STUDENT CREDIT CARDS With graduate debt averaging over 12,000, the ability to spread the cost of further education using a student credit card is obviously attractive. Adding to their appeal is the fact that these cards are relatively easy to obtain. Credit Repair: How To Deal With Your Creditors If you are in danger of credit problems because you have more debts than you can handle, there are things you can do at least keep your creditors reasonably happy.First, prioritize your debts or rank them in terms of the ones that can give you the most trouble the quickest. Fair Isaac Corporation Credit or FICO Score As I am not from the US, I had no idea what FICO meant before researching it. FICO stands for Fair Isaac Corporation, a company based in California. What is Credit Card and Debit Card Blocking? Have you ever been told you were over your credit card limit, or had your debit card declined, even though you knew you had available credit or money in your bank account? If this happened shortly after you stayed in a hotel or rented a car, the problem could have been card "blocking."What is Blocking?When you use a credit or debit card to check into a hotel or rent a car, the clerk usually contacts the company that issued your card to give an estimated total. Credit Card Debt: One Way To Avoid It One of the biggest problems people have in these modern times is Credit card debt, and worst is USA. Simply because there have always been so many laws and regulations before you could have a card in the rest of the world, you can't for instance borrow someone elses card and go shopping because you always have to show some ID before they accept cards in Europe. What You Need to Know About Interest Rates For all people shop around for the best rate, there are few who have taken the time to sit down and add it all up. After all, why would you bother? The answer is that understanding just how interest rates work can help you see how important small differences in rates and payment amounts can be. Consolidating Credit Cards Credit card consolidation is a popular solution for those with significant credit card debt, usually distributed on three or four different cards. Basically, this means putting all your debts together on a single card, like transferring it all to one loan. New Law Provides Free Annual Credit Report As of Thursday, December 1, 2004, one-third of Americans will be able to access their credit reports from all three main agencies for free. Passed in late 2003, the Fair & Accurate Credit Transactions Act creates a central source consumers can use to obtain a free annual credit report.
|
| Interesting articles | Home | site map | Link |
| © 2006 |
