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Benefits Of Balance Transfer Cards

12 Sep

If you need help keeping track of all your credit card balances and you are tired of all your monthly payments being swallowed up in interest, then a balance transfer credit card is for you.


With the balance transfer card you would be able to transfer your various debts onto one account and reduce your monthly credit card payments. The benefit of this is that more of your money would be used to pay off your capital as the interest is consolidated as well.


In order to make the most impact on your debt, you would need to make sure you know exactly what your new card offers you as this could determine if transferring your balance is worth it or not.


Your new card should carry a 0% APR on balance transfers so that you would not face a charge at this point. Some cards also carry a 0% APR on all new purchases which means you do not have to worry about paying interest in the introductory months. If there is a balance transfer fee, be sure to factor this into your monthly payment and see if you would be better off.


The length of the introductory period is important; the longer this period is the better. Most balance transfer introductory period averages at about 12 months, but look around as there are many deals on the market.


As spending on everyday items contributes to your increasing credit card balance, look for cards that have added benefits to you. If you use your credit card for gas purchases, look for balance transfer cards that give you cash back on gas and auto maintenance purchases. This could provide a hefty savings on your monthly automobile expenses.


Cash back on normal purchases are available on named cards and this would be another saving you would benefit from. Most of these cards have unlimited cash rewards that do not expire, but do not take it for granted, always check the small print.


When deciding on your balance transfer credit card, look for one with no annual fee and pay close attention to the reversionary APR. No annual fee means that is one less charge you have to pay at the end of the introductory period. The last thing you want to do is pay all the money you saved in interest over the introductory period towards an annual fee.


Likewise the reversionary rate shouldn’t be higher than any of your current credit cards; you should search out the lowest rate possible, the less interest you have to pay on a monthly basis the faster your card balance would go down.


When you add up all these benefits, they provide with you with great savings as you are able to spend less on interest and earn cash back on your necessary purchases. And the more you save on expenses the more cash you have to spend or pay towards your balance in order to reduce your credit card debt.

 
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Lifetime Balance Transfer

12 Sep

The majority of people with a large credit card debt either stick their head in the sand, ending up paying hundreds in interest, or they pay a fee to move their debt to one of the popular 0% balance transfer credit cards on offer.

However, many of those people who switch to one of these cards don’t actually clear their balance before the six or 12 month introductory offer expires. This leaves them in the same situation as before – paying an average of 17.27 per cent interest (CreditAction.org, 2007)

There is an alternative

Compare balance transfer credit cards before availing one. Choosing a lifetime balance transfer credit card offers you a way to really make a dent in your debt without a six or 12 month constraint.

Despite their name, most of these cards don’t actually offer a “lifetime” rate. Rather, they offer around five years at a very low rate on your transfer – between around 3.9 per cent and seven per cent if you shop around.

Remember though, just because you have a low rate doesn’t mean you’re not paying interest – you still want to clear you debt as quickly as possible. Undertake research to find the best balance transfer credit cards.

Will it work for me?

These cards particularly suit people who have a large debt that they won’t be able to clear before the end of a promotional period on a zero per cent credit card.

Also, banks have long been wise to those people who continually switch to avoid paying off their debt and any interest. This means that you’ll not only have to pay a fee of around three per cent every time you want to transfer to a new card, you might also find yourself being refused your next card as the crackdown on consumer credit hits the high street.

Don’t use it for spending though

While these cards are great for clearing hefty debts, they shouldn’t be used for spending. Payments against all credit cards are tiered so that you pay off the “cheapest” debt first.

This means that if you make a transfer but then go on spending on that card, any payments you make against your debt will go towards paying off the balance transfer first, and only once that is cleared will you be able to start paying off all those things you’ve bought.

Even if your card carries a 12 month interest free offer on purchases, by the time you start paying for those purchases you’ll probably be back on the standard rate.

Is it for me?

You’ll still be paying interest – so you’ll be less likely to ignore your debt – but it will be at a much lower, more affordable rate.

So if you’ve been weighed down by the burden of your debt for too long, a balance transfer credit card could be just what you need to finally be debt-free.

Stephanie Wendy writes for CreditChoices.co.uk that offers price comparison tools and consumer guides for balance transfer credit card, best balance transfer credit cards, 0% balance transfer credit cards and savings accounts.

 
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All That you Wanted to Know About 0% Credit Cards

12 Sep

Making 0% balance transfer credit cards work for you

If you’re carrying around a large credit card debt, shouldering the burden of all that interest, it’s probably time to switch to a zero per cent credit card that could save you hundreds of pounds in unpaid interest.

How do they work?

Zero per cent credit cards offer you a break from your interest payments, allowing you to transfer an existing balance and make a real dent in your debt. You’ll have to pay a fee to move your money – typically of between two and three per cent of the total balance – but by choosing the right card, you’ll still be able to save loads.

Find the longest offer

The length of the promotions on zero per cent balance transfer cards vary, usually from between nine and 15 months, and you should look for a card with the longest possible offer. Rather than just taking the card that’s offered by your bank, use a comparison site to find the longest interest free period for the lowest transfer fee.

How much will it cost me to transfer my balance?

When they were first launched, interest free balance transfers didn’t charge customers for moving their money, but as increasing numbers of people took to being ‘rate tarts’, moving their debt from card to card without ever paying it off or paying any interest, banks began charging balance transfer fees.

But even if you have to pay a three per cent fee on a balance of £2,000 – which would work out at £60 – you would still save much more than that by taking a year off from the average APR of 17.31 per cent (CreditAction.org).

Make it work for you

Interest free balance transfers are great, but you need to make sure that you don’t get caught out, ending up in even more debt than you started with.

Your interest payment holiday is a great way to clear your credit card debt once and for all. However, many people end up using it as an excuse to build up new debt on their cards.

But balance transfer credit cards shouldn’t be used for spending. If you still want to shop on a credit card you should use a different card, preferably one that offers interest free purchases or cash back.

Tiered payments

Credit card companies allocate your repayments to different “segments” of your debt. This means that any repayments you make will go against the “cheapest” debt – your interest free balance transfer – and any spending you’ve done since transferring the balance will continue to accrue interest at the standard APR until you’ve paid off all the “cheaper” debt.

Other traps

You also need to look out for things like minimum monthly spending, higher interest on instant cash transactions and make sure that you clear your debt before the promotional period ends or you’ll find yourself back where you started.

Stephanie Wendy writes for CreditChoices.co.uk that offers price comparison tools and consumer guides for balance transfers credit cards, 0% balance transfer, 0% balance transfer credit cards and savings accounts.

 
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Important Things to Consider When Taking Advantage of 0% Intro Apr Credit Card Balance Transfer Offers

12 Sep

All across the United States, consumers who are smart with their finances are taking advantage of zero percent credit card offers, and for good reason. By signing up for a 0% intro APR credit card deal, consumers with credit card debt and a good credit score can literally pay no interest on their lingering credit card debt for 12 months or more.

Here are some important things to remember when taking advantage of zero percent intro APR offers:

1. Many credit card companies will offer you an interest free period as a way of introducing you to their credit card. It is very important that you know and understand what the interest rate will be once that free period is over. If you are forced to pay a significantly higher interest rate after the free period you will likely wind up with a much worse deal than you had intended. If at all possible try to pay off your total credit card balance before the interest free period comes to an end. Try to find a balance transfer deal that gives you at least 6 months 0% introductory APR so that you don’t wind up making balance transfers too often.

2. Be sure that you read through all the fine print very carefully. A lot of the 0% balance transfer credit card offers include a catch: if you use the new card to make a purchase while you are in the interest free period, the APR or Annual Percentage Rate can often be quite high, even as high as 25%! Additionally, payments that you make on your new credit card with a low or zero percent intro APR will be applied to the transferred balance first, which often means you’ll get hammered with high interest charges for purchases and cash advances. A balance transfer can be a really good way to help you save money over the long term, but if you need to make new purchases you will be much better served by using cash, a pre-paid credit card, or your bank debit card.

3. Try to avoid using the convenience checks. Many credit cards will include convenience checks along with your regular credit card statements. A convenience checks is usually equivalent to a cash advance, and cash advances almost always carry the highest interest rate. Sometimes a credit card will give you a good interest rate if you use their convenience checks for making balance transfers. Just be sure that you read the fine print thoroughly so that you fully understand the terms before using their convenience checks.

There is good news about convenience checks. Some credit card companies will provide you with blank checks that are covered under their 0% intro APR balance transfer offer. These blank checks can be very useful as you can use them for whatever you want. A lot of consumers use these blank checks as a method of obtaining an interest free loan, but they can also be used to open a high-yield savings account or to purchase a certificate of deposit. Keep in mind that once the 0% introductory APR period is over interest charges will begin to accrue so it is recommended that you pay off the balance before, or as soon as, the interest-free period ends.

If you are not absolutely certain as to whether the checks you receive are included in the 0% introductory APR offer then take a few minutes and call the credit card company to ask. Whenever you call your credit card company, be sure to jot down the name of the person you speak to in case the representative makes a mistake.

4. Don’t get carried away with your credit card applications. Regardless of whether or not you are approved or rejected, if you file too many credit card applications within a short time period your credit rating could suffer a downgrade.

5. Many credit card companies own multiple credit card brands. Before submitting an application for a balance transfer, be sure that you are dealing with a credit card company that is different from the one you want to transfer a balance from. If you try to transfer a balance from one account to another, and one bank controls both credit card brands, then your application will almost certainly be rejected. Remember that inquiries into your credit report may have a negative effect on your credit rating; this is especially true if the inquiry results in an application being rejected.

If you already have two different credit cards that have been issued by the same bank or credit card company, you can usually consolidate the balances into one credit card account. If you have questions about this call your credit card company to discuss consolidating your credit cards.

6. It is very important that the account to which you’ll be transferring your balance has a high enough credit limit so as to avoid getting into trouble with fees. Some credit cards charge a fee for transferring balances, and if your new account’s credit limit isn’t high enough, you may get hit with an over-the-limit fee after e.g. the balance transfer transaction fee is added in. When shopping for a zero APR offer, try to find one that doesn’t charge a fee for transferring balances. If you go with an offer that does charge a balance transfer fee, then do your best to find out what your new account’s credit limit will be.

7. Always pay all of your bills on time. This may sound obvious, but it is very important. Credit card companies will offer the best terms to applicants with the best credit rating scores. Having a high credit score will also minimize the chances of having your application for a credit card rejected.

All the best 0%

APR credit card offers can be found at www.BalanceTransfer.cc. Information

about new

business credit cards can be found at www.BusinessCreditCards.cc

 
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Are You Practicing Financial Self-deception? a Personal Finance Quiz

12 Sep

Financial self-deception is a form of slow-motion financial self-destruction. If you keep ignoring reality, you’ll dig yourself a hole so deep you’ll never recover.

Take this brief quiz to learn if you’re on the brink of financial self-destruction.

1. Do you blame external forces, events or other people for your financial problems?

Example: “If the transmission on my car didn’t go, I would have been able to pay the rent this month.”

Example: “If the stock market didn’t nosedive last year, I could have retired by now.”

Change your outlook, change your life. We can’t predict mechanical breakdowns, stock market swings or unexpected health problems, but there are many steps we can take to protect ourselves financially if worst-case scenarios occur.

Allocate a fixed portion of each paycheck to an emergency savings fund so unanticipated expenses don’t mushroom into full-blown financial crises. Contribute as much as you can without seriously shortshrifting yourself elsewhere.

Millions of Americans have suffered substantial losses in the stock market or worse, as those who invested with Bernie Madoff can attest. Lingering regrets will keep you living in the past. The only practical thing to do is to learn from your mistakes and move forward.

2. Do you allow the full balance of your credit card bill to go unpaid?

Example: “The balance on my Visa bill can wait another month, because we need to buy [fill in the blank.]“

Change your outlook, change your life. If you don’t pay your credit card balances in full each month, you’re a darling of the credit card industry because you’re tolerating additional interest and late fees on unpaid balances. If you’re unable to pay monthly credit card bills, you’re clearly living beyond your means, and that can’t continue indefinitely. More than any other type of financing or loan (short of money obtained from loan sharks or payday lenders, which isn’t recommended), credit card rates and fees are exorbitant.

Used responsibly, credit cards are a convenient tool for making purchases when carrying large amounts of cash isn’t practical. But paying with plastic demands the same caution and risk awareness you use when lighting a fire in your woodstove, and carelessness in both instances could get you burned.

3. Did you buy a champagne house on a Pabst beer salary?

Example: “Yes, but our realtor said to buy as much house as we could afford.”

Change your outlook, change your life. You probably realize now that houses don’t always appreciate in value. And plunking down thousands more for that extra bedroom you don’t need, the third bath, or the finished basement isn’t just a one-time expense. You’ll be paying to heat that extra space in winter, and cool it in summer, for the rest of your life, not to mention paying higher property taxes for as long as you own the property. And since you probably won’t be content with an empty room, you’ll spend thousands more to furnish it.

There’s no better time than a recession to get rid of the “more is always better” mentality. Forget about weaning yourself off extravagances, do it cold turkey. As with all things in life, purchase only what you really need.

4. Do you take your full pay rather than setting something aside in your retirement accounts?

Example: “I’m young and just starting out. There’s so many things I need to save for; funding my 401(k) and IRA can wait.”

Example: “My husband and I are 40-somethings with a growing family. College tuition comes first, and we won’t have too many more vacations together as a family, so 3% is all I can afford to contribute to my 401(k).”

Example: “I’m scared. I’m 59 years old, and I only have $25,000 saved for retirement. I guess I’ll be working until I’m 80.”

Change your outlook, change your life. Ultimately, only you are responsible for saving for your retirement. Absent Congressional intervention, Social Security payouts will begin exceeding tax revenue not long after the huge number of baby boomers have retired, in roughly 32 years. With fewer young people paying into the system, cutbacks in benefits or an increase in eligibility age appears likely.

So do you want your golden years to truly sparkle, or will you settle for a steady diet of macaroni and cheese? Based on historical averages, a 20-year-old investing the maximum amount ($15,500) into a 401(k) earning 9% will save $1,000,000 before she’s 45. (The average annual return of the S&P 500 index from 1926 to 2007 was 10.36%, according to Ibbotson Associates. Of course, past performance is no guarantee of future results.) But if you wait a decade or more to start making contributions, reaching the big milestones becomes much harder.

Even if you can’t invest the maximum permitted by law, early and regular 401(k) contributions can substantially boost your rate of savings over time.

If you’re in mid-career, it’s also a great time to pump up your retirement savings. If you haven’t done a good job of doing so in the past, you can still catch up now while you’re in your peak earning years. Wouldn’t you rather suffer a little deprivation now, in terms of cutting back on eating out or the second annual vacation, instead of worrying about healthcare expenses in your 80s? The choice is yours.

Those less than 10 years away from retirement face the biggest retirement challenge. The bad timing of the stock market downturn means you’ll have to work double-time to build up your savings and make up for losses.

5. Have you “borrowed” money from sources already earmarked for other things?

Example: “I want to put in a swimming pool, so I’m going to tap my 401(k) and then pay it back later.”

Example: “When we refinanced, we leveraged our home equity to finance our trip to Thailand this year.”

Change your outlook, change our life. Your home is not a piggy bank. Neither is your 401(k). If, for some reason, you cannot pay back the 401(k) loan (think layoff or a half-dozen other common “stuff happens” scenarios), the IRS will consider your loan a withdrawal, taxing you on the entire amount and adding a 10% early withdrawal penalty if you’re under age 59 1/2. More important for the long term, you’ll have shortchanged your future retirement. Realistically, can you pay back that loan and continue building on it without falling behind?

If you refinance and “borrow” from your home equity to pay for something else, and then roll over the extra money into the mortgage, you’re diluting the benefit of refinancing at a lower rate. That’s because you’re adding to your mortgage balance and increasing the total amount you’ll pay in interest and principal, as well as the time needed to pay it off.

Wouldn’t you like to retire with a mortgage that’s been paid free and clear? If so, don’t extend your loan terms by tacking on additional borrowed money. If you can’t afford to pay cash for what you need now, then wait and save up.

If you answered “yes” to any of these questions, it’s time to take a hard look at your lifestyle, goals and priorities. Getting your finances in order is your personal responsibility.

Dawn Handschuh has earned a living putting pen to paper for 25 years, including 10 years in financial services, where she wrote widely on retirement planning, personal finance and specific investment products such as annuities, mutual funds and 401(k) plans. Dawn writes on CreditFYI and on CreditFYI’s Credit Blog.

 
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Personal Financing Creates Stability

11 Sep

Many people are searching for investment opportunities that will provide financial stability during the later years of life. The investment efforts might seem risky to those that are not very familiar with how investments work or how income is obtained after a certain amount of time of buying stocks and bonds. Most banking customers will use investment accounts to build a solid nest egg so that they can retire and live comfortably for the rest of their life. Using the sound advice of investment bankers, a banking customer can accumulate great wealth during a lifetime.


Personal financing creates stability and confidence over personal monies and those funds used for business. The online services offered by land-based banking institutions can allow people from all lifestyles to perform simple banking needs and keep a check on investments at any time of the day or night. Financial stability is recognized by steady streams of income provided by some investments and the large balances that remain in investment accounts. A banking customer feels very stable when there are large balances in several accounts at one time.


Most people do not want to take chances with the money they earn each week, but they are willing to deposit a small amount into certificates of deposit and personal savings accounts too. A large amount of each paycheck will be devoted to paying bills and buying items needed for the home. The money that is placed in savings and investments is money that will create a fortune if left unspent for a time. Some home investors are willing to devote six months to investments and see the interest earned as another form of investment income.


Identifying monthly budget needs and savings opportunity will aid homeowners into creating a stock portfolio that is stable and secure from losses. The small amounts invested in a mutual fund account will multiply if given the opportunity. Personal financing practices allow homeowners to finance home mortgage loans with low interest rates because prompt payment of bills using online bill paying services has provided the homeowner with a good credit rating. All bills can be paid on time through online services and give the homeowner a stable credit history.


Using credit cards wisely is another way that homeowners can develop a stable credit history. Using credit cards with low interest rates and other usage benefits will provide homeowners with discounts that leave more money available for other purchases that the family requires on a month-to-month basis. Some homeowners will use debit gift cards to control household costs and those pre-determined amounts will prove personal financing creates stability by allowing the homeowner to maintain a strict budget each month.


Home equity loans obtained with low interest rates will create financial stability because the homeowner can use the funds based on need. Some unforeseen repairs to the family automobile can be paid with cash and the family can use the funds as a down payment on a new automobile if the family finances are stable and sufficient enough to support the monthly payments for four or five years. Personal financing strategies create stable objectives and solutions that family can rely on every day of the year. Should education loans be needed one day, a family planner would know that the family budget is stable enough to assume that financial responsibility.

 
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Taking Advantage of Balance Transfer Credit Cards

11 Sep

You can really take good benefit of 0% preliminary APR’s on purchase and balance transfers for as long as 15 months. If you happen to be transportation an which ever interest-bearing equilibrium, you can think transfer the equilibrium to a 0% introductory offer card. 0% credit cards lists a wide range of balance transfer cards, and many also offer cash back, rebates, reward points, and high credit limits for qualified applicants.
Save Money with 0% Balance Transfer Cards

Receiving a 0% equilibrium transport card that does not blame whichever attention during the introductory era can help you increase your finances in several important ways: You will find that no interest credit cards allow you to consolidate high-interest debt. You can make use of the money from 0 balance transfer cards to pay off debts from higher interest cards. Some credit card applications may also have special offers of low interest rates on balance transfers made along with the application.

No interest credit cards can give your budget a cash inflow. When there is unusually high expenditures or need for extra cash, a 0 APR credit card can helps to tide you over until your income is able to catch up. Many 0 interest credit cards will even transfer money directly to your bank account or send you a check within the specified period.

Interest credit cards cannot help you make purchases earlier. A 0 APR credit card give you the alternative to make big purchases previous than you or else could do.
a lot of the 0 APR credit cards also present near to the ground interest, cash back, rewards or frequently flyer miles.

Getting the Most Out of 0% Balance Transfer Cards

To get the most out of your 0 APR credit card, always read the terms and conditions carefully before you sign up for the same. For all equilibrium move cards, the 0% introductory rate will expire after a designated period. Make sure that you are aware of precisely when that era ends by interpretation the terms of the balance transfer, so that you don’t annoyed with a high interest rate that will undermine your savings.

Also, make sure you are aware of what the transaction fee is for each balance transfer. In some cases there will be no fee, and that will be clearly indicated in the card benefits or terms and conditions. Otherwise, it is usually at $50 – $75 per transfer. Many credit cards consider convenience checks as balance transfers, but the money can go blindly into your checking account instead of paying off another credit card. So make sure you are aware of the 0% interest period for the convenience checks and for the transfer fee.

Taking advantage of these type of cards really isn’t that hard. Just do your research and make sure you read the fine print. By accomplishing this, a great card will come your way. Once you get the card, simply use it and not abuse it and you’ll be enjoying a nice 0% interest rate.

Find low apr credit cards and more of Tom’s work at FINDlowcards.com.
 
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Adverse Debt Levels Blight UK Consumers Personal Finances

11 Sep

Debt levels are at an all time high in the UK. The younger generation tend to be feeling the pinch the most, but parents are increasingly being required to bail them out, often at great expense to their own limited mortgage or retirement savings.

It has become almost accepted as a fact of life that graduates will begin their careers with a considerable level of personal debt. The Association of Investment Trust Companies found that on average students expected to graduate with £7,208 of debt, while parents believed it would be nearer to £9,741, however the real average was found to be currently running at £13,501. Graduates then need to service credit cards, take out a mortgage, then cover the payments, repay university loans, not to mention the pressure to start saving earlier, and save more, for their retirement, whilst the basic state pension increasingly becomes inadequate. The government revealed in June that student debt for 2003-04 was seven times higher than they were in 1994-95 and the Student Loans Company has shown that debts owed to them has risen to more than £13bn.

It is not only students who face financial difficulties early in life. Consumer Credit Counselling Services – Scotland, has indicated that young adults in general, under the age of 25, now account for more than 10 per cent of the estimated 32,000 people who have fallen into severe arrears on non-mortgage debts of more than £1 billion.

Malcolm Hurlston, Chairman of the Consumer Credit Counselling Services (CCCS) said, “It is noticeable that young people are accounting for an increasing proportion and the number of them seeking assistance has risen by about 25 per cent over the past two years or so.”

Analysts have been bracing themselves for news of a sharp increase in adverse debt levels from the major high street banks following report figures of a 21 per cent increase in bad debts levels at Lloyds TSB. City analysts expect HBOS and Royal Bank of Scotland to declare that bad debt charges have risen by around 20% in their personal banking businesses, and Barclays, HSBC and Alliance & Leicester are all expected to tell a similar tale of rising loan defaults. Citigroup analysts are expecting bad debt charges from its retail banking division to rise about 24% in the first half of this year to £230m, while last year HBOS’s provisions for bad debt rose from £1bn to £1.2bn.

Read more on

http://myfreeinfo4u.com/finance/adverse_debt_levels_blight_uk_consumers_personal_finances.html

Providing free information about several topics. Checkout my free tips on www.myfreeinfo4u.com

 
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Super Balance Transfer Credit Cards

11 Sep

Credit cards are a great way to spend money that you do not have and we all know that so it is nothing new to us. A credit card is a spending tool that many of us would feel as if we had had a limb cut off if we could no longer have one, would also ring true to a lot of people.

Start Making Money

There are ways to make money from credit cards, rather than them being a drain on your finances. One such way that many may do not know about is the 0% “Super Balance Transfer”, another step up from the 0% Balance Transfer, which lets you move your debt around to save you from paying interest charges. The 0% “Super Balance Transfer” allows you to pay other debts.

This is how it works, a 0% “Super Balance Transfer” can be used to pay off any debts that you have that are not credit card related. This is done by paying the money that you will get from the new credit card straight into your bank account, leaving you free to pay off any manner of debt that you have, this is where it differs from the normal 0% Balance Transfer facility.

You can pay off any debt that suits

This cash can also be transferred into your account even if you are free from any debt, which means that you can place your credit limit into a high savings account, then once the 0% interest period is almost over, you take the cash that the credit card company “lent” you and pay it back into and thus clearing the credit card debt. Always remember though that while this cash is lying in your savings account gathering interest you will still have to meet the minimum payment set by the credit card issuer, which is normally 2% of the balance or a minimum of £5.00.

The golden rule! Do not use this card to make purchases!

Once you have paid off the credit card you will be left with a profit for borrowing someone else’s cash, but what you have to remember is that you don’t spend on the credit card, this will only eat into the profits that are there to be made and could defeat the whole purpose of why you were doing it in the first place.

Finding the credit card companies who offer this service wont be too difficult, but most will require a fee to transfer your credit limit into your account, this will normally be a 2% charge to a maximum of £50, though you may find that a few credit card companies will not be charging as much as this.

Peter Kenny is a writer for creditcards-gb.co.uk.
For additional articles and an extensive resource for everything about credit cards and loans, please visit us at http://www.creditcards-gb.co.uk/ and http://www.creditcards2go4.com/

Peter Kenny has been writing financial articles for the last five years and offers great advice on credit cards and loans. More information can be found at creditcards-gb and moneywize
 
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Creating Your Own Personal Financing Strategies

11 Sep

Most people would be able to create personal financing plans if they understood how finance charges affected the purchase price of the things they buy for personal or business use. Being aware of how an interest rate will affect finance charges would help people make personal financing plans that saved them money and not make decisions based on promises that came from a carefully planned out marketing campaign. Personal financing plans made on the spur of the moment can have detrimental influence on a sound financial future.

People are realizing that personal financing plans can affect any plans for the future. Without a solid financial plan in place, people are realizing that nothing worth having can be gained from financing offers that promise low rates for only six months, which then turn into financed luxuries that will take many years to pay for. A financial plan that allows buyers to use the six months of interest free payments to reduce debt to nil makes buying something on credit a worthwhile venture, that can be used again through other credit card marketing campaign offers.

Consumers finance products to achieve an end to a need. By doing research and comparing interest rates on various credit cards, people can usually take care of several financial plans from one credit lending institution. While a home refinance might help the homeowner achieve a lower interest rate and a reduction in monthly house payments, the homeowner could stipulate a cash out on that refinance that would make many debts disappear without applying for cash through any other financing plan.

People have changed their buying habits to accommodate personal financing plans established by a financial planner. They establish a plan to pay cash for all large purchases and forego paying high interest rates that come with long-term financing plans. A financial plan might have designated a monthly allotment into a savings account at a local bank. That money can be used to purchase items for the home or office and the business owner would still have an available line of credit to draw on if the business plan identified expansion in the future.

People have used personal financing plans to purchase automobiles with deep discounts applied to the final price simply by selecting a credit card that offered rewards that have been widely recognized and promoted by a major automobile manufacturer. Every credit card purchase earns a cash rebate that can be applied to an automobile purchase and consumers are learning how to make personal financing payment plans from these benefits of automobile ownership.

Personal financing payment plans can put emergency cash within reach whenever people are traveling. People can use the title of the automobile they drive to pay for repairs in a strange city. Other personal financing plans would earmark funds for use in emergencies and those funds are often kept in an interest bearing account at a banking institution. People that use personal financing payment plans through places where they work, can use the health insurance plans can save money on medical emergencies that occur anywhere in the world.

 
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