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Nice Guy Credit Card Issuers?
12
Sep
The credit card industry has had some bad press recently. Some companies have resorted to secretly increasing customers APR and minimum payments to make themselves more financially able, much to the disappointment of their customers. Credit card owners have never felt so uncertain as what will happen to their credit cards and their money. However, help is now at hand- the government has introduced some new guidelines which credit card companies must abide by, hopefully making it easier for those struggling to pay off their credit card debt.
Struggling customers will now be given 30 days to come up with a payment plan to begin repaying their debt. During this time they have the option to use a free debt advice service, such as the Citizens Advice Bureau. The debt advice service will help you to come up with an affordable repayment plan, and offer advice and guidance wherever needed. During these 30 days, credit card companies are unauthorised to chase you up for payments, whether it be phone calls or sending letters. If an agreement hasn’t been made in these 30 days, the customer then has another 30 days to devise a plan with a debt advice service.
Following the recent uproar, credit card companies will also have to give customers 30 days notice before they can increase their interest rates. This will give customer’s time to either transfer their balance to another credit card, or close the account altogether. If taking out a new credit card, card issuers cannot increase your minimum payments or you interest rate within the first year. After the first year, your account can then be reviewed every 6 months, if necessary, and again you will be given 30 days notice before any changes are made to your account. All of these guidelines were made in January, and will be applicable to everyone who owns a credit card account.
When looking for a good deal on credit cards, always compare what is available on the market. Use an online comparison tool to compare balance transfer credit cards and interest free credit cards. This way you should be able to find a good deal with a low interest rate.
Student Credit Cards Help Kids Build Credit History
12
Sep
Student credit cards can help kids build their credit history. A student credit card is available to kids in college and offers a number of benefits to customers. Kids can build their credit history and improve their credit score with help from a student credit card.
Teach Kids About Responsible Credit Card Use
Parents need to work with kids to teach them how to use credit cards responsibly. Experian and USA TODAY surveyed college students in 2006 and found that more than 25% of college graduates surveyed delayed buying a home, 14% waited to have kids and 11% delayed marriage because of credit card and loan debt. Ordering children’s free credit reports are a great way to get the conversation started. Parents should share their credit histories with their kids and have open discussions about the responsible use of credit cards and debt.
Warn Kids About the Risk of Identity Theft
Kids need to be warned about the risk of identity theft. According to the Federal Trade Commission, people between the ages of 18 and 29 represent the largest group victimized by identity theft. College students can order their free credit report annually and review it for mistakes. Suspicious items found in credit reports should be immediately reported to the credit bureaus. Kids also need to use caution when throwing away mail to avoid the risk of identity theft . And students should keep all personal and financial information hidden when they are in class.
Build Credit History With a Student Credit Card
Kids can start to build a solid credit history with a student credit card. Kids benefit from student credit cards, designed for the unique needs of college students. Student credit cards include rewards cards, low interest cards and balance transfer cards. Student rewards credit cards give customers cash back or rewards points for purchases. Low interest credit cards and balance transfer credit cards can be used to pay off or reduce high interest credit card debt.
Encourage kids to talk about the credit card offers they receive, and take the time to help them review before they apply.
Lisa Nichols is a freelance writer, website content strategist and marketing and PR strategy consultant. Originally from Eugene, Oregon, Lisa is currently based in Covington, Kentucky (also known as greater Cincinnati, Ohio).
Cash Back Credit Cards and Other Desirable Offers
12
Sep
Cash back credit cards can be a really fun way to get a little something extra out of your credit cards. There’s also the bonus that, the more you use your card, the more cash back you get; which also equates to the fact that the more you use your card, the more credit you are building in your name. Having good credit is so much more than the ability to get great rewards from your cards. Ultimately, it is also about being able to live the life you want to live, without wondering how you are going to come up with the money to feed your family, find a place to live, a car to drive, etc.
If that last sentiment seems a bit extreme to you, think about it. Your ability to rent an apartment, buy a home, take out a mortgage, get a loan, buy a car, etc, is all predicated on your ability to pass a credit check and seem like a safe investment for a loaning institution. If you have bad credit, your options are extremely limited, and sometimes non-existent. If you take a look at the bad credit credit card offers out there, it will become even more clear how hard it can be to rise up from the gutters of bad credit. Such cards usually have high interest rates and low limits- great for helping people learn to be more conservative with their spending, but not so great for making large purchases.
Other great credit card offers to take advantage of- when appropriate, of course- are the balance transfer credit cards. There are several reasons why such a card would be desirable but the main reason is that if you can transfer your existing balance onto a card that has a grace period of six months to a year before you owe interest on it, you can pay off an existing debt interest free. Of course, in order to do that you’ll need to be able to use some pretty good self control, as building up more debt to pay off after your grace period ends really would defeat the purpose of the card.
Regardless of of what kind of credit cards you have, or how you use them, fiscal responsibility cannot be stressed enough. Set financial goals for yourself. Don’t just coast along hand-to-mouth, using anything extra for luxuries and fun. Save money, both in long term savings as well as in short fund goal-driven savings. Want to go play in Costa Rica? Save up for that trip, while still putting some money aside, either for retirement or for investments. Use your credit cards as tools to gain better credit ratings, as well as for tools to use in terms of their benefits, be it cash back, travel discount or a points system that gains you any number of prizes.
Written by Kacy Suther. Browse through balance transfer credit cards, cash back credit cards, low interest credit card offers. Dozens of bad credit credit card offers available at CustomerCreditCards.com .
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Are 0% Balance Transfer Cards as Good as They Sound?
12
Sep
Balance transfer credit cards, as the name suggests, allow you to shift the outstanding amount from your current card to another credit card – often for minimal cost. This new card might offer an interest free period or a more attractive rate of interest. If you are lucky, you may be eligible for offers in which you pay absolutely no interest on transferred funds for up to a year. You may also get rates from some credit card companies which are almost on a par with regular loan rates.
Balance transfer credit cards were very lucrative when they were introduced some time ago. However, the vast majority now charge a fee of some sort and don’t seem to offer as good a deal as before. However, if you use balance transfer smartly, then you can still save a lot of money.
Keep Balance Transfer Cards only for Balance Transfers
Avoid using a balance transfer for both purchases and balance transfers. Your repayments will be allocated to the cheaper interest, which is normally a balance transfer. Your more expensive purchases will be allocated for payment last because this allows your credit card company to gain maximum interest and earn most money from your debts.
So, to get the best deal from such balance transfer cards, you need to:
- Opt for a card that offers 0% balance transfers, without any additional fees or surcharges.
- Select a card that makes this offer to you for the longest possible period.
- Avoid making any purchases from that card. Use another card which offers the longest interest free period to you for making your purchases.
- Pay off all your debts and clear all outstanding on your 0% balance transfer card before the interest free period expires. This allows you to keep a good credit score and also prevents you from accruing interest and further debt on the initial amount your borrowed as credit free money from the company.
- If you show that you have regularly paid off the monthly outstanding balance then you can negotiate a longer interest free period on your next 0% balance transfer card.
- Negotiate a better, lower rate from your existing company just before your 0% interest free period is about to expire. Instead of losing a customer, the company may consider your offer seriously enough.
- If they don’t, you can always opt for another credit card that allows you to enjoy your interest free period for a longer period of time. Become a rate tart by all means; at least you will save your hard-earned money in the long run and you will get the better of 0% balance transfer cards.
Matthew Lloyd writes for About Your Money. His articles provide users with useful advice on a variety of financial products, including credit cards. To find About Your Money visit www.aboutyourmoney.co.uk
Cutting Back on Credit Card Debts
12
Sep
Credit cards have long been a convenient and simple way to make payment for purchases, whether in person, by phone, on via the Internet. Credit cards offer many benefits, from the ease and convenience of being able to make cash free payments to being able to spread repayments on your purchases to increase affordability. However, for many people credit card debt can quickly spiral out of control, and this can result in financial problems and stress.
Many people have more than one credit card – some people have several cards, all of which have high balances and on which they are being charged high rates of interest. This can result in extortionate repayments each month and can involve paying a lot of money in interest until the balances have been cleared. This is why it is important to try and clear your higher interest credit card debts as soon as possible.
One solution to dealing more effectively with your credit card debts is to take out a 0% balance transfer credit card or a low rate life of balance transfer credit card and transfer your higher interest balances on to the new card. This can benefit you in a number of ways. Firstly you will only have one repayment to deal with, which eases financial management and reduces hassle. Secondly, you can enjoy cutting back on the amount of interest that you pay, and could even get away with paying no further interest in some cases. You can also reduce your monthly outgoings by transferring your various credit card balances.
If you transfer your balances onto a 0% balance transfer card you will probably be charged a fee of between two or three percent of the total amount being transferred. If you can then repay the total transferred balance within the interest free period you will be able to get away with paying no further interest. With a low rate life of balance transfer card you will not be charged a fee, but you will enjoy a very low rate of interest for the life of the transferred balance so you are no so restricted in terms of how long you have to repay your balance.
Once you have transferred your balances it is a good idea to close down the high interest rate credit card accounts. If you want to have a credit card on hand to use for emergencies you should apply for a 0% purchase card, as you can then enjoy interest free credit in the event that you do need to use the card.
Reno Charlton, award-winning writer, shares her financial expertise as a contributing columnist for Credit Card Comparison Online – Compare Credit Cards, where you can compare 0% balance transfer credit cards and compare life of balance transfer credit cards.
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.
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.
Credit Card Transfers: When Should You Use Them?
12
Sep
Credit card transfers allow you to move the balance of one credit card to another. By doing this, you can save money and help to pay down debt faster. But you have to use them correctly to avoid digging yourself into a financial hole. You will see more benefits by making the move in specific situations, but not every situation will warrant the use of a credit card transfer. If you do qualify for this type of offer, you should consider ALL of the determining factors in how you can best utilize them to save money.
Using Them When Rates Are Lower
One obvious time to consider using balance transfers credit cards is when the interest rate on your current lines of credit are higher than the ones you will pay on the new credit card. It makes sense to consider this type of move for any situation in which rates are higher on your existing card balances. This is particularly beneficial when the interest rate is an introductory 0 interest offer.
In some situations, lenders will offer six months or even more as an introductory 0 APR period in which balance transfers do not incur finance charges. During this time, moving your balance will help you to pay it down faster and without any additional finance charges accruing all the while.
Consolidating Balances
Another reason to consider using balance transfers credit cards is when you need to consolidate several high interest card balances. If you have a larger credit line on the balance transfer credit card, consolidation of several lines of credit, assuming the interest rates are the same or lower on them, will undoubtedly help you save money, and in some cases, that savings can be significant. Doing this will allow you to pay down your debt more aggressively each month without having to swim through the head wind of significant finance charges piling on your obligation. Having only one payment to make is nice too, helping to make monthly bill payment a much easier process.
When Not To Use Them
There are some situations in which credit card transfers may not be beneficial and even outright detrimental to your financial well-being. For example, if you are working on paying down a big chunk of debt, it might seem counter intuitive to be opening yet another line of credit. But the thought of a 0 APR introductory rate for 6 months is just so tempting. Opening another credit line is not necessarily perilous, but making the mistake of not paying off the balance within the time frame of the introductory period can very well be.
Some card issuers will even retroactively charge you an exorbitant interest rate on the balance that you carried over the introductory period, if the balance is not paid down entirely. Most card issuers will merely charge you a higher APR on the remaining balance, but be absolutely sure that you know what the terms and conditions are for the balance “pay down” before applying. In those instances, accidentally missing a payment or not paying down the balance can be outrageously expensive. So, buyers beware!
When using any type of balance transfers credit cards, make the smart move for your situation. In many cases, the right credit card transfers can save you money and help you to simplify your life. With some excellent offers available currently from card issuers, it makes sense to work towards using these options especially when there is no fee or nominal fee charges for making transfers. Yet, each situation should be considered carefully and individually.
Robert Alan is an editor for www.CreditCardAssist.com and frequently contributing writer on various credit card-related topics. Find more free information, tips and advice from Robert on the http://www.creditcardassist.com/balancetransfer/creditcards.html “>credit card transfers page at CreditCardAssist.com.
The 7 Rules of Credit Card Balance Transfer
12
Sep
Credit card balance transfer is a great way of consolidating your credit card debt, and also finding a way of avoiding the terrible burden that debt can bring. Transfer offers are in high demand and many credit card issuers highlight their balance transfer features up front as part of their overall advertising package. These days the credit card companies are in heavy competition with each other to get your business.
But have you ever considered the dream ticket of always having an interest free credit card at all times, no matter what the circumstances? Well here is a check list of seven things you must do in order to get the best out of it.
1. Always make sure that your credit card balance transfers are carried out on time and with no overlap periods from one card to the next, which will cost you money in nasty interest charges. Make allowances for delays in the post when notifying banks and credit card companies by mail, and also note that different banks will move at different speeds when responding to requests.
2. Make sure that 0 balance transfer credit card offers are always current and available at the time you apply. There’s no point in making a mental note of an offer and then applying for it after it has expired.
3. Interest free balance transfer credit cards must be exactly that; be careful and look out for any hidden charges in the small print. A 0 APR credit card should be exactly what it says it is.
4. The type of card to transfer balances from is crucial. Store cards tend to have a higher rate of APR than normal credit cards, so consider transferring all these balances on one or more low interest card. You can end up saving a substantial amount of money. Proper use of the credit card balance transfer feature can be useful and convenient, and a vital way of avoiding credit card debt.
5. Trust your source. A low interest credit card or 0 interest credit card should be easy to identify, preferably from a source where you are able to make comparisons between different types of card. Ideally you should deal with a source which is impartial and which does not promote one credit card or bank over another. Also, your source should provide easy to read and understand comparative charts to help you make such decisions swiftly, without undue pressure, and without any fear of being misled.
6. Keep a note of the exact date of when your 0 interest period finishes, and apply for your new credit card balance transfer at least two weeks before that date.
7. Try and ensure that your interest free credit card balance transfer facility is flexible and quick. At present it is the norm to put details of your credit balance transfers in writing at the time of application. Bear in mind that both parties need to know what is going on at the same time. Make it easy for everyone, including yourself.
Gordon Goodfellow is an Internet technologist who lives and works in London. His credit card sites automatically alert customers about interest free credit card balance transfers .
http://www.credit-card-transfers.com
http://www.credit-card-transfers.com