Tuesday, April 18, 2006

Compare Balance Transfer Credit Cards to Find the Best Deal

by: Jon Francis
So you took advantage of one of those credit repair credit cards with higher interest rates to help you repair your credit?
Or perhaps you missed a payment or two a while back and are now saddled with a fairly large balance on a high interest credit card. Maybe it was your first credit card, and you're still paying the interest rate offered to those with no status credit. No matter what the reason, you've got a credit card balance on which you're paying interest rates higher than average, and you'd like to cut those monthly payments. Welcome to the world of balance transfer credit cards.
Balance transfer credit cards are credit cards that offer a special interest rate on accounts transferred from another credit card. Essentially, when you take advantage of balance transfer credit cards, you're borrowing money on your new credit card to pay off the balance on your old (higher interest) credit card, then repaying the new credit card company at a lower rate of interest. 0% balance transfer rates have been a popular incentive for credit card companies to attract business for the past several years.
Lately, though, many credit card companies have found that offering 0% balance transfers is a losing proposition for them as customers play credit card shuffle, moving their account balances from one card to another whenever the 0% interest rate ends. In order to combat that practice, credit card companies are getting more creative with their balance transfer credit cards. That's why it's important to compare balance transfer credit cards to be sure you're getting the best possible deal - or at least one that actually will save you money in the long run.
Here are some things to watch for when comparing balance transfer credit cards:
How long does the introductory balance transfer rate last?
The 0% balance transfer interest rate is usually an introductory rate. As long as you pay off the entire balance within the introductory period - usually six to nine months - you pay no interest at all on the amount that you've transferred.
How much is the balance transfer fee?
Often, there's a charge for transferring your balance from one card to another. Be sure to include that fee in your costs when you compare balance transfer credit cards.
What is the interest rate AFTER the introductory period ends?
The introductory rate will end eventually. How much will you be paying in interest after it ends? Will that apply to the entire balance, or just the amount left on your transferred balance?
Are there other restrictions?
The newer balance transfer credit cards offer other incentives than 0% interest rates on your transferred balance, or may include restrictions to how long the balance must remain on the card. Many of the new balance transfer credit cards offer an interest free second year, or a one-month free payment rather than a 0% transfer fee as a way to get around the credit card balance shufflers. When you compare balance transfer credit cards, be sure to make a note of any restrictions on the balance transfer offers.
So you can see it's important to compare balance transfer credit cards to check the best deal. At
www.moneyeverything.com/cards you'll find all the latest no interest balance transfer credit cards, along with details so that you can compare balance transfer credit cards to be sure you're getting a deal that will save you money.


Tuesday, January 17, 2006

Credit Card Debt Reduction - 3 Tips To Lowering Credit Card Debt

by: Carrie Reeder
Credit card debt can be reduced through lower rates or negotiating for reduced balances. With reduced interest, you can pay off the principal quicker with the same monthly payment. The other approach is debt settlement, which eliminates part of your debt at the cost of your credit score.
1. Transfer Balances
Credit card companies are always offering introductory deals, such as 0% on transfers. Usually such offers last for several months, giving you the chance to make sizeable payments on your principal.
If you have several credit cards, choose to transfer the account with the smallest amount. Pay off that account, then take that card’s monthly payment and apply it to your next lowest balance. Soon you will be creating a snowball affect, swiftly lowering your debt. Make sure to close paid off accounts to raise your credit score and keep from adding to your debt.
2. Negotiate Lower Rates
Credit card companies are also willing to lower rates. You can try to do this on your own, but you will have more success with a debt management company. For a monthly fee, they will lower rates with credit card companies and handle your monthly payments.
Debt management plans can affect your credit temporarily if your creditors report delayed or reduced payments. This might prevent you from opening new accounts for a year or more. However, with such plans you can be out of short term debt in less than five years with a much better credit score.
3. Settle For Reduction In Debt
Debt negotiation is the most drastic step to lower your credit card debt since it has long term affects on your credit. A debt negotiation company can settle some of your debt with creditors. Lenders will then report the reduced amount to the credit reporting agencies, which will keep it on your record for seven years. Debt negotiation is similar to bankruptcy and can prevent you from qualifying for conventional credit for a couple of years.
Reducing your credit card debt will have long term benefits for you. Less credit means better rates when you do want to apply for financing, especially with a home or car purchase. No matter which option you choose, research companies carefully and compare their services and fees.


Finding the Best Credit Card

by: Morgan Hamilton
When you start your hunt for the best credit card what you're really searching for is the best credit card for your particular situation and needs. You may, for instance, be someone whe travels a lot for business or pleasure. Travel credit card discounts may be the best credit card option for you. You may be someone who has bad credit. There are credit cards especially designed for folks like you - these would be the best credit card options for your circumstances.
If you are a shopaholic, for example, the best credit card for you might be one that gives rewards in the way of incentives and percentages back on purchases. Of course, there are some things that make a card the best credit card for many, if not most, credit card users. These are the ones with the lowest APR (annual percentage rate) and the lowest annual rate. Some cards - in fact, many - have no annual rate at all. One such card may prove to be the best credit card for you, assuming that there aren't hidden fees that ultimately cost you more than you've saved in lower APR or annual fee.
Keep in mind, though, that the better your credit history, the lower the APR you're going to find on a credit card. If your credit is poor the best credit card you're going to find, unfortunately, is going to be one with a higher than average APR. That is, until you improve your credit standing. There are alternative credit cards for this situation, too.
Other factors to consider in determining the best credit card for you is whether you generally pay off your credit card debt each month or whether you carry over a balance each time. The reason this is an important factor in deciding the best credit card for you is that some credit cards offer a grace period on this carryover - others do not, and, in fact, tack on hefty penalties for doing so.
Fleet, AFB Industrial and Wachovia Bank all have twenty day grace periods on their credit cards - clearly the best credit card choice for those who don't pay the balance each month. All other factors being equal, of course.
Another best credit card factor to be considered is whether you typically use your credit card for cash advances. This rate can vary considerably, and some even have no fee attached to a cash advance request. This, like anything else, depends on credit rating. USAA's best credit card offer for cash advances, for example, is a free cash advance. It's highest percentage fee is nine percent. Fleet and Wachovia both charge four percent.
The other important factor in determining your best credit card is how much traveling you do. If you're flying the friendly skies on a regular basis a credit card that lets you rack up credits for each flight you take may save you more than opting for one that doesn't whose APR is lower, or the annual fee less costly.


Thursday, January 12, 2006

How To Get A Higher Credit Card Limit

by: David Riewe
Almost all credit card holders are aspiring for a higher credit card limit. This is because a higher credit card limit will enable them to make otherwise unaffordable purchases. Credit card holders need to remember that to get a higher credit card limit; they must abide by the terms and conditions of the credit card company or bank.
Below are other ways to get a higher credit card limit.
• The most important thing to do to get a higher credit limit is to prove your creditworthiness. This is the number one thing banks and companies look for in giving a higher credit limit.
• Attract positive attention from the credit card company or bank by paying finance purchases once in a while. However, it is not advisable to make this method a habit and should only be done as a last resort to increase your chances of getting a higher credit limit.
• Proving credit card companies and banks that you are good borrower would definitely convince them to give you a higher credit limit. But be careful as such strategy could only serve the benefit of the companies and banks. A higher credit card limit means greater purchasing power but it also increases the potential of the credit card companies and banks to earn through you through increased interest charges and other fees.
• Always spend within your credit card limit because doing so means that you are capable of controlling your expenses.
• Use your credit card regularly. Don’t keep your cards for emergency use only. If you sue your credit card sparingly banks and credit card companies will be unable to understand your spending and pay back behavior and would be reluctant to give you a higher credit card limit.
• Never make minimum payments. Instead, try to pay for the entire outstanding amount. This would give you better chances of getting a higher credit card limit.
• Avoid late payments as much as possible. Not only do you increase your interest, you also have to pay an additional fine for not clearing bills on time. This would dim your chances in getting a higher credit card limit.
• The best and simplest strategy to get higher credit card limit is to use your credit card wisely. Always keep in mind that credit card companies keep a record of your transactions and payment pattern so always pay your dues on time and never make late payments. Your performance in the records of banks and credit card companies will determine whether you’ll get a higher credit card limit or not.


The Best Credit Card - Shopping For A Credit Card

by: Carrie Reeder
Credit cards are just like any form of credit, you should shop around to find the best deal. Depending on your situation, you may want to find a card with low rates, a reward program, or a 0% APR for transfers. Make sure you look at several credit card companies to find the best deal for you.
Comparing Programs
Credit card companies offer several different types of incentives to entice you to open an account with them. These rewards can save you money or earn you trips or cash back. If you plan on always paying off your monthly balance, then a reward program, such as airline miles or cash back, may be for you.
If you plan on carrying a balance on your new credit card, then look for the lowest rate. You will want a no frills card with no annual fees. You can also choose a card with a low introductory fee, usually lasting six months to a year, if you plan to pay off the balance soon.
For transfers, look for offers of 0% APR. These offers typically last for six to twelve months, but they can save you a bundle on interest. However, be aware that rates on these cards can shoot up after the grace period.
Finding Credit Card Companies
I’m sure you have received several credit card offers in the mail this week, but you can find better deals online. The major financing companies offer special reward bonuses and special programs for students or small business owners.
Look at what each credit card company is offering along with their rates. You may also want to choose a card that you don’t already have. While American Express and Discover offer excellent rewards, they aren’t accepted by everyone. Plan on having at least two different types of cards.
Always Watch For Deals
Once you have your credit card, continue to look at credit card offers. You may find an especially low rate or a good rewards program. You can easily apply for the card, then close an old credit card account. While having several different types of credit lines are good for your credit history, too many open credit card accounts can hurt your score.


Search Engine Optimization and Free Submission