Information Center – News and Articles about Credit Cards
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How not to Stumble over Making a Balance Transfer Credit Card Deal
These days credit card companies offer you a great variety of credit card deals. You can choose a plastic that seems to have been designed individually for your demands, wallet and lifestyle. The most convenient is that you can select a card of the type that matches your financial situation and helps you to solve your money problems. Balance transfer cards at this point can become the best friend for a bad debtor. But in case you do not follow the rules of their proper use, they will drive you into deeper debts.
You need to be extremely careful when you shift your balances from card to card. Balance transfer cards are, actually, a great invention that helps you to reduce or even pay off in full your debts. There is no need to explain the way they work. Numerous adds and information sources draw attention to 0% APR introductory period attached to such cards and how it helps you to exempt your balance shifted from interest. But there are some traps you should beware of.
Here are 8 tips on wise balance transfer use.
1. When you face some financial problems and get into debts, do not hesitate to apply for a balance transfer card as soon as possible. This is the first simple and available step to improving your financial situation.
2. The first thing you should pay attention to while applying for a balance transfer credit card is card's introductory period. The longer it is - the better. Look for a card with 12 or 18 months long introductory period.
3. Do not chase after 0% balance transfer fee. Such offers usually come with a 6 months introductory period. If your balance is not that large and you plan to pay it off within a year, choose a card with a longer 0% APR introductory period.
4. Leave racing for rewards to those, who are not afraid to lose money on high interest rates and fees. Concentrate all your efforts on paying off your debt. You will have to sacrifice bonuses, other cards can give you, for the sake of your getting out of debts.
5. Consider default APR. It can vary from approximately 20% to 30%. Bear these figures in your mind and try not to miss your payments.
6. Read the fine print with maximum attention. Otherwise, you risk missing some very important details of your credit card offer.
7. Contact your card issuer in case you have problems with making your monthly payments or any other difficulties with your credit card. The bank will help you to find some solution.
8. And the golden rule of balance transfer card proper use. Avoid making purchases with your card. Or you will find yourself in a debtor's prison before you can say Jack Robinson.
These tips will, hopefully, help you to manage your balance transfer card right and pay off your debts really fast.
Remember, balance transfer cards if used wisely will make your getting-out-of-debts process much easier. This type of cards can also be of use for those who just does not want to pay interest. Such credit card holders just shift their balances from one plastic to another and pay just minimum fees. But such tricks are risky, you need to be very careful and attentive making such transactions.
We are used to see credit cards the way they look today, and it is hard to imagine that they looked different and served for another purpose than paying for goods and services. We call them plastics. In fact, a century ago credit cards had a different shape, size and were not made of plastic.
The appearance of credit cards dates back to the beginning of the XX century. Who were they created for? The target audience was wealthy people. The cards could be used as business certificates and licenses for the so-called "loyalty programs" at some restaurants, gas stations and merchants. Those cards, you can be surprised, were made of cardboard.
Rapidly growing credit card crime rate causes more and more concern of credit consumers and credit providers as well. Credit card fraud is a number one card holders complaint to Federal Trade Commission. According to the statistics, over 85% of credit card owners that fell victims to credit scam discover the fraud only after they get turned down by credit issuers, having applied for a new credit card or loan.
Credit bureaus cannot stay indifferent to the problem of credit fraud and identity theft, in particular. Equifax, one of the three US major credit bureaus has introduced a new ID theft protection service. "ID Patrol" is a multifunctional tool that allows protecting customers from identity theft.
You can find hundreds of e-articles and tips on reasonable credit card spending and staying away from debts. After you read them, it seems that it is pretty easy to stick to several rules of rational credit card use. But when you try to put theory into practice, it turns out to be much harder than it seemed.
Even if you do your best and manage to live within your financial means and spend the amount of money on your credit card that you can afford to pay off, you cannot be protected from unexpected situations in life and some external factors. Now that the US economy is experiencing a slowdown, it is high time to do the impossible and take control over you spending habits.
People got so much used to comfort, to living in apartments and houses with all conveniences. Can you imagine living without water, gas or electricity? Like cavemen. Me neither. However, utility bills are among the most avid money eaters on your expenditure list. But most people just make a helpless gesture looking at their monthly credit card statement. That's the way the cookie crumbles.
Actually you can make the cookie rumble the way you need it. You just need to make some efforts and get used to saving on utilities. Keep on reading and you will find several tips on how to reduce your utility bills and cut down your monthly credit card payments.
