Morgan Hamilton

The Power of Balance Transfer Credit Cards

Have you given in to the temptation of balance transfer credit cards? You will be able to transfer the balance off other credit cards to balance transfer credit cards. You will then benefit from bonuses like low interest rates, and incentives for transferring a balance. But it would still be sensible to do your home work before deciding to go with this type of credit card. You see, these cards can worsen your financial situation.

Balance transfer credit cards will enable you to consolidate all your credit card debt into one. As a result, it will be easier to pay your balance and it can also reduce the amount of your monthly payments. However, you can actually end up paying more. Even though these credit cards offer no or low initial interest rate, the interest will eventually increase. When you choose to combine all your debt into a single large sum, you can pay a lot more once the interest rates increase.
You can pay a significant amount of the balance before the interest rates go back up to avoid this problem. You should also pay your monthly payments on time, so that you will not increase your balance. Staying on top of payments and setting a plan to pay off the debt is the best way to ensure that balance transfer credit cards help rather than harm. These cards are ideal if you have an effective plan to pay off your debt. Balance transfer credit cards enable you to deal with a single company, instead of dealing with multiple credit cards that have multiple interest rates, payment dates, and other fees.
These cards can offer you a low initial interest rate or no interest rate. Balance transfer credit cards will also give you a nice grace period to pay down your balance without any added fee. You can be free from a large amount of debt by budgeting out a plan that will lessen the debt balance before a new higher interest becomes active. If you are smart enough to maximize their benefits, balance transfer credit cards will become a blessing.

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Low Interest Credit Cards

Submitted By: Jason Dunn
Credit card usage is on the rise and it's hard to know which credit card is right for you. If you follow a few simple guidelines, you can be sure to get the most out of your credit card. Beware of high interest rate cards as they can cost you more than you are willing to pay in the long run. Low interest credit cards are very prevalent and if you do some simple research, they can be a great financial tool.
When looking for a low interest credit card, be sure to read all the terms and conditions. Many low rates are just introductory and can rise significantly after the specified time period. Some can go up to 30 APR or more, so be sure to read the terms and conditions carefully. Most credit cards are variable after the introductory period and are based on your individual credit. Variable cards add a certain percentage point to the current prime rate, which is subject to change.
Most companies provide a 0% APR, Annual Percentage Rate credit card as an introductory offer. Many last six months, but some can last up to a year or longer. Again, beware of how high the subsequent interest rate goes up. These cards are great to transfer existing balances to so that you can save money and pay them off quicker. Just be careful not to fall into the trap of charging more than you can afford to pay off, simply because of the low interest rate.
A low interest rate credit card is beneficial to all people, regardless of your financial situation. Even if you are able to pay off the balance each month, you never know when an emergency will arise. Having credit readily available can be a lifesaver in a crucial time. Having a regularly used credit card is also good for your credit. It proves that you can use credit wisely and makes you a better risk. If you are not able to pay your card off entirely each month, having a low interest rate credit card versus a high rate card will save you hard-earned cash.
Before choosing a card, browse credit card companies' websites. Many times, reward programs will be offered at no charge with which you can get cash back and discounts. Also, be aware of whether a company charges an annual fee. There are so many cards out there that, unless your credit is shaky, you can easily find a card with no annual fee. Most websites will allow you to apply online and some will give you a decision instantly. If you are not comfortable with applying online, you can also call and apply over phone.
Low interest rate credit cards are a valuable tool in anyone's financial arsenal. If you are careful to consider all your options and read all the fine print, you can get a great card that is tailored specifically to your needs. Low interest rate credit cards are truly the best credit cards to hold.

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Which Credit Card Type Is Right For You?

Submitted By: Joseph Kenny

If you're in the market for a new credit card, there is a bewildering array of cards to choose from. There are even more incentive offers, so how can you decide on the card that is best for you? Here are some of the factors to consider.
What Kind Of Payer Are You?
The most crucial question is whether you are a person who clears the credit card every month or whether you always leave a balance on the credit card. If you pay up at the end of every month, then you can go for a credit card that offers an incentive. If not, then you need to look at the annual percentage rate (APR) on the card. If you know what your typical credit card balance is, look at the illustrations given by card issuers to give a guide to how much you might have to repay over time.
Taking An Interest
Even with interest rates, you need to be careful. Although your new credit card may come with a 0% balance transfer rate, this is not the only rate to think about. Look at the rate on purchases or other transactions to see what you might be paying. And remember that any payments you make are likely to pay off the transferred balance first, while any new spending accrues interest.
Hand in hand with the interest rate goes the interest-free period. This is the delay between spending money on the credit card and being charged interest. This can vary considerably depending on the card you choose. The interest free period can be as much as 56 days. And it's how you use it that counts. If you put major spending on the credit card after the statement date, you have a month till the next statement, and then a few weeks to make the payment. This can be a good way of managing cash flow.
Look At The Fees
There are three types of fees that count with credit cards. The first is the cash withdrawal fee. Many credit card issuers charge you for withdrawing cash at an ATM. These fees can be around 2% of the transaction. The percentage is even higher when withdrawing cash abroad. If you must use the credit card, then you're better off making one large withdrawal so you don't pay the minimum fee each time.
Getting Some Cash Back
Many credit cards offer annual cashback deals which are great for people who clear their balance every month, but not so good for others. If you don't clear your balance, the interest charged will wipe out any cash back gains. There are also reward points schemes that allow cardholders to earn money from their spending – and spend it again with a variety of high street and online retailers.
Paying attention to these items will help you to choose a credit card that will match your financial situation.

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Cash Back Credit Card - The Ultimate Reward Credit Card

Submitted By: Bradley Carson

The credit card industry has become so competitive, a new and more creative credit card reward offer is being announced almost daily. If you play your cards right, you can make the financial institutions pay you to use their card. Some consumers consider a cash back credit card the ultimate reward credit card. Nothing is sweeter than receiving a check in the mail.
So you think there is a catch to this? Well, there is. You just have to know how to handle the cash back credit card. Read the fine print and make a few rules of your own to make you the winner and laughing all the way to the bank.
Many reward credit card offers give you options of how you want to spend your bonus points. But if it's cash you're looking for, you need to be sure a choice of cash back is included.
Not all reward credit card offers include a cash back feature. You may want to look under the cash rebate credit card option online. You also need to be sure it includes the cash back for all purchases. The cash back credit card offers generally come with no annual fee.
To make the most of a cash back credit card, you need to charge just about everything. That's right, everything which includes what you normally pay cash for. This includes groceries, that quick trip to the drug store and hardware store.
The trick is to set aside the amount spent each time you use your card. You might even consider deducting that sum from your check book and keep track of it in another portion of your check register. That way, when the bill comes at the end of the month, you can pay the entire balance due. You don't want to pay interest that will eat up any savings you've built-up.
The result,... you've accumulated bonus points, which when they reach the redeemable level, you'll receive a check in the mail. Some cash back credit card offers issue a check each time you reach a limit of $25, while others issue a check at the end of the year.
Either way, if you follow this simple plan, you can be the winner here. A cash back credit card can save you hundreds of dollars a year.
Oh, one more thing. If you want to be even more of a winner with this plan, use that cash back check to open an interest bearing savings account. That would make the cash back credit card the ultimate reward credit card!

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William Miller

Details concerning Prepaid Credit Credit cards

A prepaid credit score greeting card is an excellent asset to own within your wallet. Testing this post, I would like to take a take a look at what a prepaid card is, why you really should have 1, and precisely how to get 1.

A prepaid credit rating card works just simply like a regular credit ratings card, except for your reality that the funds to cover your charges should previously be within your account. When you apply for and acquire a greeting card, you happen to be granted an internet page which is linked towards the new greeting card.

A prepaid credit ratings greeting card is a fantastic asset to own in your wallet. Testing this posting, I would like to take a take a look at what a prepaid greeting card is, why you ought to have 1, and precisely how to obtain one.

A prepaid credit score card functions simply just like a regular credit rating card, except with the truth that the funds to cover your charges must previously be within your profile. Whenever you apply for and receive a greeting card, you happen to be provided an accounts that is linked towards new greeting card.

You deposit dollars via ATM's or direct deposits in to the greeting card profile and you might have that funds to make use of anytime you need to have it. These credit cards are a great item to obtain mainly because it is possible to do certain a great deal by working with it.

You can utilize it to reserve hotels and rental vehicles, withdraw cash from an ATM, pay for groceries, and a lot of more things. It is so very much better as compared with having checks on hand, since it is possible to never expend more dollars when compared with you have! This indicates you can find out the accurate method to save and expend your cash.

It teaches your financial responsibility. Another advantage and a big one particular is always that various from the prepaid credit credit cards report to the key credit bureaus which assists to restore your credit rating if you could have had certain bad marks.

It's definitely incredibly simple to have a prepaid credit score card. Considering that you're putting the cash into your site, you happen to be currently approved and no credit history examine is necessary.

Prepaid credit credit cards happen to be available for more than ten many years but persons didn't recognize them. Those cards came testing spotlight when men and women began falling inside debt traps due to credit history credit cards. Creditors provided plastic cash to each and everybody person devoid of noticing their own financial capability. Because of this, men and women spent cash to have luxurious goods and products; they did not apply it wisely.

Now, men and women have understood that this plastic cash is meant to use for emergency purposes. Those cards are saving profile money which person can use for any objective with all the support of plastic greeting card. Shoppers aren't allowed to spend far more when compared with the quantity deposited to the accounts. It saves you from liabilities. One good thing of these charge cards is the fact that lenders tend not to run credit history verify although providing the card. It means, poor credit ratings holders can also enjoy the advantages of plastic dollars if they received cash in keeping site. There's no APR fee on those charge cards mainly because clients use only their income to produce transaction. It is not credit history at all.

Users will not require to be concerned regarding later payments or late payment fees; banks deduct the quantity within the spot in the site as you're making buy. People can also withdraw the cash from any ATM machine available in marketplace with out paying any interest or charges. This is the very best selection for greeting card holders who miss their own credit history credit cards. In accordance with experts, this greeting card selection can make you more responsible because you start investing the dollars according for the readily available cash. Prepaid credit charge cards also offer rewards point along with other incentive possibilities. They are effortless to use and not risky in any way.

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Richard Greenwood

Credit Card Offers - Choosing the Right One

We are always being bombarded by credit card offers through direct mail, TV and press advertising. So how do you know which card is really best for you when they all claim to be good. They can't all be right can they? The fact is that the right card for you is going to come down to how you use your card. Find out what you need to look out for and compare when applying for your next credit card.

Credit cards have been an important part of modern living. The option of getting a credit card means taking on some debt leading to the importance of doing a credit card comparison. This makes sure that what you get matches your lifestyle.
When you do your comparisons, there are key features you need to examine. Here are some of them.
Introductory interest rate. This is usually found on cards encouraging you to transfer balances from your existing cards. This rate is applicable only to the transferred amount and not to new transactions. This comes in handy especially when you have significant balances at higher interest on one card and you want to pay it off at a lower interest cost. Check also the duration of the introductory period. Depending on your needs, a 2.2% introductory rate for 12 months may be more suitable than a 1.99% rate for 6 months.
Purchase rate. This is the ongoing interest rate that would be applied to your new purchases regardless if it was made during the introductory period. Consider this carefully as you'll have to live with it for as long as you keep the card. If you usually pay off the entire amount in the statement as it falls due, a high ongoing rate will not matter so much. But if you intend to carry some debt, a lower ongoing rate will be important to save on interest expense.
Rewards program. Your comparisons can include the availability of rewards or loyalty programs. There are special cards with reward schemes, and you will notice they tend to have higher interest rate on purchases and/or higher annual fees (these help pay for the reward items). You stand to reap the most benefit from reward credit cards if you pay off all amounts due each month; otherwise, the added interest you pay will offset any value you get from the reward.
Evaluate the offers by estimating not only how fast you earn points but also how much money you will need to spend to earn the reward. One scheme may give 1 point for every $1 spent and require 10,000 points to earn the reward. Another may let you earn 2 points for every dollar but you have to reach 25,000 points. You'll spend only $10,000 on the first one, but $12,500 on the other.
Annual fee. In your research, you'll likely notice that credit cards with more promised benefits, such as rewards and low interest rate, usually come with higher annual fees. Conversely, credit cards with very little frills (and higher interest) do not even charge annual fees. If all you want out of credit cards are the basic conveniences and you pay off everything due for each month, you can opt for the basic card with no annual fees but be sure to arrange for prompt and full payment of all bills to avoid the high interest.
Interest-free period. This refers to the period when your purchase transaction will not be subject to any interest. Many products provide you up to 55 days. But if you closely at some credit card applications, you will see some cards have as many as 62 days while others may have only 44 or 45 days. Credit cards with longer interest-free periods are obviously better for you.
Apart from the key features above, you will also want to compare their various fees, such as over-the-limit fees and late payment fees. With proper account management, these fees will be the least of your concerns.

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Richard Gilliland

The Basic Credit Card Types

It may seem incredible, but credit card issuers clog the mails with over 2.5 billion offers inviting people to apply for a credit card. Even those who would not qualify for a conventional credit card due to serious credit problems are now able to get one; some credit card issuers even specialize in this particular type of market.

And according to financial gurus, there are at least a billion credit cards in active circulation throughout the United States alone.
Credit has been an economic cornerstone for some time now. Surveys show that the average American household is estimated to have at least twelve credit cards, including charge cards. While you may tend to think that one credit card is pretty much the same as the next, there are in actual fact distinct characteristics for each different credit card type. It is good to know these difference between the three different types of cards in the market: a bank credit card, a travel credit card, an entertainment credit card (although nowadays the combined travel and entertainment card has become more common) and a retail credit card or house card.
Bank Credit Cards
You have probably noticed that most credit cards bear either the logo of Visa or MasterCard together with the name of the bank. It would appear that the credit card has been issued by either Visa or MasterCard. That is not quite an accurate assumption: these two companies do not issue credit cards directly to the consumers. Most of the credit cards on the market today are offered by thousands of banks around the globe. Each bank is linked to the credit card association, because are not allowed to issue any kind of card unless they are association members.
Visa is a privately held membership association, although it is preparing to go public. It started as an association of banks in California and the West Coast. There are over 20,000 financial institutions in the membership rolls, and virtually all of them offer Visa Card. MasterCard is also a membership association, similar to Visa, and originally consisted of member banks in the East.
A bank credit card is in reality a revolving credit line. When you receive your statement, you can pay all or part of your balance each month, run up the balance again and so on. Being a credit line, the account comes with a pre-determined credit limit that depends on key factors like disposable income, credit history, etc. The credit limit can be as low as a $100 or as high as many thousands of dollars.
It is possible for card holders to get themselves into trouble when they do not properly manage the revolving credit line. When you carry a balance instead of paying it off, the credit card issuer starts charging interest on that balance — in some cases, this interest could be pretty steep. The interest rate varies widely, depending on who issued the card, but you could expect the average credit card interest rate to be at about 18 percent.
For instance, if you carry forward a $1,000 balance for 12 months, you pay $180 in interest per year or $15 every month. If you maintain a $1,000 savings account, you will earn about $40 in interest per year. Those who get into trouble will have to reduce debt, and one of the more common ways to go about this, is to arrange for credit card debt consolidation, which helps lighten the interest burden.
Travel and Entertainment Card
Travel and entertainment cards are similar to bank credit cards in the sense that holders can charge purchases at various stores and locations. However, they are also different from bank credit cards because they are offered directly by the credit card companies, namely, American Express and Diners Club.
This credit card type was once accepted primarily at travel- and entertainment-related businesses such as airlines, hotels, restaurants and car rentals. Nowadays, all other establishments, such as upscale department stores, gas stations and drugstores, accept them. Like any bank card, the typical travel and entertainment card of today offers the menu of features that most credit card holders have come to expect, such as frequent flyer miles, luggage insurance and collision insurance coverage on rented cars.
A further difference between travel and entertainment cards, and bank cards, is that travel entertainment cards do not carry an extended line of credit. This means that you will are required to pay your outstanding balances in full, either within one or two billing periods, in order to for the account to stay current.
Both travel and entertainment credit card providers, such as American Express and Diners Club, also deliver categorized summaries of expenses charged to the credit cards at the end of each year. This certainly is a convenience at tax time.
House Card
Unlike a bank credit card, and a travel and entertainment card, which you can use in many purchase locations, a house card is accepted only at a particular store or stores within the same chain. House cards (also referred to as retail charge cards) are the second largest category of credit cards; major house issuers include department stores, oil and gasoline companies, and telephone companies. Discover Card, once owned by Sears, was probably the biggest house card until it was purchased by a financial institution to become a distinct credit card company.
Merchants are very much in favor of house cards as these cards are valuable in helping them to both develop customer loyalty and enhance sales; you may appreciate the shopping convenience they give you. Just like bank credit cards, house cards give you a line of credit, with a limit that varies depending on your creditworthiness. For this reason, you may choose not to pay your credit card bill in full each month. Note, however, that the majority of house cards charge fixed interest rates of between 18 and 22 percent annually; thus a house card is more expensive in terms of interest cost than a bank credit card.
All types of credit cards involve costs when you use them. After knowing the different credit card types, you may choose the credit card that best fits your personality and needs. If you have a number of credit cards on your wallet, you may also consider discarding some.
If you are the type who does not carry a monthly balance, you can have a credit card with no annual fee but make sure that there is a grace period on purchases. However, if you do carry a balance, it is wise to do away with a credit card that has the worst of the following:
· High interest rates
·Unfavorable interest calculations. A credit card may calculate interest charges based on average daily balance, not on the balance due.
· No grace period. Some credit cards might charge interest from the date of purchase until payment date, even if you pay off your balance.
· Nuisance fees. Try to do away with credit cards that have late-payment fees, over-limit fees, fees for not carrying a balance or only a balance below a certain level, or a percentage fee on your credit limit.
The modern bank credit card was first introduced in the 1960s by the Bank of America; the travel and entertainment credit cards were both introduced in the 1950s. Much may changed since then in terms of features and benefits, but the basic characteristics of each type of credit card have remained the same.

Article Tags: Credit Card, Credit Cards, Bank Credit, Credit Card,, Entertainment Credit, House Card, House Cards

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credit card

A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services.  The issuer of the card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.

A credit card is different from a charge card: a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers a continuing balance of debt, subject to interest being charged. A credit card also differs from a cash card, which can be used like currency by the owner of the card. Most credit cards are issued by banks or credit unions, and are the shape and size specified by the ISO/IEC 7810 standard as ID-1. This is defined as 85.60 × 53.98 mm (3.370 × 2.125 in) (3³/₈ × 2¹/₈ in) in size.