 |
Balance Transfers Can Help You Stop Putting Money Down The
Drain!
As you probably know, interest rates are at all time low right
now and if you aren't getting the best deal from your credit card
company then they owe it to you to either lower your rate, or you
owe it to yourself to find a better deal. You see, credit card
companies need your business in order to succeed and if you
refuse to pay a penny more than you have to then you'll be doing
yourself and others a big favour indeed. By doing this, you'll
avoid paying more than you should and the companies will stop
treating its clients inappropriately.
Now that this is clear, we will talk about the essentials of
balance transfers, how they work and how you can ensure that you
get the absolute best possible deal.
- Second, to find the absolute best deals, look to transfer
balances on cards where the initial interest rate is 0% and the
amount after that is lower than the one you have now. For
instance, if you're a cardholder that has an interest rate of
27.4% on a £1000 balance and you only pay £150 a
month for 6 months, you will not pay off the balance in 6
months. Instead you will pay £247 worth of interest and
your balance after 6 months will be £346. In contrast, if
you had a 0% card and make the same monthly payment then your
balance will be reduced to £100 at the end of the 6 month
period, a tremendous saving!
- Third, don't throw those offers that you receive in the
mail away. If you have great credit then you'll likely have
credit card companies vying for your attention. Just use this
power to your advantage and find the very best 0% deal for
you.
- If no good deals seem apparent, then you have to find your
own deals. You can do this by conducting a thorough search on
the internet to see if you can find a 0% card offer.
- Once you've done this, request information and then review
it carefully. Pay close attention to the rate after the initial
introductory period is over. For instance, if you have two
choices of cards with 0% interest rates
http://www.the-credit-card-centre.co.uk/0%-credit-cards.html
for 6 months and one charges an interest rate of 15.00% after
the initial period and one that charges 11.00% after the
initial period then by all means choose the second one because
it is by far the better deal overall.
- Read and then reread the credit cardholder agreement a
couple of times. Make sure that you understand all of the
jargon and if you don't, find someone that does before you sign
it. Review it closely to make sure that you are getting the
best deal possible. For instance, when evaluating deals, you
should ask yourself these questions:
- How long does the introductory rate last?
- What will be the rate after the teaser expires?
- What are the cards annual fees? Can they be waived?
- Are there any transfer fees that you should be aware
of?
- Are there any perks that are offered? (Ex. frequent flier
miles, free gifts, etc).
- Once you've decided on an offer, fill out your application
fully and get it in the mail as soon as you can.
- Once you get the offer, make sure that it is a 0% teaser
rate and if it isn't, then contact the company right away. If
they aren't open to doing so then tell them that you're
cancelling the card and look for another company that delivers
what they promise. Your primary goal is avoid the old "bait and
switch" while simultaneously saving money on interest.
- While waiting for your new card, make sure that you
continue to pay on your old card to avoid glitches in your
credit report and once you receive notification that the
transfer has been made, make sure you contact the old company
and make sure that they received the payoff amount.
- After the teaser rate is up, don't be afraid to jump from
one credit card to another after the teaser expires. You see,
there is absolutely nothing wrong with surfing cards and taking
advantage of 0% offers whenever you possibly can. Just keep
finding and researching great deals.
That's it my friend. Credit card transfers don't have to be so
confusing and daunting. If you follow the above mentioned steps
then you can and will win the balance transfer rate and stop
throwing your hard earned money down the drain.
About The Author
Claire Bowes is a successful freelance writer and owner of the
Credit Card Centre http://www.the-credit-card-centre.co.uk/ where you
will find further advice and tips on the best credit card deals
http://www.the-credit-card-centre.co.uk/best-credit-cards.html
, balance transfers and 0% credit cards.
MORE RESOURCES:
Credit - Google News
|
|
|
RELATED ARTICLES
Credit Help for Real
Estate Financing: Five Categories of Your Credit
Score
1. Payment History -- 35%The number of accounts paid as
agreed and a good payment history give you a higher score.
Understanding the
Process of Credit Counseling
Many of us have seen the advertisements on television. "Get
out of debt fast!" "We can solve all your credit problems
with only one call!" These sound really great but you know
that, realistically, one call is not going to solve your
credit problems.
Credit
Education
Having credit education is like knowing how to read. It
will be necessary throughout your life.
Top 5 Credit
Misconceptions
We have all heard the rumors?from neighbors, relatives or
friends. There are a wide variety of myths floating around
about what you should and shouldn't do to improve your
credit reports and credit scores.
Credit Repair: How To
Deal With Your Creditors
If you are in danger of credit problems because you have
more debts than you can handle, there are things you can do
at least keep your creditors reasonably happy.First,
prioritize your debts or rank them in terms of the ones
that can give you the most trouble the quickest.
Credit Cards, Merchant
Accounts, and Your Bottomline
Q: I'm opening a gift shop and want to be able to accept
credit cards. I talked to the branch manager at my bank,
but he didn't seem to know much about how it all worked.
Learning the Disturbing
Facts about Credit Card Debt
When I received my first credit card in the mail at age 18
I was ecstatic, I said to myself, wow now I'm getting
somewhere in life. This credit card company thinks I'm
worthy of 500 dollars in credit.
Building Good Business
Credit After Bad Credit
Can you establish good business credit if you have bad
personal credit? The answer is yes..
It Is In Your Best
Interest To Do The Math On Your Credit Card
Interest
If you begin foaming at the mouth once a month when you
receive your credit card statement, join the millions of
Americans that are foaming along with you. There is a
growing outrage at the seemingly endless journey towards
eliminating the balance on your credit card and that is due
primarily to the extravagant interest rates charged by
credit card companies.
How To Eliminate Credit
Card Debt
There is almost nothing more troublesome than having too
much debt to pay each month. Consumers incur debt for many
different reasons.
What Happens When Your
Credit Is Damaged? Do You Have Recourse?
The good thing about bad credit is that you can fix it. If
you start now, over time, your bad credit can turn into
good credit, and you could qualify for the loans you want
at the rates you want.
19,178 Identity Theft
Victims Per Day - Are You One Of Them?
Identity theft statistics are shocking. And we are told
that it will only become worse, before it gets any better.
How Businesss Mess Up
Their Credit Policies
In "Become the Squeaky Wheel" a book recently published,
Michelle Dunn demonstrates the major areas a business
should focus on to ensure a satisfactory customer
experience.One mistake business owners make is not having a
credit policy in place when they open their business.
How To Establish Great
Credit
Building a good credit history is important. If you have no
reported credit history, it may take time to establish your
first credit account.
Credit Card
Incentives
Credit card companies want your business. After all,
lending money to people is profitable.
Choosing a Credit
Counseling Company
If you have considered credit counseling as an option to
your financial problems, then you are probably wondering
how to choose from one of the many credit counseling
companies that are popping up left and right these days.
There really is not an easy answer to this dilemma but
there are some things that you can look for in a credit
counseling company that might make the decision a little
easier.
What is the Check 21
Act?
Check 21 is the common name for the Check Clearing for the
21st Century Act. It's new legislation that was recently
passed by congress and made a law when signed by the
President of the United States (remember "I'm just a bill"
from Saturday morning cartoons).
The FICO Score
Misconceptions
There are many misconceptions about credit scores out
there. There are borrowers who believe that they don't have
a credit score.
Are 0% Credit Cards
Reaching Their End?
Are Credit Card companies starting to feel the pinch? We
all know that the Credit Card companies make their money by
charging us interest on the money we borrow. With all the
0% balance transfer offers that we have seen over the last
few years its no wonder these companies are concerned they
aren't making any money.
Bad Credit Credit
Cards
Chances are you've gotten your share of offers like this in
the mail Bad Credit Credit Card, Bad Credit Visa Cards and
Credit Cards for People With Bad Credit. Re-establish your
credit with a bad credit credit card, credit cards for
people with bad credit or pre-approved Visa cards
regardless of your bad credit history, some with low
introductory rates and other perks.
|
|
