Get help, advice and information on all your Finance issues. http://advice-and.info/Finance/balance.htm Mon, 04 Aug 2008 15:35:57 GMT en As a seasoned credit counselor, I hate seeing people go through hard times when they get into bad credit card debt. Even more so, I hate to see people get themselves into additional financial trouble with balance transfers, because they really are useful for getting out of debt. When they're used properly, that is. It's rare when one of my clients ruins an opportunity to save money and get out of debt by doing a credit card balance transfer, but sometimes they simply fall by the wayside. No matter your debt situation, when you're in possession of a credit card with little or no interest rate, it's difficult to ignore the call of the shopping mall, but so important that you do if you want to reap the benefits of balance transfers. When balance transfers are used responsibly, they can be life-savers. If you have the discipline and willpower to stop charging your purchases and budget in higher bill payments, you might find yourself free of credit card debt much sooner than you thought. 0 balance tra nsfers, if you can find and get approved for one, can make your life easy for as long as a year by allowing you to carry your balance interest-free. Even if you can't get approved for 0 balance transfers, you can probably find one for a pretty low rate. Credit card companies offer balance transfers because they want your business, and they realize that they are likely to gain at least a nominal profit unless you are disciplined enough to pay off your whole balance during your low or no interest rate period. If this is the case, how will the creditor make money off you if you're simply reimbursing them for the debt they paid off to your previous creditor? That's simple--they tack on a transfer fee, which is usually about 3 of the amount you're transferring. Depending on the balance, this fee could actually get pretty high. Make sure it's worth it to you to pay the fee--meaning that you'll end up saving more money in interest than you'll be paying for the credit card balance transfer service. Kee http://advice-and.info/Finance/89037_The_Beauty_Of_Balance_Transfers.html Tue, 24 Jun 2008 05:16:28 GMT You probably get offers from a variety of credit card companies offering you a new card with balance transfers at 0 for 10 months. That sounds like a great deal but in most cases it's probably not as good as it sounds. The 0 for 10 months is tempting but what will your rate be once those 10 months are up. Have you ever missed a payment because this new credit card might have an additional fee for missed payments. Over the past 10 years fees for late credit card payments have gone up 400. Some are also raising rates for people who miss a payment. Ask this new company what their policy is on missed payments and read the fine print when you apply for the new card. Some companies have ridiculous terms in the agreement. It's not uncommon for them to include a clause in the terms that they can raise your rates if you miss a payment on another loan with another company. It might have a 10 rate but when you miss a single payment they will raise your rate to 25 and you can do nothing about it. The credit card issuers have the ability to raise rates at any time. They don't do this to good credit card holders as they can easily change companies. A very common tactic is an additional cost for the transfer. The new credit card company might ask you for a fee that will vary depending on the amount of the transfer. Currently the economy is under a credit crunch and lenders are looking to create new forms of revenue and increase existing. Fees across the board are going up and people are starting to complain and ask questions. Don't be surprised if the credit card companies have more federal regulations in the near future. The credit card companies were regulated but in 1996 the Supreme Court ruled that the banks can change fees and rates whenever they want. Another potential downfall to transferring debt from loan to loan is it doesn't look good on your credit score. If you are in credit card debt trouble then you need to protect your credit score to the best of your abilities. Good credit card balanc http://advice-and.info/Finance/89011_The_Truth_About_Credit_Card_Debt_Balance_Transfers.html Sun, 22 Jun 2008 05:44:39 GMT Having credit can make or break you in today's world. Want to rent an apartment, buy a car, own a home or get a loan from the bank? You're going to need good credit to make that happen. One primary way in which you can build your credit is through the use of a credit card. A credit card is not a one-time deal, you don't pick out your card and then go home, never to look at or need another card again. In fact, it is important that you keep up with what the market looks like in order to make sure you're getting the best deal. Awareness of the current trends is one of the best ways to keep building credit in a productive fashion.<br> The current trends are going to change frequently and sometimes quickly, so it is important to be able to put what you are seeing into perspective. It's a bit like watching the stock market- prices go up and prices go down and sometimes it's better to wait things out than to freak out at the first sign of a dip. Of course, it's also very important to retain some of your focus on your personal credit. Before you go handing in applications haphazardly, it's a wise idea to really look closely at what is being offered. If you're in the market for a credit card balance transfer, then you might want to see what the details of these offers for 0 balance transfers are before you pick the first company that offers you a card with no balance transfer fee.<br> Don't be afraid to shop around and when doing so, compare the fine print as well as the main offers. Comparing APR rates is clearly a good place to start, but you may also want to factor in such terms as grace periods and fee schedules. If you're chronically forgetful, a card that is going to immediately slap you with a late fee isn't nearly as good a deal as a card with a grace period before such fees are applied. Of course, it goes without saying that you should always pay your credit card bills on time. You should also try to pay as much as you can of your http://advice-and.info/Finance/87134_Keeping_Up_With_Credit_Card_Balance_Transfers.html Tue, 27 May 2008 19:59:08 GMT Learning financial responsibility often starts with a credit card. Credit cards that carry the name of a parent are not actually a good start for learning the value of a good credit score or the necessity of being responsible with one's spending. They are, however, great for a parent's peace of mind when sending that first child off to college. That being said, a parent's spending habits will make an impression on a child, so teaching kids early about the value of money and how credit works will give them a headstart when they get to be of age. One's first credit card is somewhat exciting, after all. Here's a shiny new piece of plastic that signifies your adult standing in the world. Material goods can be exchanged for a quick swipe of plastic. When the bill comes, reality sinks it.<br> Unfortunately, a person's education does not always correlate to the time spent owning a credit card or the number of cards that are amassed. A couple common mistakes that can be p revented when it comes to credit cards are as follows:<br> Not reading the fine print. If a card says that it offers a 0 balance transfer, it needs to be determined whether this means that it will be subject to no fee balance transfers, in which no payment (usually about 3 of the balance) is made for the transfer, or if it means that there will be no interest due on the balances that are transferred to the new card.<br> Not shopping around for the best deal. Within the credit card market you will find a wide range of interest rates being charged. Some of these are proportional to the services being offered, but not always.<br> Having too many credit cards. While a back up is certainly a good thing to have, there is definitely such a thing as too many when it comes to credit cards. For people looking to find a new card, something of interest might be a balance transfer. Credit cards with lower rates can be a v http://advice-and.info/Finance/87056_Having_Great_Credit_With_0_Balance_Transfers.html Mon, 26 May 2008 19:31:41 GMT Credit cards are extremely convenient and useful, but they have a dark side that is often difficult to escape once you're in too deep. Credit cards can get you into a terrible mess when used irresponsibly, without paying them off or down significantly as you go along. You have the potential to be left in debt for years, ruining your credit and thus, your chances of being able to acquire assets like vehicles or homes. Rest assured that, if you find yourself drowning in credit card debt, you are not alone. Millions of people are in the same situation, and because of the size of the problem, there are plenty of ways to get out of it.<br> Balance transfers are one of the most common ways to take steps toward paying off credit cards. Shifting high-interest debt to a low or 0 balance transfer credit card is a great way to save money on interest when you're ready to be serious about chipping away at that balance. It's easy to do a balance transfer, but just like with using cre dit cards, there are pitfalls to this method that must be avoided for it to work in your favor. First, obtain your credit reports so that you know what your history and score are looking like right now. You should have no problem getting approved for a 0 balance transfer interest rate if you have good credit. Some people are lucky enough to even find a card that offers a no fee balance transfer, but these are rare. You can pretty much bet that there will be an average fee of 3 of the amount you wish to transfer, so prepare yourself for that.<br> Most credit card companies impose limits to the amount you can transfer. If your debt is more than 10,000, you probably won't be able to transfer the whole thing--and it's likely you wouldn't want to because of the additional 3 fee that would be tacked onto that. At this point, you need to decide how much you are willing to transfer to one card. You may also consider transferring one large debt to two different cards assuming they bot http://advice-and.info/Finance/85110_Using_0_Balance_Transfers_To_Alleviate_Debt.html Sat, 19 Apr 2008 01:56:43 GMT Youve probably heard of balance transfer credit cards. But you may not be aware of all the benefits that come with them. Balance transfer credit cards can help you get out of debt while enjoying additional perks. If youre thinking about signing up for a new card, here are three reasons to consider a balance transfer one. A Chance to Consolidate Debt http://advice-and.info/Finance/83316_Balance_Transfer_Credit_Cards_Three_Reasons_To_Apply_For_One.html Sat, 29 Mar 2008 02:41:22 GMT Is high credit card debt posing a financial obstacle in your life? Do you want to pay less interest than what you are paying now? If these are the financial queries popping up randomly in your mind, then 0 APR balance transfer credit card is the answer. A lot many people nowadays find it hard to cope with high credit card costs. Possessing multiple monthly credit cards at high interest rates can certainly be burdensome for most of them. Hence, the best way is to consolidate your balances into 0 balance transfer credit card for instant financial relief. However, ensuring long term relief requires payment of the debt as quickly as possible. 0 balance transfer credit cards do more than providing financial relief to customers. In fact, these rate cards can alter your financial situation by enhancing available funds for cash purchasers, ensuring rapid payment of debt and making funds available for savings. Many people spend a fortune on paying for credit card interests every month. Availing services of the 0 balance transfer card gives you the opportunity to shrug off your interest costs and build up your savings. This will not only help you achieve financial stability but also relieve you of the loathsome stress. http://advice-and.info/Finance/81715_Zero_Down_Financial_Stress_With_0_Balance_Transfer_Credit_Cards.html Tue, 18 Mar 2008 14:47:29 GMT Getting a 0 balance transfers credit card sounds like such a great deal that many people forget that they should be seeking out other benefits from these cards as well. Savvy consumers who apply for balance transfer credit cards know that there are pros and cons to getting these cards. The idea for a smart consumer is to maximize the pros of the balance transfers credit card by only applying to those cards which offer the best in additional benefits. Low purchase APR: http://advice-and.info/Finance/80717_Benefits_To_Demand_With_0_Balance_Transfers_Credit_Card.html Fri, 07 Mar 2008 00:56:30 GMT Using balance transfers credit cards, you can move funds from one of your accounts to another. The advantage of doing this is simple, especially when you qualify for credit lines that offer low interest or even 0 APR to you. There are several ways that you can save money by using a balance transfers credit card. Many people are qualified for these lines of credit. If you qualify, use them wisely to save money. What Are Balance Transfers? http://advice-and.info/Finance/78840_Balance_Transfers_Credit_Cards_How_To_Maximize_Your_Savings.html Sun, 24 Feb 2008 08:13:36 GMT