Which Credit Card To Apply For? – Tips To Help You Choose
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So many different choices for credit cards: 0% APR credit cards, travel rewards credit cards, 0% balance transfer credit cards, and cash back credit cards. Selecting the right card for the way you use your credit card can mean a big difference in your pocketbook. Use this quick guide to help you spot the differences in your credit card offers:
*Will you carry a balance every month or almost every month? If so, a lower interest rate is better for you. If you transfer a high balance credit card to a lower or 0% APR credit card (often an introductory period), you will save even more.
*Will you be paying the credit card balance off every month? Then you will want to apply for a credit card without an annual fee. Finance charges may be higher, but since you pay the balance off every month, you wont be charged. Look for credit cards that offer grace periods, usually between 25 to 30 days, before credit interest begins.
*Will you be shopping for credit card balance transfer? Be sure to check out the transaction fees and the introductory periods. Occasionally your credit card company will offer you a credit card debt consolidation with convenience checks so that you can transfer one or more credit card balances, but be sure to check out the transfer guidelines.
*Will you need cash advances? Apply for a credit card that offers a lower APR and lower transaction fees. Be sure to read the fine print on their requirements. Some credit card companies impose a transaction fee and a cash advance fee plus the interest rate. Some credit cards charge a higher rate for cash advances than regular purchases.
*Will you be traveling frequently, and charging your trip expenses? If this is your situation, then a cash back credit card reward program may suit you best. Be sure to consider your interest rate first, however. Rewards should come secondary to your spending habits and the cost of the credit card itself. Cash rebate cards offer you a cash back refund at the end of the year that you can use anyway you choose. Other credit card reward programs offer purchase points or redeemable rebates. Airline credit cards offer you miles as credit for every dollar you spend, sometimes offering you double or triple miles.
Whatever credit card offer you apply for, be sure to carefully consider the terms of your credit card, including the interest rate (APR), annual fees, transaction fees and balance transfer fees. Those hidden charges can add up quickly and cost you more than what you bargained for, so choose your credit card wisely.
Tags: 0 Apr Credit Cards, 0 Balance Transfer Credit Cards, Apr Credit Cards, Article Body, Balance Transfer Credit Cards, Card Debt Consolidation, Cash Advance Fee, Cash Back Credit Cards, Convenience Checks, Credit Card Balance, Credit Card Balance Transfer, Credit Card Balances, Credit Card Debt, Credit Card Debt Consolidation, Credit Card Reward Program, Credit Cards 0 Apr, Credit Cards 0 Balance Transfer, Grace Periods, Introductory Period, Travel RewardsCan A Balance Transfer Credit Card Help You With Debt Consolidation?
It is not hard to have credit cards maxed out before you know it. Soon, though, the bills calling for payment on those things you bought begins to take its toll on your available funds. Before you know it, it may be next to impossible, almost, to catch up on your bills. Another credit card, however, may be just what you need to be able to give yourself a handle on your debt. In fact, a new balance transfer credit card may be just what you need to consolidate your debts.
Balance transfer credit cards enable you to transfer debt that you already have on one card to another one. As an introductory offer, many credit card companies that offer this type of credit card provide special deals on this type of transaction. Good balance transfer credit cards will offer you 0% APR interest for up to 15 months. This means that you pay no interest charges on the amounts you transfer to it.
The advantage here is obvious. Instead of continuing to pay a high interest on your credit cards, which actually reduces your payment toward the principal, a new card saves you money. You pay no interest for awhile, so all of your payment goes to reduce the principal on your old bill – unless you have added other purchases to the credit card.
Debt consolidation on this kind of credit card makes a lot of sense – especially if you take care not to max out your credit cards again. There should be some new restraint on those other credit cards – destroying some of them would probably be better for most people.
A balance transfer credit card is great for consolidating smaller debts onto one card. Look over the offers carefully, however, because some of these cards have fees for the transfers – up to 4%. You also need to know that some cards do not allow you to transfer any debt to them after you get it. All transfer amounts need to be listed on the application, in those cases.
The introductory offer will vary too, in some situations, so you need to pay careful attention. Sometimes the balance transfer portion of the special introductory offer is only for three months, and the other features of the same offer may apply for one year. This will take some careful reading on your part to make sure you get what you think you are getting. Obviously, only three months of 0% APR interest will help but not much because it is so short.
Debt consolidation with one of these credit cards gives you some time to catch up on your bills. Be careful, however, to make sure you pay your bills on this new card on time. Some of these lenders, when you make just one late payment – or not a minimum payment, will take away the introductory offer rates and may give you an interest rate up to 29%! Needless to say – that won’t help you reduce your debt!
Tags: 0 Interest, 15 Months, Balance Transfer Credit Card, Balance Transfer Credit Cards, Card Debt Consolidation, Consolidate Debts, Consolidate Your Debts, Credit Card Companies, Credit Card Debt, Credit Card Debt Consolidation, Credit Consolidation, Credit Debt, Credit Help, High Interest, Interest Charges, Money, New Balance, People, Principal, Transfer Credit CardCan A Balance Transfer Credit Card Help You With Debt Consolidation?
It is not hard to have credit cards maxed out before you know it. Soon, though, the bills calling for payment on those things you bought begins to take its toll on your available funds. Before you know it, it may be next to impossible, almost, to catch up on your bills. Another credit card, however, may be just what you need to be able to give yourself a handle on your debt. In fact, a new balance transfer credit card may be just what you need to consolidate your debts.
Balance transfer credit cards enable you to transfer debt that you already have on one card to another one. As an introductory offer, many credit card companies that offer this type of credit card provide special deals on this type of transaction. Good balance transfer credit cards will offer you 0% APR interest for up to 15 months. This means that you pay no interest charges on the amounts you transfer to it.
The advantage here is obvious. Instead of continuing to pay a high interest on your credit cards, which actually reduces your payment toward the principal, a new card saves you money. You pay no interest for awhile, so all of your payment goes to reduce the principal on your old bill – unless you have added other purchases to the credit card.
Debt consolidation on this kind of credit card makes a lot of sense – especially if you take care not to max out your credit cards again. There should be some new restraint on those other credit cards – destroying some of them would probably be better for most people.
A balance transfer credit card is great for consolidating smaller debts onto one card. Look over the offers carefully, however, because some of these cards have fees for the transfers – up to 4%. You also need to know that some cards do not allow you to transfer any debt to them after you get it. All transfer amounts need to be listed on the application, in those cases.
The introductory offer will vary too, in some situations, so you need to pay careful attention. Sometimes the balance transfer portion of the special introductory offer is only for three months, and the other features of the same offer may apply for one year. This will take some careful reading on your part to make sure you get what you think you are getting. Obviously, only three months of 0% APR interest will help but not much because it is so short.
Debt consolidation with one of these credit cards gives you some time to catch up on your bills. Be careful, however, to make sure you pay your bills on this new card on time. Some of these lenders, when you make just one late payment – or not a minimum payment, will take away the introductory offer rates and may give you an interest rate up to 29%! Needless to say – that won’t help you reduce your debt!
Tags: 0 Interest, 15 Months, Balance Transfer Credit Card, Balance Transfer Credit Cards, Card Debt Consolidation, Consolidate Debts, Consolidate Your Debts, Credit Card Companies, Credit Card Debt, Credit Card Debt Consolidation, Credit Consolidation, Credit Debt, Credit Help, High Interest, Interest Charges, Money, New Balance, People, Principal, Transfer Credit CardBest Balance Transfer Credit Cards – Helping You Avoid Paying Interest
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While considering balance transfer credit cards you must consider and understand that the expiration dates on balances that are transferred. You must also understand the APR and what fees you will pay after the introductory trial has ended. Ask the card lenders if the introductory rates will apply to the first transfer, or if the rates will only apply to balance transfers made throughout the introductory trial. You might also ask if the introductory rates are applied to balance transfers as well as purchases. It is also important that you understand the annual fee structure. Likewise, it is essential to know whether an annual fee will apply to the introductory period. Ask if the cards have any applicable fees on transactions.
Transfer Fees
Asking questions upfront will help you to avoid pricey fees on balance transfers. Most balance transfer fees are around 3 percent; however, some lenders will charge 4 percent. Due to competition, credit card lenders are working effortlessly to bring in new clients. Therefore, teaser ads are put up on the Internet to bring in new clientele. While the slicks claim that if you have good enough credit, you can take advantage of the low interest rates and 0 percent introductory rates, not everyone has the applicable credit that lenders will require.
Cash Back Rewards
A few of the cards, including the Chase Cash Plus Rewards Visa offer 5 percent cash back on any purchases made at grocery stores, drugstores, or gas stations for a limited time. Often the card lenders have stipulations though, i.e. only purchases at selected stores are applicable, which means if you do not shop at the store (s) stipulated in the agreement, you will not receive rewards. This card also offers an additional 1 percent cash back on all other purchases made. There are no annual fees, and there is a 0 percent introductory APR for up to 12 months on balance transfers and purchases.
Some of the balance transfer credit cards offered online include the Citi Platinum Select. Some of these cards offer a 0% APR for up to one year on both purchases and balance transfers. However, the offers will expire; therefore taking advantage of the offers now can save you money. Many of the cards will extend an comparably low ongoing APR once the introductory trial has ended too. A few of the cards will offer advantages that the other card offers may not, like a free onlin, secured account management reports. So be on the lookout for these special features.
Features and Offers
If youre looking for security in balance transfer credit cards, consider the Blue card from American Express. With this card you get a 0 percent introductory APR up to 15 months and low rates thereafter. Still, the offers wont last long, thus taking advantage of the deals when spotted is in your best interest. There are no annual fees and it has a Smart Chip built-in, which provides security while shopping online, or viewing your online reports. Smart Chip is becoming one of the largest schemes for security, which is currently available throughout in the United Kingdom and will soon be available in the US. This card offers a free rewards program, but you must have excellent credit to get approved for the card.
Tags: Applicable Fees, Article Body, Balance Transfer Credit Cards, Best Balance Transfer Credit Cards, Chase, Clientele, Credit Card Lenders, Drugstores, Expiration Dates, Fee Structure, Gas Stations, Grocery Stores, Introductory Apr, Introductory Period, Introductory Rates, Introductory Trial, Limited Time, Low Interest Rates, Teaser Ads, Word CountBest Balance Transfer Credit Cards – Helping to Eliminate Debt
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If you are seriously looking to eliminate debt, then you need to consider applying for a balance transfer credit card. With the help of balance transfer cards, you can get yourself back on track and back in control of your finances.
The Cold, Hard Facts
Astoundingly, the average household in America has a revolving debt, which is basically credit card debt, of over $9,000. If you are among them, you can take comfort in knowing that you are not alone. At the same time, you shouldn’t get too comfortable. Debt means bills and, more often than not, the payment of finance charges. Basically, being in debt costs you money. Fortunately, balance transfer credit cards and a few other easy to follow steps can help you get out of debt and stop paying high interest fees.
Don’t Spend Above Your Means
The first step in getting out of debt is to stop spending above your means. Obviously, if you are spending more than you are capable of paying back, you will only dig your hole of debt deeper. In addition, if you are already in debt, you need to cut back your spending to the bare minimum. After all, your goal is to reduce your debt, not to keep adding to it.
To help you keep your spending within your means, it is wise to set up a budget. For many, it is difficult to restrict spending because we have become so used to the easy access provided by credit cards. When you sit down and form a budget, however, you will probably be amazed when you realize how much wasteful spending you engage in without even thinking about it. In fact, you can probably eliminate some expenses without really noticing. Of course, you will still need to put money aside for regular expenses such as rent or mortgage, insurance, and food. You can also set aside a little “play money,” but be sure to never spend more than what you have set aside.
Set the Plastic Aside
After you use your balance transfer credit card to consolidate your debts, set the card aside. First of all, balance transfer credit cards often have a high APR on purchases made outside of the transfer. After all, the credit card company needs to make up for the loss somehow. Secondly, carrying your credit card with you only makes it more difficult to resist temptation and impulse buying. Instead, use cash whenever possible. Many people don’t truly attach the cash value of what they are spending when the use a credit card. Counting out your money and watching it leave your hands and go into the cashier’s hands, however, really makes you notice.
In fact, research has shown that people spend an average of 112% more when making purchases with a credit card as opposed to making purchases with cash. With this kind of data, it is no surprise that most merchants accept credit cards or even encourage the use of credit cards.
Watch Your Interest Rate
If you absolutely must use a credit card and carry a balance on it, make sure it has a low interest rate. If your balance transfer credit card has a high interest rate on purchases, set it aside and use a different card for every day use. The amount of money you can save by using a credit card with a lower interest rate is outstanding and can translate to hundreds of dollars in savings every year. Then, make sure to apply the money you save back to toward paying off your debt. When you find yourself debt-free, the small sacrifices you made to get there will be well worth it.
Tags: Article Body, Bala, Balance Transfer Cards, Balance Transfer Credit Card, Balance Transfer Credit Cards, Bare Minimum, Best Balance Transfer Credit Cards, Cold Hard Facts, Credit Card Debt, Easy Access, Finance Charges, Getting Out Of Debt, High Interest, Household, Money Transfer, Mortgage Insurance, Need Money, Play Money, Revolving Debt, Word CountBest Balance Transfer Credit Cards – Helping to Eliminate Debt
Word Count:Article Body:
If you are seriously looking to eliminate debt, then you need to consider applying for a balance transfer credit card. With the help of balance transfer cards, you can get yourself back on track and back in control of your finances.
The Cold, Hard Facts
Astoundingly, the average household in America has a revolving debt, which is basically credit card debt, of over $9,000. If you are among them, you can take comfort in knowing that you are not alone. At the same time, you shouldn’t get too comfortable. Debt means bills and, more often than not, the payment of finance charges. Basically, being in debt costs you money. Fortunately, balance transfer credit cards and a few other easy to follow steps can help you get out of debt and stop paying high interest fees.
Don’t Spend Above Your Means
The first step in getting out of debt is to stop spending above your means. Obviously, if you are spending more than you are capable of paying back, you will only dig your hole of debt deeper. In addition, if you are already in debt, you need to cut back your spending to the bare minimum. After all, your goal is to reduce your debt, not to keep adding to it.
To help you keep your spending within your means, it is wise to set up a budget. For many, it is difficult to restrict spending because we have become so used to the easy access provided by credit cards. When you sit down and form a budget, however, you will probably be amazed when you realize how much wasteful spending you engage in without even thinking about it. In fact, you can probably eliminate some expenses without really noticing. Of course, you will still need to put money aside for regular expenses such as rent or mortgage, insurance, and food. You can also set aside a little “play money,” but be sure to never spend more than what you have set aside.
Set the Plastic Aside
After you use your balance transfer credit card to consolidate your debts, set the card aside. First of all, balance transfer credit cards often have a high APR on purchases made outside of the transfer. After all, the credit card company needs to make up for the loss somehow. Secondly, carrying your credit card with you only makes it more difficult to resist temptation and impulse buying. Instead, use cash whenever possible. Many people don’t truly attach the cash value of what they are spending when the use a credit card. Counting out your money and watching it leave your hands and go into the cashier’s hands, however, really makes you notice.
In fact, research has shown that people spend an average of 112% more when making purchases with a credit card as opposed to making purchases with cash. With this kind of data, it is no surprise that most merchants accept credit cards or even encourage the use of credit cards.
Watch Your Interest Rate
If you absolutely must use a credit card and carry a balance on it, make sure it has a low interest rate. If your balance transfer credit card has a high interest rate on purchases, set it aside and use a different card for every day use. The amount of money you can save by using a credit card with a lower interest rate is outstanding and can translate to hundreds of dollars in savings every year. Then, make sure to apply the money you save back to toward paying off your debt. When you find yourself debt-free, the small sacrifices you made to get there will be well worth it.
Tags: Article Body, Bala, Balance Transfer Cards, Balance Transfer Credit Card, Balance Transfer Credit Cards, Bare Minimum, Best Balance Transfer Credit Cards, Cold Hard Facts, Credit Card Debt, Easy Access, Finance Charges, Getting Out Of Debt, High Interest, Household, Money Transfer, Mortgage Insurance, Need Money, Play Money, Quot, Revolving Debt, Word Count