0 intro balance transfer credit card - how to balance transfer debt.
Good credit people can enjoy the savings of an introductory period 0 intro balance transfer credit card. Bad credit people; however, should apply for credit card debt relief instead of a balance transfer.
Before you balance transfer credit card debt:
It may not be wise to balance transfer existing credit card debt to
another credit card. Here are reasons why:
1) If the balance transfer is from a credit card which you had ever made late payments on, the new card issuer may void your introductory rate because of your past credit history.
2) If you were late paying any bills (not just on credit cards), the issuer may void the introductory rate because of your past credit history problems.
3) If the balance transfer plus new charges exceed the card issuer's maximum, in addition to voiding the introductory rate there may also be penalties or fees.
If you were late paying any bills (not just on credit cards) in the past year, it may be wiser to get help with your debt instead of trying to shuffle it to another card.
Don't have excellent credit? Apply for other cards:
Poor credit credit card: If you have minor credit problems, or are late paying a few minor bills, you may still qualify for a no deposit, unsecured credit card.
High credit limit unsecured credit cards require excellent credit because of the issuer's financial risks and acceptance of existing debt (balance transfer) from another credit card.
Avoid headaches and extra fees when transferring credit card balances.
Author: Credit Federal
Although it may appear easy to balance transfer credit card debt from one card to another, there is a potential to harm credit scores and void the introductory offer. Be sure you review:
How long the low or 0 introductory rate lasts
The card's annual percentage rate after the intro rate expires
If the rate applies to balance transfers balances, new purchases or both
If the card has an annual fee
Does it have late fees and over-the-limit fees
Are there balance transfer fees
Another key thing to determine is whether there's a fee for transferring the balance. Some issuers charge transaction fees as high as 4 percent. So the higher that balance, the higher the transaction fee. A 4 percent fee on a $5,000 balance would cost $200. Some companies cap transfer fees at $25 or $50.
Read through the credit card offer closely. Some offers waive fees only for initial balance transfers. These are the transfers that are authorized when you accept the card and complete the balance transfer form. In such cases, every other balance transfer is treated as a cash advance and is subject to cash advance fees.
Just because you may have received a balance transfer offer doesn't mean you qualify for the low introductory rate. While an offer may boast a 3.9 percent teaser rate that bumps up to 17 percent after six months, a person may qualify for a card with 7.9 percent teaser and a regular annual percentage rate of 21 percent. With one late payment, you may void the introductory or transfer rate.
Once comfortable with the terms of the offer, be sure to fill out the balance transfer form carefully. Incomplete information may halt or delay a transfer.
It may be wise to make the minimum payment on the old card while waiting for the balance transfer to take effect. Otherwise, you may end up with a later fee on your old card.
The new card company may send a notice once the balance transfer is complete. Be sure to call the old card company to verify transfer. Write down the name of the person you talked to, the date, the time and what was said. Or you can wait until your old credit card company sends a billing statement with a zero balance.
Cancel the old card to avoid the temptation of an open credit line.And, too many open lines of credit can affect your ability to qualify for other credit. Lenders view any open credit lines on all unused credit cards sitting in a consumer's wallet as potential debt.
Too often, people make only the minimum payment, which makes it difficult to pay off the balance.
Many
consumers have been choosing to use prepaid cards, and this can be a good choice
for good or bad credit people. With so many consumers who are unemployed, people
are watching every penny and trying to eliminate making new debts. Using a
prepaid card is paying as you go and not charging as you spend money.
Those
people who have ruined their credit may only have a debit or prepaid
card choice. This can be a good thing to use as a tool to control spending
habits. These cards are easy to fund and there is never a risk of over spending.
You can only spend what is loaded onto the card. For people who need the benefit
of cards that report to major credit bureaus, a secured
card can be a good choice. The reporting of good payment habits can help
repair bad credit over time.
Recession
problems have affected people from walks of life, and lenders are marketing to
specific credit types. Some lenders are designing their products to help those
people who need to rebuild their credit. This is certainly reaching the needs of
many consumers. For example, when banks or other financial institutions will not
extend credit to those who have poor scores, there are lenders who are servicing
those consumers.
Credit
scores that are super can quickly drop from too many late payments, even just a
couple may do damage. The economy and unemployment rates hopefully will see a
positive turn in the next year. As long as problems remain, Americans will
continue to experience financial problems that will have an affect on their
ability to obtain credit and at a good rate. Anytime scores are low, it makes
getting loans and credit cards with good rates difficult.
When
FICO scores, which is a three digit number are low, it indicates a financial
problem. Typically scores below 500 are not considered good, and a score of 850
is great. When a job is lost, it makes it impossible to meet financial
obligations unless there is a savings account to tap into when there is a lack
of paychecks to meet expenses. Missed or late payments only continue to damage
credit scores and many U.S. citizens are dealing with unemployment and loosing a
home. In addition, bankruptcy filings are still on the rise. Managing the
finances has proven to be more taxing than ever before.
American Express News: Small businesses now have a brand new resource available to help them grow and succeed through social media.
"Social Media Show + Tell" resides within American Express' newly created Business Knowledge Share enhanced LinkedIn user group. Through a series of "show and tell" videos available to members, representatives from the most popular digital and social platforms – starting with Facebook – explain how their tools can have a formidable impact on small businesses and empower business owners to maximize the potential of the growing digital landscape.
The Social Media Show + Tell videos aim to demystify these platforms for small businesses by providing easy to understand commentary and advice from the leading experts behind each of the platforms. Each video shows how small business owners can take advantage of different social media platforms, walks business owners through each step of the registration process and clearly illustrates the business potential of engaging customers in an ongoing dialogue. Further, group members will be able to engage directly with the featured platform expert to ask questions. Coupled with the collaborative community of Business Knowledge Share, small business owners now have actionable insights relevant to their businesses in a single, easily accessible location. Social Media Show + Tell will next roll out how-to videos containing tips and advice on how to take advantage of the foursquare platform, among others.
Chase Launches Disney's Premier Visa® Card - New Must-Have Credit Card For Disney Fans Offers The Ability to Earn Rewards Faster; Redeem For Disney Rewards And Toward Airline Travel on Any Airline to any Destination, Anytime.
To deliver the Disney promise of creating special memories that last a lifetime, Chase Card Services, a division of JPMorgan Chase & Co.
and The Walt Disney Company, through its subsidiary Disney Rewards LLC, announced today the launch of Disney's Premier Visa® Card from Chase. The new card offers customers ways to earn rewards twice as fast, the opportunity to now redeem toward airline travel in addition to most everything Disney, plus access to special Cardmember-only perks when visiting Walt Disney World® and the Disneyland® Resorts.
With Disney's Premier Visa Card, Cardmembers earn 2% in Disney Dream Reward Dollars® on card purchases at restaurants, grocery stores, gas stations and most Disney locations at Walt Disney World® Resort, the Disneyland® Resort, Disney Cruise Line® and Disney Store. Cardmembers earn 1% on all other purchases made with the card.
Citi News: The Citi Team USA Flag Tour made its fourth stop today in Jacksonville, one of Citi’s largest sites in the United States. Olympic Hopeful Kellie Wells (track & field) and Paralympian Carlos Leon (track & field, discus) joined Citi Site President Kristi Bageant-Epperson, Rich Garside, Co-Head of Global Operations & Technology, and Citi employees in celebration and support of Team USA and the athletes’ journeys to the London 2012 Olympic Games.
At the event, the athletes spoke to a crowd of more than 350 people and highlighted the importance of the network of support they received from family, friends and the community as part of their own personal Olympic and Paralympic journeys. The event was capped off by a ceremony to raise the Citi Team USA flag on the Citi Jacksonville campus which will remain up through the London 2012 Olympic and Paralympic Games. Previous tour stops have included Citi sites in Sioux Falls, S.D., Irving, Texas, and Tucson, Ariz.
Discover Card News: Specialty Studen Loans Feature Competitive Rates and 24/7 Customer Service
Discover Student Loans recently added three new private student loans designed for graduate students in health professions, law school and MBA programs. The new loans are available on the recently redesigned DiscoverStudentLoans.com and are supported by student loan specialists available 24 hours every day.
The new DiscoverStudentLoans.com includes more tools and information to help students and parents with each step of the process – from exploring financial aid to repaying student loans.
Variable rates for the new graduate loans are currently lower than the fixed-rate federal Graduate PLUS Loan and include a nine-month grace period and a 20-year repayment period to help students manage their monthly payments.
As with Discover's other loans for undergraduate and graduate students, the new specialty loans have zero origination fees, and borrowers are eligible for a 2 percent Graduation Reward that can be applied to the principal loan balance or received in cash once they complete their degrees.
The new Discover Health Professions Loan is for graduate students seeking advanced degrees in allopathy, dentistry, nursing, occupational therapy, optometry, osteopathy, pharmacy, physical therapy, physician assistant, podiatry, and veterinary medicine.
Auto Loan: Get free quotes and apply for a new or used auto loan or for auto refinancing.
Credit Report: Free credit report help to fix credit report errors and improve credit score ratings. You are entitled to one free credit report annually.
Debt Counseling: Get your expenses under control with credit counseling, an unsecured debt consolidation loan, debt management or negotiate debt settlement.
Free Credit Offers: Get no obligation, free credit offers plus financial tips to help effectively manage your personal finances.
Home Loan: Free multiple quotes from mortgage lenders. Apply for a new home loan and start building your financial security.
Mortgage Refinancing: 2nd mortgage loan and other types of mortgage refinancing for home remodeling, equity cash out or a debt consolidation loan and more.
Payday Loan: Easy approval bad credit unsecured loan with no credit check, no deposit and no security.
Personal Loan: Submit a short or long term personal loan application (if available), or apply for other secured or unsecured loan offers.
Personal Finance: How to file bankruptcy plus free bankruptcy forms. Create a household personal budget, balance a checkbook register, track expenses and more.
Adding an authorized user to credit card account: Perhaps you are a parent who wants your son or daughter to have a card. Maybe you run a small business and would like one of your employees to have their own credit card for convenience. But most often, it seems to be that the new card is issued to their spouse - whether that be a husband or wife, boyfriend or girlfriend. Before adding someone to your credit card, consider these Advantages and Disadvantages: The Pros - * Adding a user is a convenient way to give someone access to your line of credit for purchases * The places the authorized user spent money will be listed on your monthly statement * It can be a way to help build credit for the authorized user, if their Social Security number is provided. In September 2007, FICO took away this "piggyback" privilege, but they reverted back in July 2008 and decided to count authorized users once again. The Cons - * If there's one piece of advice you get from this post, it is that adding an authorized user to a credit card is almost always a bad idea when it comes to boyfriends/girlfriends. I can't even begin to tell you how many horror stories I've heard. They thought because they were together for years it would be okay to do. Lo and behold, the relationship would go sour and the authorized user would rake up excessive amounts in charges. Unfortunately, the main cardholder would have no recourse since the other person was authorized to do that. So essentially, you are handing someone a blank check when you do this. * Parents like the idea that they can see where their kids are spending money, but the truth of the matter is that kids are crafty these days. They will buy a pack of smokes or bottle of booze at the grocery store so it looks like a food purchase. I've even heard of them going to a grocery or drugstore to buy a gift card (they usually offer them for dozens of different places). So the idea thatthe parent knows what their kid is buying is really an illusion. * Authorized users also have a tendency to spend more than if they were responsible for the charges, since it's OPM (other people's money).
