Information Center – News and Articles about Credit Cards
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How not to Stumble over Making a Balance Transfer Credit Card Deal
These days credit card companies offer you a great variety of credit card deals. You can choose a plastic that seems to have been designed individually for your demands, wallet and lifestyle. The most convenient is that you can select a card of the type that matches your financial situation and helps you to solve your money problems. Balance transfer cards at this point can become the best friend for a bad debtor. But in case you do not follow the rules of their proper use, they will drive you into deeper debts.
You need to be extremely careful when you shift your balances from card to card. Balance transfer cards are, actually, a great invention that helps you to reduce or even pay off in full your debts. There is no need to explain the way they work. Numerous adds and information sources draw attention to 0% APR introductory period attached to such cards and how it helps you to exempt your balance shifted from interest. But there are some traps you should beware of.
Here are 8 tips on wise balance transfer use.
1. When you face some financial problems and get into debts, do not hesitate to apply for a balance transfer card as soon as possible. This is the first simple and available step to improving your financial situation.
2. The first thing you should pay attention to while applying for a balance transfer credit card is card's introductory period. The longer it is - the better. Look for a card with 12 or 18 months long introductory period.
3. Do not chase after 0% balance transfer fee. Such offers usually come with a 6 months introductory period. If your balance is not that large and you plan to pay it off within a year, choose a card with a longer 0% APR introductory period.
4. Leave racing for rewards to those, who are not afraid to lose money on high interest rates and fees. Concentrate all your efforts on paying off your debt. You will have to sacrifice bonuses, other cards can give you, for the sake of your getting out of debts.
5. Consider default APR. It can vary from approximately 20% to 30%. Bear these figures in your mind and try not to miss your payments.
6. Read the fine print with maximum attention. Otherwise, you risk missing some very important details of your credit card offer.
7. Contact your card issuer in case you have problems with making your monthly payments or any other difficulties with your credit card. The bank will help you to find some solution.
8. And the golden rule of balance transfer card proper use. Avoid making purchases with your card. Or you will find yourself in a debtor's prison before you can say Jack Robinson.
These tips will, hopefully, help you to manage your balance transfer card right and pay off your debts really fast.
Remember, balance transfer cards if used wisely will make your getting-out-of-debts process much easier. This type of cards can also be of use for those who just does not want to pay interest. Such credit card holders just shift their balances from one plastic to another and pay just minimum fees. But such tricks are risky, you need to be very careful and attentive making such transactions.
The XXI century is the century of high-speed and nanotechnologies. It seems people strive to speed up all processes to make this already hectic and sometimes chaotic rhythm of life even crazier. They are ready to shrink everything they can lay hands on to make nanotechnologies work. In fact people just want to make their life more convenient.
Contactless credit cards are another product designed to upgrade our life quality through saving customers' time during the checkout process. These new-age credit products are gaining more and more popularity with customers. The so-called wave card makes the checkout process easier and faster. The recent opinion poll proves that contactless plastics won many hearts. According to the survey's result, over 90% of wave cards owners find them to be very convenient and user-friendly. Plus such plastics are accepted nearly everywhere regular credit products are accepted.
The financial economy crisis in the US has been admitted the largest financial shock for America since Great Depression. US banks incur billion-dollar losses. The number of delinquencies keeps rising. Associated Press has announced the results of data processing on 17 trusts dealing with securitization of credit cards.
The results leave much to be desired, to put it mildly. The volume of credit card debt with a delay of 30 or more days has gone up by 26% as compared to October, 2007. Now it makes up $17 billion. It stands for over 4% of credit card debts. The information on card holders debts for Associated Press was provided by the leading US companies.
We are used to see credit cards the way they look today, and it is hard to imagine that they looked different and served for another purpose than paying for goods and services. We call them plastics. In fact, a century ago credit cards had a different shape, size and were not made of plastic.
The appearance of credit cards dates back to the beginning of the XX century. Who were they created for? The target audience was wealthy people. The cards could be used as business certificates and licenses for the so-called "loyalty programs" at some restaurants, gas stations and merchants. Those cards, you can be surprised, were made of cardboard.
Rapidly growing credit card crime rate causes more and more concern of credit consumers and credit providers as well. Credit card fraud is a number one card holders complaint to Federal Trade Commission. According to the statistics, over 85% of credit card owners that fell victims to credit scam discover the fraud only after they get turned down by credit issuers, having applied for a new credit card or loan.
Credit bureaus cannot stay indifferent to the problem of credit fraud and identity theft, in particular. Equifax, one of the three US major credit bureaus has introduced a new ID theft protection service. "ID Patrol" is a multifunctional tool that allows protecting customers from identity theft.
