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Wednesday, 27 June 2012

Top Balance Transfer Credit Cards

Balance transfer credit cards have become extremely popular in today's economy. They provide consumers the ability to reduce interest, consolidate debt, and lower their monthly payments.

Here Are the Top Balance Transfer Credit Cards:

1. Citi Simplicity

  • 0% for a full 18 months on balance transfers
  • 0% for a full 18 months on purchases
  • You won’t believe this part, there are no late fees or APR hikes for missed payments
  • No annual fee
2. Discover More

  • 0% for a full 18 months on balance transfers
  • 0% for a full 6 months on purchases
  • 5% cash back in rotating categories like gas stations, department stores and more
  • No annual fee
3. Chase Freedom Visa

  • 0% for a full 15 months on balance transfers
  • 0% for a full 15 months on purchases + $100.00 bonus for spending $500 in first 3 mo.
  • 5% cash back in categories + 1% cash back on everything else
  • No annual fee
4. Chase Slate

  • 0% for a full 15 months on balance transfers
  • 0% for a full 15 months on purchases
  • No fee for balance transfers (which are made during the first 30 days)
  • No annual fee
5. Citi Diamond Preferred

  • 0% for a full 18 months on balance transfers
  • 0% for a full 18 months on purchases
  • Benefits include concierge service and more
  • No annual fee
6. Citi Platinum Select Visa

  • 0% for a full 18 months on balance transfers
  • 0% for a full 18 months on purchases
  • Extra Cash from Citi: enjoy discounts on gift cards, travel, merchandise and more
  • No annual fee
7. Citi ThankYou Card

  • 0% for a full 15 months on balance transfers
  • 0% for a full 15 months on purchases
  • Earn an unlimited 1 ThankYou point per dollar spent
  • No annual fee
8. American Express Blue Cash Everyday

  • 0% for a full 12 months on all your purchases
  • Unlimited 3% cash back at grocery stores, 2% at gas stations & dept. stores, 1% elsewhere
  • Free valuable benefits like purchase protection, extended warranty, and return protection
  • No annual fee

Before you go and apply for the balance transfer credit card offer, make sure you educate yourself on what to look for. There are three important factors to look for before you apply for one.

Tuesday, 26 June 2012

The Best Balance Transfer Credit Cards

The Secrets Behind The Best Balance Transfer Credit Cards

Finding the best balance transfer credit cards isn't as easy as one may think. While all the major banks and credit card issuers offer balance transfer deals, not all of these offers are the same. Not by a long shot. The great lure for most of these charge cards are the favorable interest rates being offered. Credit card companies such as Chase, Discover Card and American Express are very active in the credit card balance transfer market.

Now here is where they can and do differ. The interest rates that are offered are usually 0% APR, or well below the prime rate. These are always, without exception, introductory rates. They can last anywhere from 3 - 15 months. That time frame is rather substantial isn't it? If you are looking for the best balance transfer credit cards on the market you must be aware of the length of this introductory period.

Credit card companies are in business to make a profit, not to take a loss playing interest rate arbitrage. These intro rates are simply designed to bring in new customers. And it works very, very well. The issuers know that most people will not pay off their transferred balances before the introductory rates expire. They then charge the prevailing rate on the balance that remains.

What you want to look for if you are seeking to consolidate credit card debt is the longest introductory period that you can be granted. I suggest settling for nothing less than 12 months. The terms and conditions of the various offers will be spelled out on the credit card application. Take the time to read and understand them. You also want to know what fees will accompany the charge cards you are considering.

Even the best balance transfer credit cards will have a balance transfer fee. It usually runs around 3% and there really is no way of avoiding it. But with that said you should never apply for a card that charges an annual fee.

Beat the banks and credit card issuers at their own game. Pay off your balance before the introductory period ends and save yourself a whole boatload of money. Use that extra cash to treat yourself to something special. You deserve it.

You can go to www.creditcardcandor.com to compare and contrast the best balance transfer credit cards as well as apply for a credit card of your choosing over the internet.

Monday, 25 June 2012

Zero Percent Credit Cards With No Balance Transfer Fee

Discover - Credit Card With No Balance Transfer Fee

Discover More Card offers a no balance transfer fee on top of a 0% introductory APR for the first year and cash back on most purchases, so you may actually save yourself more money than you think.

New qualifying Discover More customers can transfer any of their high interest balances to their Discover More Card fee free. This could translate to a savings of $250 or more on balances $5000 and up - plus you won't pay any interest on the balances you transfer if you pay them off within the first year. This could potentially save you hundreds of dollars on those balances depending on your former interest rates. Combine those savings with the cash back you can earn on nearly every purchase you make, and the fact that there is no annual fee to use this card, and you could be on the road to financial success in no time.

Although the fee free balance transfer is a limited-time promotion, there are still many other features to love about the Discover More Card:

No Annual Fee

Being a Discover card holder has never been better, especially since you can enjoy every perk the Discover More Card has to offer without paying a dime to do so.

0% Introductory APR on All Purchases For an Entire Year.

All your purchases for the first 12 months will be interest free. After that, your interest rate will fall between 11.99% - 20.99% depending on your creditworthiness. As with any credit card, if you miss any payments your 0% introductory APR will be forfeit and your APR could jump to between 16.99% - 25.99% and be applied to both new purchases and balance transfers on your account.

5% Cash Back Rewards All Year Long in Rotating Categories

The Discover More Card offers multiple ways for you to earn rewards, one of which is through their 5% cash back rotating categories. For example, from January - March you can earn "cash back rewards on up to $800 on your travel and restaurant purchases." The rest are as follows:
  • March - Grocery and Drug Stores
  • Apr-Jun - Home and Fashion
  • Jul-Sep - Gas, Hotels, Movies and Theme Parks
  • Oct-Dec - Restaurants and Fashion
Throughout the year the program categories change, allowing you to earn rewards where you shop the most, so remember to enroll every quarter to earn your extra cash back rewards. You should note that once you hit the 5% rewards cap that is set for each category, any additional purchases within those categories are earned at 1%.

5% - 20% earnings with ShopDiscover

Once you are a Discover card holder, simply login to your account and use the search portal to find participating retailers. Every purchase will earn you between 5% - 20% cash back rewards, deposited directly to you account.

Unlimited 1% Cash Back on Everything Else.

For all the other purchases you make with your Discover More Card, you can earn a full 1% cash back; as long as your total annual purchases exceed $3000. Your purchases up to $3000 will earn only. 25% cash back, and any eligible 5% cash back purchases and "warehouse" purchases will not count toward your annual purchases. This is definitely one of the largest drawbacks to this otherwise exceptional credit card, but there are ways you can exceed the $3000 minimum purchase limit. In addition to using your card everywhere you shop, pay things like your utility, cable, or phone bill online. Not only are you saving time and money and helping the environment at the same time, but you are also earning cash back rewards on every transaction. It's a win-win for everyone!

Easy Cash Back Reward Redemption

Once you earn at least $50 in rewards you can choose to have the money directly debited to your bank account, credited to your Discover More account, or redeemed for gift cards or merchandise from top retailers. You can also opt to donate your cash back rewards to your favorite charity. If you want to see your rewards go further, Discover has partnered with over 100 retailers that will allow you to redeem your rewards for gift certificates worth almost double the face amount. Your rewards don't expire, unless your account goes inactive for 36 consecutive months, and if you miss 2 payments you will forfeit any and all rewards earned on your account. Just one more reason to make all your payments on-time.

Other Notable Perks

If you use your Discover More Card to book a vacation and something happens, you may be covered by your built-in travel insurance. Be sure to check all the terms and conditions in your card holder agreement. As part of their 0$ fraud liability guarantee, if someone uses your card fraudulently, you won't be on the hook for any of it.

So the bottom line is this; if you want to get into financial shape this year look no further than the Discover More Card. By transferring your high-interest balances to your Discover More Card during the promotional no transfer fee period and paying it off within 12 months, you will be able to save hundreds of dollars, enabling you to pay down any other debts that much faster. You also have the opportunity to earn unlimited rewards on nearly every purchase you make and redeem them as you see fit, while never paying an annual fee for any of it.

You can visit www.balancetransfer.cc to compare credit cards, including 0% balance transfer credit cards and no fee balance transfer cards.

0 Interest Credit Cards With No Balance Transfer Fee

If you listen to some consumers, you'd think all of the 0% interest credit cards with no balance transfer fee have all magically disappeared from the market. Horror stories abound about people signing up for what they thought were these cards, only to be hit with high fees later. Believe it or not, these elusive credit cards do still indeed exist. It's just a matter of knowing what to look for. Here are some tips to keep in mind.

1. How Long Is The 0% Really 0%?

The first thing you need to ask when looking for 0% balance transfer no annual fee credit cards is how long does the 0% interest rate last? After all, if it's only a 6-month offer and you owe thousands of dollars, chances are you won't have time to pay it off before the "real" interest rate kicks in.

2. What's the "Real" Interest Rate?

If the 0% offer isn't good for the life of the balance, what does the rate go up to when the offer expires? If you're looking at a 22 percent interest rate after six months, you might be in worse shape in six months than you are right now. In this instance, the 0% balance transfer no annual fee credit cards can be your worst nightmare - not your best friend.

3. Life of Balance Offers Do Exist

No matter what your credit card companies want you to believe, life of balance credit card offers are out there. However, 0% balance transfer no annual fee credit cards that offer a 0% interest rate for the life of the balance are very hard to find. Even if you do find them, you have to have excellent credit to qualify. If your credit is less then perfect, this type of card isn't going to be an options.

4. There Are Suitable Substitutions

If you don't qualify for the 0% balance transfer no annual fee credit cards that offer a 0% rate until the balance is paid in full, opt for a low-interest fixed-rate card instead. A low interest rate of, say, 9.9% over the life of the balance is a lot better than a balance transfer of 0% that jumps up to 22% a few months after you transfer your balance.

5. Get To It

So now that you know what to look for, try to see if you can find some 0% balance transfer no annual fee credit cards that you qualify for. If you can't, then opt for a low interest fixed rate card instead. Then, as your credit improves, try for the 0% balance transfer no annual fee credit cards again.

Sunday, 24 June 2012

Low Rate Balance Transfer Credit Cards

Tips for Using a Low Interest Rate Balance Transfer Credit Card

Using a balance transfer low interest rate credit card can be a great way to keep your hard earned money where it belongs in your pocket. Consolidating high interest rate credit cards has many advantages. But before discussing these advantages let's point out a few of the most important things you should look for when comparing balance transfer cards.
  1. Is the interest rate being offered a fixed or introductory rate?
  2. What are the fees associated with the offers that interest you?
  3. What will the rates be when the intro period expires?
  4. Are there any late fees and if you are late making a payment will your rates be raised?
  5. Is the credit limit being offered high enough to cover the amount you want to transfer?
You can find the answer to all these questions by carefully reviewing the credit card applications that accompany each of the offers. The terms and conditions are spelled out there, but you will have to read the fine print to find some of it. But believe me when I say it's worth it. Far too many people don't do their homework and are then surprised to be paying much more money than they bargained for.

You can find the balance transfer low interest rate credit card that best suits your financial needs by doing a search on the Internet. There are several credit card comparison web sites that will allow you to do side-by-side searches. You will see low rate balance transfer deals from all the major credit card companies including American Express, Chase and Discover Card.

By using a low interest rate or 0% APR credit card you will be able to enjoy savings in the hundreds, if not thousands of dollars. Interest rates are the bread and butter of the credit card industry. The banks and credit card issuers want us to carry balances so they can collect interest payments each and every month. By using fiscal discipline you can take advantage of these offers by paying off your balances and avoiding having to make interest payments.

You can compare balance transfer credit cards at www.creditcardcandor.com. Employing a low interest rate balance transfer credit cards can be an outstanding way to save money.

Credit Cards With Balance Transfer Promotions

These days trying to wade through all of the credit card balance transfer offers can turn into a nightmare if you don't know what you are doing or looking for. But there are a few ways you can simplify the process to save time and also by educating yourself on what exactly will suit your circumstances.

To save yourself time you can use an online credit card service. These services sort through all available offers and provide you with a comparison chart which makes it easy to look through and find the deal that you want.

One of the reasons you see so many competing promotions for credit card balance transfer offer is that credit companies are trying to generate new customers and providing promotional deals has proven to be very effective.

However, whilst being aware that these offers are promotions doesn't mean you shouldn't take advantage of them, as long as you select the one that is suitable for your situation.

Zero and Low Balance Transfers

These type of offers look very appealing, but the person who gets the most benefit will be the one who can pay off, or substantially reduce their debt within the introductory period, which is generally very short around 3-6 months. By shopping around you may find longer periods for the low rate deals but not usually more than 12 months max. After the expiration of the introductory period the interest rate reverts back to the standard rate.

Life Balance Transfer Offers

This type of offer is ideal when you have a substantial debt and you need a longer period to pay it off. The interest rate is a bit higher than the previous offers but over a long period you certainly gain as opposed to paying standard interest rates. The advantage of life balance transfers is that you are not constrained by an introductory time frame.

Whichever balance transfer credit card offers you decide is best for you there are a few important points to remember so that you get the most benefit from your credit card. Always make regular payments every month even if it is only the minimum payment, defaulting can cause your offer to be withdrawn.

Don't use your card to make new purchases, these will not be covered by your low or zero interest offer. Instead they will be charged at the standard purchase rate plus the interest will continue to accrue on them until such time as your balance transfer debt is paid off.

You can visit www.creditcardfinder.com.au to compare balance transfer credit cards.

Saturday, 23 June 2012

Interest Free Balance Transfer Credit Cards

Tips To Comparing Interest Free Balance Transfer Cards

Some card providers offer interest free balance transfer credit cards that give you up to six months to pay off your debt with no interest. If you feel that you can pay off the balance within six months, these are the best cards you can get. Interest free balance transfer cards are offered by many different card companies and it can be a trick trying to narrow down which card is the best. A good way to approach this situation is by looking at all of the features on each card and deciding on what features you would like to have in a card once the balance transfer has been paid off.

The odds are good that once your balance has been paid off in full you will keep this card and use it to make purchases and cash advances. It is good to compare cards based on the deals offered, but this is not enough. All of the card benefits and features should be compared for both short-term and long-term use.

How to Compare Interest Free Balance Transfer Cards

One of the first things you should look at is the standard rate of interest. Once the introductory rate is over for the balance transfer any of the remaining balance will be charged the standard rate of interest. Also, once you have paid off the balance you will probably want to start making purchases. If you're the type of person that has to carry a balance forward from month to month then you should look for the lowest standard rate available on a card with a great balance transfer deal. If you're the type that is able to pay off the amount due in full every month then it really doesn't matter how high the standard interest rate is.

You should also take a look at the annual fee and make sure it is not too high. You should not have to pay over $100 for an annual fee on any card that is not a gold or platinum credit card.

If you plan on using the card to make a lot of purchases in the future you may want to look for a rewards card with a good deal on balance transfers. Once your debt has been repaid you can then start collecting points that you can redeem for free rewards.

Interest free balance transfers credit card will give you the freedom to start paying off your debt without having to worry about high interest being added every month. Once you have selected a card that gives you a good deal on balance transfers that is also suitable to use in the future, you will be ready to make an application. It only takes a few minutes to apply online for a new card and get started on a new future without heavy credit card debt standing in your way.

See also www.creditcardfinder.com.au about balance transfer for 6 months credit cards comparison.

0 Percent Balance Transfer Credit Cards

How to Choose the Best 0 Percent Balance Transfer Credit Card

Credit cards can get a bad reputation, as the fees and interest start to pile up on your monthly statement. There are credit card offers out there that give you cash back, miles or points, not to mention the 0% transfer balance offers as well.

There haven't been too many credit card companies offering the 0% transfer card since the CARD Act in 2009. The Credit Card Accountability, Responsibility and Disclosure (CARD) act regulated the different company's discretion in changing interest rates on cardholder accounts.

This regulation required all the promotional rates to remain in place for at least 6 months. In Turn, the credit card companies charged a balance transfer fee to compensate for the longer promo period. The old standard perks like no fee balance transfers or long introductory periods at 0% soon became a thing of the past.

Let's fast forward to the return of the 0% percent balance transfer card. Credit card companies are wasting no time offering these transfer deals again. Among these deals for 2012 are the no fee balance transfers with a 0% APR for an intro period of 24 months.

So what kind of balance transfer card offer is the best?

If you have a small balance, let's say one that you can pay down in less than a year, then you could probably skip the balance transfer fee and go with the shorter 0% balance transfer introductory APR. A 4,000 balance that is not accruing interest can generally be repaid at the rate of $334 per month. If you're ok with those terms, then you really don't need to have to pay the 5 percent balance transfer fee.

On the other hand, if you have a big balance that you don't plan on paying off in a year, it might be worth it to pay that 5 percent balance transfer fee to be able to reach the longer 24 month 0% APR.

For example let's just say you have a 40k balance and you can only repay $1,200 a month, not even close to being able to get rid of that balance within 12 months. You'd do better after two years by just paying the initial balance transfer fee to get your 2 year pay down period with no interest.

If you have a balance that you are ready and able to pay off and can commit to reducing your debt, rather than just creating more, then this type of offer will be the tool to help you achieve that. So compare credit cards to find the right 0 balance transfer card that will work for you and your financial situation.

Low APR Balance Transfer Credit Cards

Low APR Balance Transfer Credit Cards - Help You Save Money on Interest Charges

Balance transfer credit cards help you consolidate your credit card debt into one card, which enable you to save money on interest charges. The concept is simple enough, but you need to know how to move money owed from high interest credit cards to low APR balance transfer credit cards. These credit card companies also market these as a credit card with 'zero interest on balance transfer' as well as a 'cheap balance transfers credit card.'

First, assess your current credit situation. If your credit history has a consistent pattern of timely payments, you may well qualify for any of the low APR balance transfer credit cards. Transferring all or some of your outstanding balances to this card can help you to save thousands of dollars, annually, in interest charges. With planning and exercising discipline, you can bring down your large credit card balance. You can take advantage of the low APR, and apply all the money you save on the interest to the principal.

Many low APR balance transfer credit cards offer zero interest on balance transfers for a period ranging from six months to one year. They start to charge interest after the expiry of this period. It is imperative that you find out what interest they will be charging at that time. As of September 2005, most credit card companies typically charge APR of 10.24%, and this increases dramatically if you default on any agreement with your credit card company. You need to shop around to ensure that your cheap balance transfer credit card do not turn out to be expensive.

Many credit card companies offer zero interest on balance transfer, but charge a processing or a transaction fee. This could be as high as 4% of the balance being transferred. Look out for companies that charge a flat fee irrespective of the balance you transfer. Many companies charge a flat rate of $50 to $75 as processing or transaction fee.

Low APR balance transfer credit cards seem very attractive, but you need to look into some hype:
  • Check the period of the low APR on balance.
  • Check the rate after this period expires.
  • Is there any balance-transfer fee? A flat 4% transaction fee means the higher balance you have the higher fee you pay. Look for companies charging a flat amount.
Balance transfer credit cards are indeed one of the best ways for you to slowly eliminate credit card debts due to high interest. The rest will be up to your discipline to wisely spend money on credit cards.

Friday, 22 June 2012

Compare Balance Transfer Credit Cards

How to Compare Balance Transfer Credit Cards

Balance transfer credit cards are credit cards that offer a special interest rate on accounts transferred from another credit card. Essentially, when you take advantage of balance transfer credit cards, you're borrowing money on your new credit card to pay off the balance on your old (higher interest) credit card, then repaying the new credit card company at a lower rate of interest. 0% balance transfer rates have been a popular incentive for credit card companies to attract business for the past several years.

Lately, though, many credit card companies have found that offering 0% balance transfers is a losing proposition for them as customers play credit card shuffle, moving their account balances from one card to another whenever the 0% interest rate ends. In order to combat that practice, credit card companies are getting more creative with their balance transfer credit cards. That's why it's important to compare balance transfer credit cards to be sure you're getting the best possible deal - or at least one that actually will save you money in the long run.

Here are some things to watch for when comparing balance transfer credit cards:

1. How long does the introductory balance transfer rate last?
The 0% balance transfer interest rate is usually an introductory rate. As long as you pay off the entire balance within the introductory period - usually six to nine months - you pay no interest at all on the amount that you've transferred.

2. How much is the balance transfer fee?
Often, there's a charge for transferring your balance from one card to another. Be sure to include that fee in your costs when you compare balance transfer credit cards.

3. What is the interest rate AFTER the introductory period ends?
The introductory rate will end eventually. How much will you be paying in interest after it ends? Will that apply to the entire balance, or just the amount left on your transferred balance?

4. Are there other restrictions?
The newer balance transfer credit cards offer other incentives than 0% interest rates on your transferred balance, or may include restrictions to how long the balance must remain on the card. Many of the new balance transfer credit cards offer an interest free second year, or a one-month free payment rather than a 0% transfer fee as a way to get around the credit card balance shufflers. When you compare balance transfer credit cards, be sure to make a note of any restrictions on the balance transfer offers.

So you can see it's important to compare balance transfer credit cards to check the best deal. With credit card comparison sites you'll find all the latest no interest balance transfer credit cards, along with details so that you can compare balance transfer credit cards to be sure you're getting a deal that will save you money.

Credit Union Credit Cards Balance Transfer

Credit union cards might not be for everyone. Rewards cardholders may prefer the more generous rebates of major bank card issuers, while those with large balances and high interest rates might benefit from a credit union-issued credit card. Weigh the pros and cons of credit union cards before you make a switch.

Lower fees and interest rates. Consumers who routinely pay a few days late or carry a balance may find that a credit union card is much cheaper to use than a bank-issued card.

Besides lower APRs on new purchases, penalty rates on credit union cards are also lower than on bank cards. Credit union cards imposed a median penalty APR of 17.9 percent, while bank cards charged 28.99 percent, according to the Pew Safe Credit Cards Project.

Half of the credit union cards surveyed didn't even charge penalty interest rates, and over half of those that did imposed it only when the account was 60 days past due, which meets the CARD Act restriction on retroactive rate hikes. Only 10 percent of bank cards didn't charge a penalty rate.

Many credit union cards don't charge a balance transfer fee. Consumers who haven't been able to negotiate a lower interest rate on their bank card may enjoy a fee-free, or low-cost, balance transfer to a credit union card.

The Pew study found that only 25 percent of credit union cards charge a fee to transfer a balance from another card, compared with 88 percent of bank cards surveyed. The median balance transfer fee on credit union cards was 2.5 percent, compared with 3 percent on bank-issued cards. All of the credit union cards that charged a balance transfer fee also set a maximum fee, while only 13 percent of bank cards that charged a fee also capped it. The median cap for credit union cards was $50 and $75 on bank cards.

Read more: www.bankrate.com

Thursday, 21 June 2012

Best Credit Cards For Balance Transfer

Below are listed three of the best credit cards for balance transfers:

1. Discover More Card

The Discover More Card offers card owners a chance to save more money from his or her everyday transactions. It offers a low introductory annual percentage rate or APR on balance transfers to new customers when transferring balances from credit cards and loans with high interest rates as well as on outgoing purchases. You can also get unlimited Cashback Bonuses, which allows you to get cash back from all of your purchases such as travel, home, clothing, restaurants and more. Some of the detailed features of the Discover More Card include:
  1. Cash bonuses at top online retailers that are up to 20%.
  2. No annual fees
  3. Online services such as account access and bill payments
  4. Get More: an easy way to gain rewards for free. You can get 5% in Cashback Bonuses under popular categories like travel, home, apparel, movies, restaurants, and lots more.
2. Citi Platinum Select Card

The Citi Platinum Select card offers its customers 0% annual percentage rates on balance transfers and purchases up to twelve months. Aside from this, security on your account and personal information is assured with the Citi Identity Theft Solutions feature that is included in your credit card plan.

You get all kinds of protection for safer online shopping, protection from credit card frauds, and a lot more. Some of these defenses include the Citi Photocard, Virtual Account Numbers, Retail Purchase Protection, and more. All these you can avail for free, along with a $1,000,000 travel and car rental insurance that you can avail of when you charge your travel tickets and car rentals to your Citi Platinum Select card.

3. Blue Cash Card from American Express

Features of the Blue Cash card include:
  1. 5% cash back on your everyday purchases including gasoline
  2. No annual fees
  3. 12 months of 0% introductory annual percentage rate
  4. A low balance transfer rate - a fixed APR standard of 4.99%
With all this, you can be assured of quality services with your Blue Cash card such as earning up to 5% cash back from almost all of your everyday purchases at supermarkets, malls, and other retail stores. If you are interested, you can easily get your own Blue Cash card in just 60 seconds.

As you can see, some of the common features among these three cards include low annual percentage rates on balance transfers, cash back opportunities from all of your everyday purchases, and absolutely no annual fees. Look for credit card companies that also offers other incentives to your plan such as account security, online shopping security, and fast and effective customer support in case of any problems and difficulties that may occur.

Fixed Rate Balance Transfer Credit Cards

0% balance transfers offer great short term savings, free up money to pay down debt quicker, and can ultimately save consumers hundreds, if not thousands of dollars in interest over their duration. However, the very best 0% balance transfer offers on the market only last 15 months. For many, this is not enough time to completely eliminate their credit card debt and they are faced with a decision: pay the new regular interest rate or transfer their balance again. For most, a fixed APR balance transfer credit card never enters their mind. However, this balance transfer offer is often the best option for many credit card users.

First, let me explain a 0% balance transfer worst case scenario. An acquaintance of mine thought he could save a few thousand dollars in student loan interest by transferring his balance to a 0% APR credit card. The student loan had a fixed APR of 7.99%. He figured he'd save $1600 the first year on his $20,000 loan, then transfer the remaining balance to a new 0% APR credit card the next year.

What he didn't realize was that its not always that easy to get approved for a new 0% APR credit card year after year, especially when you have a high amount of credit card debt. When it came time to transfer the $18000 left on his credit card, he was only able to get a $2000 0% balance transfer. He was stuck with $16000 of credit card debt with a 12% interest rate and the clock was ticking on his other $2000 in debt. Instead of a comfortable fixed APR of 7.99%, my acquaintance got stuck in a credit card nightmare.

Fixed APR balance transfer credit cards provide consumers with a much better way to pay down long term debt such as student loans or car loans at a set interest rate. Currently, some credit card companies are offering fixed APR credit card rates as low as 3.99% for the life of the balance. A rate such as this is lower than many student loan and car loan rates, and can provide consumers savings of 3% or even 10% on long term debt each year.

A fixed APR balance transfer is also a good option for individuals with high credit card debt considering a second mortgage to pay off their high interest credit cards. For example, a 3.99% fixed APR may be lower than a second mortgage's interest rate and it wouldn't involve costly refinancing fees. More importantly, however, is the fact that a fixed APR balance transfer doesn't remove equity from your home.

0% balance transfer credit cards offer consumers great short term savings. In the long run, however, a fixed APR credit card provides a viable, interest saving option for those looking to reduce higher interest loans and credit card debt over a period of more than 12 to 15 months. Imagine how much better off my friend would be if he transferred his $20000 balance to a 3.99% fixed APR credit card instead of getting a little greedy with 0% APR credit cards.

You can visit www.smartbalancetransfers.com to compare and apply credit card applications, including Fixed Balance Transfer Credit Cards and 0% Balance Transfer credit cards

Wednesday, 20 June 2012

Balance Transfer on Credit Cards

How Balance Transfer on Credit Cards Can Damage Your Credit Rating ?

Since the banks and finance providers have been castigated for the way they seemingly indiscriminately awarded credit to people who could ill afford it, the chances of being accepted for loans and credit cards have decreased. Concurrently, there is a greater focus on individual's being aware of how credit works and what their financial behaviors means in terms of a credit score and history.

The so called Credit Crunch has engendered a change in behaviours and has led to banks not only thinking about whom they extend credit to but also how they lend it. It has also meant these card issuers have had to find new ways to increase custom. The market has been hit with a whole slew of prepaid credit cards but also balance transfer offers have become a major marketing tool in the battle for new customers.

What is a Balance Transfer?

Quite simply, a balance transfer is moving the outstanding balance from one credit card to another that has a lower rate of interest. It is a simple way of reducing your monthly repayments on your card balance.

Why Are They So Attractive Right Now?

The credit card marketplace is highly competitive and these transfer is a relatively low risk option for the issuers to attract new customers. The need to attract new customers without creating a whole new generation of credit card owners unable to pay their debts has resulted in very attractive credit cards with transfer offers. Most major US issuing banks now have 0 balance credit cards in their portfolio of financial products. With offers extending from zero interest from 3 months right up to 18 months, there appears to be a credit card war raging with each bank trying to introduce the most attractive transfer offers.

Why Balance Transfer Offers Are Not a Get Out of Jail Free Card

The mere idea of reducing your monthly out goings by transferring existing credit card balances to a new card or cards where you can obtain an extended interest free period is very enticing. Prima facie, it seems entirely logical and indeed, eminently sensible. There are however, certain considerations that need to be taken into account before simply responding to the click here or apply now button on 0 balance interest credit cards:

You Can Adversely Affect Your Credit Score

Every time you make an application for a new card or apply for new credit of any form (loan, mortgage, cash advance and hire purchase), there is a note made on your credit file and your score is impacted with a reduction.
If you apply for multiple credit cards or respond to a number of balance transfer offers in a short period of time, there is a significant impact on your credit score.

There Are Fees Involved

No credit is for free; even those deals with 0% interest on balances transferred will have an associated fee - after all, these card provider still has to make money from your transaction even if you are paying zero interest. Typically, balance transfer fees can be between 3-5% of the balance transferred meaning that when your interest free period starts it is with a higher amount that you had on your old card.

The APR After The Initial Offer Period is High

One of the major pitfalls you could fall into is to take advantage of a balance transfer offer only to find that after the offer expiry date, the APR is higher than you were paying on your original credit card from where the balance was transferred.

It is imperative that you read the small print and are fully conversant with the interest rate you will be paying after the interest free period.

What Not o Use Balance Transfers For

When you are facing debt issues it is easy to succumb to ways of managing your finances that seem entirely logical at the time. There are two main ways of not managing your finances with balance transfer offers:

Do Not Use It as an Excuse Simply to Get Another Credit Card

If you are transferring a balance the temptation is there to keep the original credit card thereby increasing the availability of the credit at your disposal. This is a definite no-no unless you can absolutely afford the repayments on all of your cards

Do Not Use Balance Transfers as a Way to Avoid Paying Your Debt.

The attraction of balance transfer offers does actually promote a way of carrying the debt; instead of paying off the debt you merely transfer it from one card to another and repeat after each introductory rate expires.

In conclusion, are balance transfer offers and 0 balance transfer credit cards a bad thing? No! Not at all, but like every form of credit, they require close scrutiny before application and responsible management thereafter.

You can visit www.credit-land.com to find out more about balance transfer credit cards.

Credit Cards With Balance Transfer

Frequently Asked Questions About Balance Transfer Credit Cards

When it comes to using balance transfer credit cards, many consumers are filled with questions and concerns. While there are many benefits to using a balance transfer credit card, it is always best to have these questions answered and the concerns satisfied before moving forward with applying for one of these cards.

# How Can Balance Transfer Credit Cards Save Me Money?

Balance transfer credit cards can save you money by reducing the amount of finance charges you pay every year. If you transfer even a small amount of money, such a $1,000, from a card with a higher APR to one with a lower APR, you will see a difference. For example, if you have a credit card with a 20% APR, you will pay $200 per year to maintain that $1,000 balance. On the other hand, you will pay only $80 on that same balance if you have a credit card with an 8% APR. That is a savings of $120! Imagine how much you will save on larger balances.

Even better, the best balance transfer credit cards offer 0.00% introductory APRs, which means you will pay no finance charges while that introductory period is active. With some balance transfer credit cards, this special rate remains in place until the entire amount you transferred is paid off.

# What is an "Introductory Rate?"

An introductory rate is a special APR that lasts for a limited time. Often, the length of time this rate is in place is determined by your credit history. The introductory rate can be in place for as long as one year, though more common durations are six months, three months, and one month.

# What is a "Fixed Rate?"

A fixed rate is a rate that does not change. Balance transfer credit cards with a low fixed rate may not offer a 0.00% introductory APR, but they might offer a 7.99% APR that remains this low no matter how long it takes you to pay off your balance, rather than skyrocketing up to 19.99% after the introductory period is over.

# Why Does Everyone Say Balance Transfer Credit Cards are More Convenient?

Many people feel balance transfer credit cards are more convenient because it places all of your debt in one place. This makes it easier to track your expenses, to create a budget, and to get your bills paid on time.

# Is it OK to Pay Only the Minimum Payment on My Balance Transfer Credit Card?

From a legal standpoint, all you are required to pay on your balance transfer credit card is the minimum payment. From a financial standpoint, however, this is a bad habit to get into. If you pay only the minimum payment, it can take you decades to pay off your debt - and that assumes you are not adding any more debt to your balance. So, if you want to get out of debt (and who doesn't?), it is best to pay off more than your minimum payment. Set up a budget that allows for regular payments above your minimum payment to be sent to the credit card company - and stick to it.

# Will a Balance Transfer Credit Card Get Me Out of Debt?

Yes and no. If used alone, a balance transfer credit card will not get you out of debt. If you transfer all of your credit card balances to your balance transfer credit card and pay only the minimum payment, it can still take you years to pay off the debt. Therefore, a balance transfer credit card should be viewed as one tool in you tool belt for helping you work your way out of debt. If used correctly and to its fullest advantage, it can help you get out - and stay out - of debt.

You can visit www.creditcardassist.com to find out more information about credit cards with balance transfers.

0 Balance Transfer Credit Cards With No Transfer Fee

I am often asked a seemingly simple question: what is the best balance transfer credit card? Unfortunately, the answer can be quite complicated. However, the short answer to this question is simple: apply for a 0% APR balance transfer credit card that charges no balance transfer fees.

Over the past three years, the number of credit cards offering no fee 0% interest balance transfers has declined substantially. Today, there are rarely more than two or three of these offers on the market at one time. Additionally, there used to be credit cards that offered no fee balance transfers with a 0% interest rate on purchases and balance transfers. Today, all such offers have disappeared.

Consequently, I have developed a few quick rules to help people determine if a 0% no fees balance transfer is better than a credit card that offers 0% on both purchases and balance transfers.

1. If you will be carrying a credit card balance from month to month on any credit card, a no fee balance transfer may not be the best option. Why? The standard fee for most 0% balance transfer offers is 3% with a $75 maximum. If, for example, you carry a balance of only $1000 on a credit card with a 14% interest rate during the year, you will rack up more than $150 in interest on your new purchases. Thus, if you know you will use your credit card for more than balance transfers, avoid the no fee offers and stick with a credit card that offers a 0% APR on everything.

2. Read the fine print. While I can't name names here, a number of companies have raised the maximum balance transfer fees to $250. While this only effects those of you transferring more than $2500, these absurd fees can be easily avoided.

3. Plan ahead. 0% APR balance transfers don't last forever, so it is always wise to choose a balance transfer credit card that offers a low long term APR as well as a 0% intro rate. Of course, you could theoretically transfer your balance from card to card when the 0% APR expires. However, just in case you can't, a low APR acts as an insurance policy.

The choice between a no fee balance transfer and a 0% APR credit card for purchases and balance transfers is clearly not as simple as it seems. However, if you take your spending habits into consideration, finding balance transfer deal that will save you the most money does not have to be a daunting task.

You can apply online for 0 APR balance transfer credit cards and no fee balance transfers, at www.smartbalancetransfers.com

Tuesday, 19 June 2012

No Interest Balance Transfer Credit Cards

If you take a look at the credit card market today, one of the most popular ones are the no interest balance transfer credit cards. Have you considered the advantages that a no interest balance transfer can bring you?

No Interest Balance Transfer Credit Card Advantages

Sum up all your balances into one. If you own several cards with varying payment due dates and varying interest rates, transferring all these balances over to a zero percent interest will save you from confusion or missing your deadlines.

Save by not paying the additional interest rate. One of the best advantages of a 0% balance transfer is that it enables you to save from shouldering the additional interest charges. If the one you own today charge you with high APR, moving them over to a 0% interest will literally save you thousands of dollars. Thus, you can focus on paying the original amount you owe, minus the monthly interest charges. Wouldn't that be an enormous savings for you?

Choosing the Right 0% APR Balance Transfer Credit card

In choosing a 0% balance transfer card, what factors should you consider? Take note that the zero percent rate will not last forever. It is only offered for a limited period of time. This means, you can only avail of the 0% interest within the introductory period. Some issuers give a six-month introductory offer while other offer the zero interest for as long as 12 months or more. Afterwards, your interest rate will be based on the card's regular charges.

It is important to remember that some cards with a zero percent interest offer may charge unreasonably high rates once the introductory period expires. Before signing up, you'll want to make sure the rates will still remain at a reasonable level for a long time. Also, you should do your best to pay off all the balances you transferred before the introductory period ends.

Transferring over your existing balances from one to another should be done with great caution. You'll want to make sure that the one you are transferring over does not only offer a zero percent interest but reasonable terms and conditions as well. Transfer only the balances from your high-rate credit cards. If you're current credit card gives you reasonably low interest, then perhaps there's no need for you to make the move at all.

Remember, your main objective in transferring over balances from an old card to a new one should be to be able to get off from your credit debts more easily. However, once you have managed to get off from your debt, be careful about the tendency to splurge or lose control over your spending. Do not forget that the 0% interest will only apply to the balances you've transferred over and not with the purchases you incurred using your new credit card.

See also www.badcreditresources.com that offers resources that specialize in providing bad credit loans and credit cards for people with bad credit.

No Fee Balance Transfer Credit Cards

At this time last year, there were a number of credit card companies that offered a 0% APR on no fee balance transfers for a full year. Today, no major credit card company is offering these money saving deals. In fact, most credit card companies have raised fees on balance transfers dramatically by lifting the cap on transaction fees from the lesser of $75 or 3% to a full 3% with no limit. That raises the cost of a $5000 balance transfer from $75 to $150 with some credit cards.

Consumers looking to take advantage of balance transfer deals may be tempted by the savings offered by the few remaining credit cards that offer a 0% APR for six months on no fee balance transfers. However, the savings on fees these offers provide is, in the majority of cases, quickly offset by the short term duration of the 0% introductory period.

Let me provide an example. First, we'll assume that we have $5000 in debt on one credit card with a 14% interest rate. By using a credit card that offers a 0% APR for 6 months and charges no fees, the initial savings will be $75. Over the course of 6 months, the interest savings will be $360. However, even if the go to APR after the introductory period is 10% and the debt has been paid down by $1000, the cost of interest during the next six months will still be over $200, bringing total yearly savings to a paltry $150.

Now, there is always the option of transferring the balance again once the 0% period expires. But with all the turmoil in credit markets, it may be difficult to secure a 0% rate 6 months down the road. Plus, if something adverse were to lower your credit score even a little, you may not get approved for a new card. All of these risks should be taken into consideration before relying on a plan to jump from one 0% credit card to another.

Given all these factors, not to mention the paltry savings of $150 a 6 month, no fee offer provides, its now time to consider the savings a low fee credit card that offers a 0% rate on balance transfers for a full year would offer. With a low fee card, the maximum balance transfer fee would be $75 per transaction. Thus, on a $5000 transfer, the fee would be $75. With a 0% APR for a full year, interest savings would be a very substantial $670 including fees. Overall, this is four times the savings you could get from a shorter duration offer without fees.

Clearly, the safest and smartest option for people looking to save money on credit card interest is to choose a credit card that offers a 0% APR for a full year and charges low transfer fees.

You can visit www.smartbalancetransfers.com to compare current balance transfer credit card offers and apply online to start saving money.

Credit Cards Balance Transfer Deals

There's a lot more to getting the best balance transfer credit card deals than looking at the rate offered. The length of the introductory rate, the rate offered during the introduction, the standard rate imposed after the introduction, the annual fee, the credit level required to be accepted and many other things written in the fine print all must be considered to determine what are really the best balance transfer credit card deals.

Many of us are looking for a way to lower our expenses and free up some of our readily available cash. Transferring the balance on a high percentage credit card to one that charges a lower interest rate may be one very good way of doing this. But you must tread carefully, read all the fine print, and generally have good or even excellent credit to be able to take advantage of this opportunity. There are many balance transfer offers advertised, and they all claim to be the best. Let's take a look at a few features.

The first come on is that the rates are rock bottom and perhaps they are. But being the best in balance transfer deal isn't just about these rock bottom rates. Generally the introductory special that offers these low rates run for five to nine month - sometimes a full year. The rate might be as low as zero percent or as high as three percent. The introductory rate might be offered just on the balance transfers or on purchases made during that time as well. You need to know which.

The biggest problem with a lot of these balance transfer cards is that these introductory rates are available as long as you never miss or are late with a payment. Should you be even one day late on one payment during this time period you could all of a sudden be looking at a 20 percent interest rate.

The second thing to keep in mind in determining your best balance transfer credit card deals is the existence of a transaction fee, and its amount. Some credit card companies charge such a fee for letting you transfer your balance from another higher interest card. You should tread carefully. It may be, depending on the transfer fee, and the balance you have on your current cards, as well as the difference between the current interest rate you are paying and the introductory offer on the new card you are considering that that card you are considering is not really one of the best balance transfer credit card deals.

See also www.creditcardcandor.com to compare balance transfer credit card offers.

Lifetime Balance Transfer Credit Cards

What is a Lifetime Balance Transfer Credit Card?

There are so many different credit cards available that there is also limitless information available on the internet about these cards, how to compare them and which one is right for you. One feature of credit cards which is advertised quite heavily is a balance transfer rate or offer running on a certain credit card, but before you go comparing offers, find out what it really means.

A balance transfer is going to be attractive to you if you have a significant card debt. By transferring that debt to a balance credit card you will be able to benefit from more time to repay your debt and lower interest rates. However, the choices available to you in balance transfer cards is as varied as those choices available when choosing any other sort of financial product so you need to compare each offer based on its rates and fees before you choose a card with a balance transfer. Remember, some cards have transfer fees where as others will not, check the terms and conditions before applying.

One type of balance transfer offer you may be considering is the 0% interest balance transfer, however it is the lifetime balance transfer credit cards which we will describe here, for those of you who have large credit card debt to repay, or want to stretch your repayments over a longer period of time. A lifetime balance transfer credit card applies a low interest rate to your transferred balance for longer than the standard 12 month period of a 0% interest card. It is important to note that not all lifetime balance transfers are for a lifetime, some are just for a little longer than normal, for example one to five years; if you do some careful shopping you can also find lifetime balance transfer credit cards which offer a low rate for the life of the balance, no matter how long that may be. A lifetime balance transfer credit card also offers a very low interest rate, and where the standard interest rate on a credit card is around 17%, where a balance transfer credit card can offer an interest rate at an average of 1.43%.

Before you choose a lifetime balance transfer card, make sure it is right for you; are you someone who doesn't want to chase the 0% interest balance transfer offers and fill out new applications when the end of the promotional period is approaching? Are you struggling with your credit card debt and can't meet your monthly repayments easily, or just want to be able to make more of a dent in your debt? Then you could benefit from comparing the many balance transfer offers available online or in your local bank branch.

Monday, 18 June 2012

Credit Cards With No Balance Transfer Fee and 0 Interes

No Fee Balance Transfer and 0% Intro APR Credit Cards

Ever since zero percent introductory annual percentage rate (intro APR) credit cards were introduced to the American market several years ago, they've been very popular. All types of consumers have been taking advantage of 0% offers. Most consumers use 0% deals to save money by avoiding interest charges on their credit card debt, while other money-savvy consumers use 0% offers to make money by playing the 0% credit card arbitrage game (also known as "stoozing.") Many 0% card offers come with a catch: you have to pay a fee for transferring a balance. There are, however, a few select credit card products out there where you don't have to pay a fee for the first or initial balance transfer.

Feeless, 0% intro APR balance transfer deals - perhaps the most sought-after 0% deals on the Internet -- are a dying breed. Dying, but not dead. The pool of banks that offer feeless 0% deals has been shrinking. Why? Because the banks and card companies know that by eliminating the balance transfer transaction fee, a balance transfer "surfer" can transfer a card balance to a card, sit out the interest-free period, then transfer the balance out to a new 0% deal -- thus denying the bank any opportunity to make money off the surfer. The balance transfer transaction fee gives a bank the opportunity to get at least something out of the deal.

The Discover More family of credit cards, offered by Discover Financial Services (DFS), has been exceedingly popular for transferring credit card balances. Why? Because, heretofore, with any Discover More card, you could transfer a card balance and pay no interest on the transferred funds for 12 months, with no balance transfer transaction fee. But that's not all: with Discover More, you could (and still can) get a 0% rate on new credit card purchases for 12 months to boot. Its no wonder that the Discover More family of credit cards has been a top-ranked collection of cards at many top-rated websites.

But DFS recently made a change to the terms and conditions associated with the Discover More family of credit cards: you now have to pay a fee for transferring a balance; the minimum transfer fee is $10. The Discover More group of cards still offers great value, with a 0% intro APR rate on both balance transfers and new purchases for one year, but the nascent balance transfer transaction fee may turn off some folks out there in the market for a hot, 0% card deal.

OK, now for the good news: Bank of America, Washington Mutual (Wamu) and Pulaski Bank still offer consumer credit cards where you can transfer a balance at zero percent for 6 or 12 months (depending on the card) and pay no balance transfer fee. Furthermore, Capital One has business cards that provide an option to transfer balances without assessing a balance transfer transaction fee.

If you plan on hunting (or continuing your hunt) for an attractive 0% card deal after reading this article, remember two things:
  • In your search for "no transfer fee" 0% deals, you may find articles, blog posts or other website content with claims that feeless 0% deals no longer exist. Don't buy it. Feeless 0% balance transfer offers can still be found today -- even with certain business cards -- if you know where to look.
  • Credit card deals are constantly evolving, so if you're planning on signing up for a specific 0% offer that you've had your eye on for a while, try not to drag your heels. The sexy, feeless balance transfer offer you find today may be gone tomorrow. Thankfully, the selection of "no fee" 0% deals is still quite healthy, so you don't have to panic if the offer you wanted disappears.
Visit www.balancetransfer.cc to compare and apply 0% intro APR & no fee balance transfer credit cards.

Balance Transfer Credit Cards With No Transfer Fee

How to Compare Balance Transfer Credit Cards With No Transfer Fee

A No Fee Balance Transfer credit card is a type of card that exists primarily to allow a user to transfer an existing balance from a different card. No fee balance transfer cards typically have lower interest rates than your regular credit card, which allows you to catch up on paying some debt without having to worry about also managing your colossal interest rate. As with any type of credit card, however, there are some things that you have to consider before picking a card to use for a balance transfer.

1. Look at the introductory interest rate on your no fee balance transfer credit card. At the least, you want to make sure the card that you're transferring a balance to has a significantly lower interest rate than the one that you're transferring the balance from. If the interest rates are the same or close to each other, the money you'll save from this process will be minimal.

2. Note how long the introductory interest rate on your no fee balance transfer card will last. Typically these low interest rates last only six months to one year. Look at how long the promotional period is on any card you're thinking of using and mark that date on your calendar or in your cell phone or PDA so that you don't forget it.

3. Do the math and understand what the interest rate will jump to after the introductory period is over. Make sure you'll still be able to manage card payments even if the interest rate jumps significantly. You don't want to find yourself in the same situation you were in when you needed the balance transfer in the first place.

4. Research what the penalties are if you miss a payment. Typically the penalties are steep on no fee balance transfer cards. One missed payment could result in a bevy of late charges and finance charges, as well as a dramatically increased interest rate happening much sooner than you anticipated. Make sure you'll be able to make all your payments on time before picking a no fee balance transfer card.

5. Choose the card with the features that suit you best. A no fee balance transfer card may not work for you if it has a high annual fee. And if you intend for the no fee balance transfer card to serve as your primary credit card for purchases, then the introductory interest rate may be far less important than the normal interest rate after the introductory period is over.

Additionally, some no fee balance transfer cards offer cash back, rebates, reward points, and high credit limits for qualified applicants, amenities that can be beneficial if the card's normal interest rate isn't too high.

Good Balance Transfer Credit Cards

Balance Transfer Credit Cards - Are They Still a Good Deal?

Balance transfer credit cards have changed considerably, but they're far from gone and not likely to be going anywhere anytime soon. If you've been considering cutting your interest payments by transferring the balances on your high interest credit cards to one with a special balance transfer deal, here's what's going on in the world of balance transfer credit cards.

For years, credit card companies were able to build their business by enticing new customers from the ranks of those who'd never held plastic before. But with the numbers of credit cards in circulation rising and the average Brit carrying four different cards in his or her wallet, they've had to get competitive with each other. Thus was born the marketing tactic of offering 0% interest for any balance transferred from a competitor's credit card to a new card.

Those 0% balance transfer deals were greeted enthusiastically by the public - a bit more enthusiastically than the issuers of those cards expected. They missed a vital point in their calculations - customers who switch cards for a better rate of interest have already given up brand loyalty in the interest of getting the best deal. When the 0% interest ran out, they simply moved their remaining balances to another card. To counter that, the big credit card companies started modifying their offers with restrictions designed to keep people from jumping from card to card following the best rate.

Some of those restrictions are openly stated and easy to see - reductions in time on the introductory rate, for example. Others are hidden in the conditions and terms of your credit card agreement. Those 'traps' make it all the more important to carefully compare balance transfer credit cards before you move your carried balance from one card to another. It's still worth your while to check on the newest balance transfer offers a couple of times a year, say the money experts, but be sure to compare the offers before you jump from one card to the next.

Moneyeverything.com makes it easy to find all the newest and best balance transfer credit cards and compare them with each other. When you check into the credit card offers, read the terms and conditions of each balance transfer credit card for the following things:

- What is The APR on Your Transferred Balance and How Long Does It Last?

There are very few 0% balance transfer card deals left, but there are a few. The 0% APR on transferred balances may last for three months, six months, nine months, or in some cases for the life of the balance transfer amount. More often, the APR on your transferred balance will be a low 1-2% for the life of the balance, as long as you conform to certain restrictions.

- What is The APR on New Purchases?

Many of the new balance transfer offers require that you use your credit card to make a certain number of purchases per month. This is because the lowest interest rate only applies to your transferred balance. Any new purchases will be subject to a higher interest rate more in line with typical APRs on other credit cards. In addition, any payments that you make will be applied to your transferred balance until it's paid off. That means that your new purchases will sit on your card accruing interest at a higher rate until your entire transferred balance is paid down.

- What are The Requirements to Keep Your Low Balance Transfer APR?

Most cards no require you to make at least some purchases each month to keep the APR on your transferred balance. In some cases, the card agreement will specify a number of purchases without specifying an amount. In others, it will specify an amount that must be charged against your card, and in some cases, it will be both a number and an amount. Remember that those amounts will accrue interest until the balance transfer amount is paid off and choose a card that requires the least amount of new purchase debt.

- What's The Balance Transfer Fee?

Another big change is in the structure of the balance transfer fee. Until recently, most balance transfer credit cards had a cap on the balance transfer fee - a percentage of the transferred balance up to $70, say. Now many have dropped the cap in favor a straight percentage. Before you choose a balance transfer credit card, be certain that the transfer fee doesn't cost you more than the interest that you'd pay on your current card.

Balance transfer credit cards still exist, and will for years to come - but the terms are changing, and will continue to change as the credit card companies plug holes that allow consumers to use them in ways they didn't anticipate. Keep your eyes open for new balance transfer opportunities, but be sure to check them carefully for conditions and traps.

Sunday, 17 June 2012

Credit Cards Balance Transfer Offers

There is one major benefit of balance transfer offers - they can get you out of credit card debt, which is known to be extremely damaging to your credit score. The problem is that there are numerous options to pick from and you have little time since you want to get rid of the debt quickly. For this reason, you have to know exactly what you need and use a few small, but important tricks to get the best new credit card for you.

Figure out how much debt you have and how long it will take you to repay the principal before comparing balance transfer offers. If you think that you will need 12 months, then you may not be able to find a new card with 0 per cent APR for this period. In this case, you will have to compare interest rates and pick the best one. The good news is that longer-period cars that charge an APR higher than 0 usually have no transfer rate so you still save.

Check your credit score and recent credit history before you even consider balance transfer offers. You have to make sure that your application will not get rejected as this will further reduce your credibility as a borrower and lower your chances of getting rid of your existing debt. Furthermore, the lower your credit score is the smaller the balance transfer you will be offered. Ensure that any errors are fixed timely and try to make any improvements, if you can.

Collect as many balance transfer offers as possible. You can readily use a specialized website for the purpose, instead of checking with lenders separately as this will save you time and effort. You will certainly land on the best credit cards easily and super quickly.

Compare the lengths of the periods with 0 per cent or very low APR and ensure that they fit your repayment schedule. Compare the actual balance transfer fees as well. In most cases, they are no greater than 3 per cent, but usually bigger than 2 per cent. Check specifically for any other fees that may be applied. These include both one-time fees such as the application ones and any monthly fees.

Compare the penalty interest rates and fees of the different balance transfer offers that you consider. This is important especially if you have a big dept and a lot of expenses and the chances of defaulting are high. You can expect the penalty interest to be considerably high. If you miss a payment, you will be charged with a fee of $30 to $50 in most cases.

Check the interest rate that you will pay after the initial period and the compare the extra perks that you will get. The best credit cards have fairly low APR for the remaining period. You can expect benefits such as loyalty points and cash back rewards.

Last, but not least, check how long it will take for the transfer to be processed. The best balance transfer offers give you processing in a matter of hours. You would not want to wait for days during which interest is accumulated on your existing debt.

Comparing balance transfer offers is now made easy. You can visit www.creditcardflyers.com that offers balance transfer credit cards directly online. The premium service is totally free.

Balance Transfer Credit Cards For Fair Credit

If you owe a balance on your credit card, or several credit cards, you may be able to get lower interest rates for a while that help you pay down your debt, thanks to cards that offer balance transfer for fair credit. Many credit cards offer great deals on balance transfers with low interest or no interest for a limited time, but it's hard to find those great deals if you have made credit mistakes. Some cards, however, special in cards that offer balance transfer for fair credit.

Chances are your rate won't be as low as it might have been if you had good credit, but as long as it's lower than what you're currently paying, you can make it work for you. While the idea of being able to convert those high-interest balances to a card that offers balance transfer for fair credit has its appeal, there are pitfalls you need to watch out for.

What will the interest rate be on the card that offers balance transfer for fair credit? Obviously it's lower than your current rate or you wouldn't even be considering it, but how much lower is it? When you figure in the extra you'll pay in transfer fees (up to $75 per transfer) will you really be saving money?

Let's say you've done the math and you will be saving money, even after transfer fees. Now you need to look at how long the introductory interest period is. You won't get that lower interest rate forever--if you carefully read the agreement you'll see exactly when it reverts to a "regular" interest rate. Is the time period of lower interest on the card a long enough period of time to make it worth the hassle?

If it is, then what will the interest rate be when that period runs out? Is it still lower than your current cards? You might be shocked at how quickly and how high the interest will go up on a card that offers balance transfer for fair credit, so be sure you have the facts before you sign up.

You can visit www.smartcreditchoices.com that has many credit card offers including 0% APR credit cards, balance transfer credit card offers and much more.

Saturday, 16 June 2012

Free Balance Transfer Credit Cards

Human nature is such that the term 'free' can have a drastic effect. We all think that just because something is termed 'free', it comes for free. You must have heard of the saying 'there is no such thing as a free lunch'. It is very much true, especially in the financial world.

Many people can't control themselves while spending money and end up with huge debts. So, what do they do next? They take more loans out knowing very well that they can't repay them. Well, the future can't be much worse than that. This is where free balance transfer credit cards can help get you out of difficulties. If you are someone who has bad debt, then you might want to spend some time reading this article.

Facts that you need to look out for in Free Balance Transfer Credit Cards

So, how do free balance transfer credit cards work? Well, it is quite simple. These credit cards have a small annual fee that you have to pay at the end of every year. You will be pleased to note that these credit cards come with excellent rewards. If you are not going to use your credit card often, then you will want to go for the one that's going to work best for you.

You need to spend a lot of time reading the terms and conditions. According to law, your credit card company must report all the fees that you will be paying. Here are some facts that you need to look out for before deciding on a free balance transfer credit cards.

# Duration

You have to look out for the length of time for which the free transfer will last. Free balance transfers on these credit cards come in periods of 6 months, 12 months, 24 months or even for life.

# Restrictions

You must be aware of restrictions. Many credit card companies will automatically increase your interest rate if you default on your payments.

# Allowable transfer amounts

You also need to know how much you can transfer over. It varies depending upon your bank and on your credit. If your credit is bad, then you might have to settle on a small amount. For those of you with good credit, and who like spending, think twice. Only use the amount necessary.

The best way to find out whether a particular free balance transfer credit card will work for you is to know the pros and cons. Once you are aware of both the good and the bad points, it is easier to make the final decision.

Advantages of Free Balance Transfer Credit Cards
  • Zero percent interest for a limited time: the greatest benefit of this product is that it comes with zero percent interest balance transfers for a limited period of time which usually lasts between 6 to 12 months.
  • Debt consolidation: This product is very useful for those with bad debt. Even though you may not be able to pay off the entire credit card balance before the interest period ends, it reduces your debt considerably.
Disadvantages of Free Balance Transfer Credit Cards

Like all products, free balance transfer credit cards also have their drawbacks. They are as follows:
  • They are only for debt consolidation: you need to have self control while spending money. Remember that this product is useful only for reducing your debts and not for spending.
  • Zero tolerance policy: You should not miss payments as your credit card company may cancel the agreement and up the interest rate. This is something that you should be very careful about.
Since you now know all the facts about free balance transfer credit cards, you can make your decision wisely. This product is very useful for those of you with bad credit and who are facing huge debts. So, act responsibly and get the right free balance transfer credit card to suit your needs.

Friday, 15 June 2012

Zero Balance Transfer Credit Cards

How To Use Zero Balance Transfer Credit Cards Wisely

Many credit cards offer a variety of choices to transfer a balance from another card at zero percent interest for a fixed time. These options can save money, but you need to watch for any hidden charges possible.

The offer of 'free money' is powerful. Years ago it was not impossible to make money from a zero percent credit card balance transfer deal this way: By taking and transferring the money, putting it on deposit to earn interest. Unfortunately, many credit card companies have decided to make changes, making it almost impossible for many people to have money by this way of process. But the zero percent balance transfer deal can still help save a lot of cash, in comparison to carrying the balance on a credit card that pays interest.

For a much-awaited spending, you can get a zero percent loan; at the same time, it also interest-free on purchases credit card. However, the point in this article is what the balance transfer card truly has to offer.

Normally only accessible to new cardholders, the lender takes out a CC and presents a few more cards that they would like to pay down with cash borrowed from the new card. Apparently, if the cards charge eight to twenty percent and the new card offers zero percent interest rate, consider this a great deal. But then, the lender must be on the lookout for numerous tricks and cheats that make a zero percent credit card balance transfer charge more than it offers you.

A handling fee of two to five percent is quite common in zero balance transfer cards. If you borrow a hundred dollars on such card with two percent of its handling fee, in theory, you have to pay $102. The most important thing to remember is this: Always ask to pay the handling fee right away.

Or else, the lender ends up paying the handling fee's standard interest instead, which may be up to twenty percent. Many lenders don't realize that the interest fee only applies on the loan itself. As soon as the fee starts accumulating interest, the only way for you to stop paying this is to repay the whole loan, along with its accrued interest from the handling fee.

Repayments are nearly often applied to pay the balance which basically attracts the lowest interest, to expand the credit card company's profits from the lender.

Handling Fee and the Short Loan Period

An annual loan at 0 percent interest with a handling fee of two percent would seem like a loan at two percent. However, a lot of offers are only for half a year or nine months, making the 'best interest rate' loan five percent or 8 percent, respectively.

Putting Repayments to the 0 Percent Loan Prior to Any Purchase

Many zero percent balance transfer credit cards typically charge purchases at a fixed interest rate which is always high. Sadly, repayments made to the credit card are mostly to get done with the cheapest loan first.

If, for example, you put a $200 purchase on a balance transfer card which carries $1500 at zero percent, and the whole $1500 loan would have to be repaid FIRST before you get to pay off what your loan really was; the purchase apparently continues to accrue interest until the interest-free loan IS actually paid off.

The use of a zero balance transfer cards for any loans is only fit for the well-organized and financially smart. Usually, this type of deal offered by many credit card companies is being offered to new cardholders, and these same cardholders mostly fail to comprehend the math which is always presented as simple, yet complicated once the 'increased' interest rates start to appear in their bills, and leaves them wondering.

Thursday, 14 June 2012

Low Balance Transfer Credit Cards

Are you finding that the interest rate on your current credit card debt is a bit too high? If that is the case, you should consider transferring your debt to a low balance transfer credit card. Low balance transfer credit cards are useful when your debt balance is going to take more than a couple of months to be paid in full and you don't want to pay high interest rates.

By paying a lower rate of interest you can reduce your debt balance faster since a lower proportion of your repayment is being allocated toward the interest. For many consumers this reduces the pressure of trying to meet high repayments, but it is important to remember that low balance transfer cards are often only available for a limited period, so it is in your own interests to attempt to pay the debt within the low balance time frame and before the low interest rate reverts to the standard rate.

If you decide that a low balance transfer credit card would suit your needs it is worthwhile shopping round to look at the different deals on offer. These can vary from 0% interest for periods up to 6 months or a low rate interest offer that is available for 12 to 15 months.

But you need to weigh up all your options first as the 0% is not always the best deal for you just because it is the lowest interest. If you are confident that you can pay your debt in full within the 6 months then by all means take advantage of the 0% offer but if you can't meet that deadline you may find the interest rate that applies after the 6 months is higher than you bargained for.

When you know that your debt can take up to 12 months or longer to pay you would be better advised to look at the low interest rate option, which over the long term will give you more Linksavings on the interest you pay.

You will also need to check what fees if any are payable with the balance transfer offer, the most common ones being an annual fee or a balance transfer fee. If these are exorbitant they might well exceed any savings that you are hoping to make in interest so it is a good idea to do your math first, before you make any final decision.

You can visit www.creditcardfinder.com.au to know more about low balance transfer credit cards.