Archive for December 2010
Low APR Credit Card Balance Transfer
You hear about these transfers all the time when you apply for a new credit card, but do you really take advantage of them when you apply? If you don’t, you may find that you’re missing out on some pretty good deals, and let me tell you why.
When you apply for a card with a low introductory rate, you’re going to find that you can take any balance you have, and transfer it to your card. When you transfer it, you’re going to get 0% interest on that card for the duration of the card balance. For instance, if you get a 6 month introductory rate, you’re going to get 0% for 6 months. After those 6 months, you’re going to have to pay full price after the intro rate is over. This is why it’s important to pay it off in full before that rate hits you.
What is it good for?
These rates are great for any loan balance that you may have. From your mortgage, to your car loan, you’re going to find that if it has a balance on it, and you can pay it off within a few months, I would highly recommend that you consider a balance transfer card. The only way that I wouldn’t recommend it is if you can’t pay it off within the introductory period. You’re going to find that it’s a great way to save money, and if you’re a fan of saving money, I would say that you should highly consider this type of card.
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Balance Transfer Credit Card Strategies
To get most out of balance transfer credit card strategies here is something you may want to put into practice today.
When credit card companies issue 0 APR cards and you transfer the balance, that balance (which was previously costing you money in interest charges) is now interest free (for a while). However, all the repayments you are making to your new card only serve to pay off the 0 APR portion of the debt. If you actually use the new card for purchases or to get cash that will attract interest, and that portion is not paid off by your monthly installments. This is a sneaky way for the banks to make more money by only letting you reduce the 0 interest debt, not the 15% interest debt or whatever it is – you’ll find this in the small print.
There are two ways to avoid this issue. The first is not to make any goods purchases or draw cash at all with the card after you’ve made the balance transfer. You must treat this card solely as a card for handling your transferred balance – you should literally not use it for anything else. This may be difficult though, because it means you can’t actually use the card when you want to and as you have been used to!
An alternative approach would be to use two cards. One would be the card with the 0 APR transfer rate and the other would be another card with a 0 APR or low APR, or even a rewards program. It would work like this:
1. First choose your zero-percent card and make sure that there are no hidden charges or annual fees.
2. Transfer your old balance to this new card and try to pay as much of this balance off per month as you can. Remember this balance now attracts no interest for the number of months stated by the issuer of this particular card – but it still has to be paid off! If you can’t pay off the entire balance, you can always transfer the balance again to another card when the time comes (at the end of the 0 APR period), so remember to transfer your balance as that time approaches.
3. Find a second credit card that you can use in the normal way for purchases, etc. You might even want a card with a cashback rewards system of some sort. You certainly want a card with a low APR rate or even a 0 APR rate on purchases as well as cash.
By doing this you’ve established a good debt management program for yourself. You’ve taken a big sum of money, moved it to a 0 APR card, and set up a repayment plan. You also have a second card which means you’ll be able to carry on as normal. Do bear in mind, though, that you do need to stick to the repayment plan you’ve decided is best for you.
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Chase +1 Student MasterCard Credit Card Review
Building a credit history is not a one-night process. It often takes a lot of time and patience. People with excellent credit have proven themselves to be risk worthy for creditors. Nobody starts with excellent credit rating. That means that most people don’t get the best credit cards with the best rates as their first credit card. The goal at first should be to build a great credit history and not necessarily receive the best APR in the market.
Chase +1 Student Mastercard is specifically designed for people with little or no credit history. If you are a college student with no credit history, you will need a card that will allow you to build your credit fast. Chase +1 allows you to do that by providing a generous credit line and no annual fee. Chase +1 Mastercard comes with an introductory rate of 0% for 3 month on purchases. But after the introductory period, the rate increases to 14.99% and could go as high as 19.99%. So the card is not designed to park large balances. Chase +1 card is a great credit-building tool if you pay your balances in full.
Chase +1 is unique in providing tips and tools to help cardholders master the art of building a great credit history. You earn Karma for paying on time and taking quizzes and you can apply your Karma point towards gifts or a great cause. Unlike many other no-credit credit cards, Chase +1 comes with standard features such as account management, Chase mobile, and no annual fee. In addition, you can transfer your high interest rate balances to this card. However, Chase +1 does come with relatively high transfer rates, which means you shouldn’t use this card as a balance transfer card.
Chase +1 student credit card provides students with the perfect opportunity to build a great credit history. Everyone has to start from somewhere, but Chase +1 does not come with any notable fees. In addition, you can learn from the training tools provided by Chase to learn the art of building a good credit. Overall, Chase +1 student card is a great credit card that people with no credit can use as a stepping-stone towards getting better more reward rich credit cards in the future.
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