How to choose the best balance transfer credit card

Credit cards are often the cause of financial troubles for many people today. They are often so easy to get - but they can also be so hard to control. However, by taking advantage of some special balance transfer credit cards, help can be found that could bring some ease to financially tight situations. This article will focus on how to choose the best balance transfer credit card, making sure that the card you pick is the right one for you. What Is A Balance Transfer Credit Card? This particular kind of credit card allows you to take an existing credit card balance, which is at a standard rate of interest - possibly as high as 29%, and put it on another card. The new card makes the transfer appealing to you by offering either a low monthly interest on the transfer, or even no interest on the balance - for the life of that transfer amount. Making this kind of a credit card balance transfer not only makes good financial sense, but it is also easy to do. What Are The Special Gimmicks Of The Card? Obviously, a credit card issuer is not in the business of giving an opportunity like this away without any potential strings attached. Here are a few things that you might want to read the fine print in the offer and look for. • Transfer Charges Some credit card companies seem to want to play with the fact that not everybody reads the fine print. So, for the unwary, there could be a fee for making the balance transfers, or, it is possible that other advantages made in the offer could offset the transfer charges. You will have to look it over and compare it with other card offers. Ideally, if you accept a card with transfer charges, try to get one that puts a cap on the amount - for example, around $60 to $75. • Yearly Charges The transfer may be free, and the interest, but there could be an annual fee for the use of the card. This means whether or not there is any balance on the card - you will still pay the fee for as long as the card is active. Many cards will carry no annual fee. • New Purchases Here is another thing that you need to look for. A balance transfer credit card may offer you 0% interest on the amount transferred, but the amount of interest on new purchases could be very high. • Introductory Rate Every card has an offer to get you to get their card. One common feature is the promise of a low rate for new purchases. Be careful about focusing only on the promise of 0% interest on credit card balance transfers. Check out the length of time for the introductory interest rate, toopare that also with other card offers. What Are You Going To Use The Card For? Another consideration about which card to choose should be based upon why you need such a card. If you have a lot of credit card debt, then the purpose should be only to put on the card your current credit card balance transfers. This means that you should try to get a card with 0% interest on the balance transfer amount, and that you will not use it to make new purchases. Also, seek to pay as much as you can as quickly as you can. When choosing your balance transfer credit card, the ball game is in your hands. It can either help you - or hurt you, if you get a card too hastily. Do a little research, compare cards, and then proceed with comfort - knowing that you got the best one for your needs.

College student credit cards

College is the place where most of us get our first taste of financial freedom and the responsibility that goes along with it. Inexperienced with debt, college students may apply for a cash back credit card thinking that it sounds like a no lose situation. They hope to charge large ticket items or living expenses that they cannot afford to buy with cash and then receive a check for cash back at the end of the year. Unfortunately, a free credit card offer can appeal to a student for all the wrong reasons. Instead of building a good credit base and starting out responsible buying habits, a college student credit card may be used to live beyond the means of the average student. This can be a trap for students and lead to years of credit damage and negative consequences. The college student credit card College students receive credit card offers on a nearly daily basis. They are included in bags with new textbooks, campus purchases, and student run newspapers. Offers for a free credit card also come in the mail marked "Pre-approved". Faced with the idea of a cash back credit card, most students are eventually lured into replying to one or more of these offers. In addition, credit card companies, such as MBNA, offer cards designed to target specific college students. This college student credit card comes in a design that features the student’s university or alumni association and is appealing for the sense of belonging and exclusivity it conveys. However, it also carries some hidden dangers that the average college student misses in their excitement to get their first credit card. Drawbacks A company that offers a free credit card to college students is familiar with the sometimes precarious spending habits of the average student. Payments from students are frequently late and the minimum payment due is the most some young people ever try or are able to pay. This delinquency adds up to a lot of money in interest and late fees that goes to the credit card company in the form of profits. Since a cash back credit card offers the incentive of a return on purchase prices, the interest rates for these cards are usually very high. In addition, the student applying has little or no credit and can only qualify for a line of credit by promising to pay exorbitant interest rates if late or overdrawn. So in order to lure students into applying, the lender may advertise a low interest rate for a trial period, such as six to twelve months. But when the student uses the free credit card, the balance accumulated ends up costing much more once the higher interest rate takes effect. But the most dangerous part of a college student credit card is the damage it does to the student’s credit rating. This damage takes place long after the purchases have been enjoyed and is usually not a factor in the decision to make such purchases. Impulse buys and peer pressure can add up to serious credit consequences. The average student has no real understanding of the implications of bad credit, which could follow them into their careers and family life. They could be denied a car or mortgage loan, as well as further lines of credit with other credit card companies.

How to budget your credit card spending

Although acquiring a credit card is much easier than adhering to a budget, planning your credit card expenses is esential to help prevent dire consequences from credit card utilization. This may stem from the fact that a credit card is by no means a mobile automated teller machine. It is however a means to get you out of an emergency situation such as a car breakdown, or for travel convenience. The following budgeting tips will provide you with great insights on wise credit card usage. Spend within your capability With or without a credit card, one should always spend only what they can afford. In fact, you should spend like you don’t have a credit card because at the end of the day, you will have to pay back what you charged. It is true that you should never use your credit card to settle your grocery bills or to quelch your shopping needs. With all the discounts and bargains clamoring for your attention, it can be annoying to know that you will be paying more for it because of credit card interest rates. Have a good concept of the Credit Limit Rather than viewing the credit limit as the amount of money you can use every month, think of it as a loan that you must repay within 30 days. Then, tabulate the amount of interest that you have to pay if you decide to settle your repayment over a period of six months. This way, the $7500 will look less tempting and when calls with offers of higher credit limit plans come in, you will have the good sense to put the phone down. Do not let your credit accumulate You need to be responsible to own a credit card but as luck would have it, there are emergencies that are unavoidable. In this case, you should settle your credit card bills as soon as possible. You have to be self-disciplined on this because credit accumulates and credit cards work on compound interests. The longer you delay your repayment, the more you have to pay.

How to repair your credit

If you have less than perfect credit, you are probably attracted to the many commercials on TV which promise credit repair and debt consolidation. While there are many things companies can do to help you fix your credit, there are a number of things you can do yourself to get back on your feet. Many people make the mistake of avoidng their lenders. They choose to ignore phone calls or letters which are sent in the mail. You want to make sure you contact your lenders promptly when you find yourself in a situation where you may not be able to make payments. Calling them to look for options is a responsible thing to do. They are likely to work with you, because they have a vested interest in getting back the money which is owed. If you are willing to setup a budget, most of your lenders will work with you. If you work with your lender, it is likely you won't have to worry about repairing your credit. Even though your credit score may slightly be lowered if you have problems making payments, things will be a lot worse if you choose to ignore the lender. By showing that you are trying to pay off your debts, you will often find that your credit report remains relatively unchanged. When you decide to ignore them, this is when you will be reported to the credit agencies. Once this happens, it will become difficult to apply for a car, home, or even a job. If you are already in this situation, you should start looking at credit repair services which can help you rebuild your credit. These organizations can help you setup a budget and payment schedule. It is also important to know your rights with the Fair Credit Reporting Act. If you have been denied employment or other things due to having bad credit, you are allowed to get a free report of your credit history. However, you have to ask for this at least two months after you've been denied. The reason why it is important to get a report of your credit history is because there may be errors. If you find that information on your report is false, you can file a dispute with the credit agency to get the issue resolved. Though this will cost you nothing, you have to explain why the information on the report is false.

Bad credit credit card offered by many companies

Check-books and paying with cash is becoming less frequent as more people are using plastic to pay for purchases. Checkbooks are being replaced by debit cards and the use of credit cards is rising. Online shopping has helped fuel the need for a credit card. Unfortunately people with bad credit are normally not approved for a credit card. It is not hopeless, there are avenues for those with bad credit histories to enter or return to the world of plastic. Bad credit - credit cards are offered by many companies. This became a necessity since individuals with low incomes or credit problems would be declined for a low interest, no fee credit card. Many of these companies use what is called Risk Based Pricing. What this does is they have several types of offerings with different interest rates. The rate they offer is based on your credit score. So if you apply for one card you may get declined but offered a card with a higher rate. This is an excellent way for someone with a bit of a negative credit history to be approved for a bad credit, credit card. So what about those individuals with no credit or extremely negative credit? They may need to look at another type of bad credit, credit card. There are several companies that target these types of people. They offer what is called a starter card. This type of card has a very high interest rate and very low credit limit. There are also a substantial amount of fees normally connected with these cards. These cards pale in comparison to the more normal type of credit card offers but the acceptance rate is high. By using, one of these bad credit, credit cards and keeping with the terms of the agreement, making payments on time in a period of time your credit rating will be more positive. This will allow you the opportunity to apply with a better chance of acceptance for a lower rate and more favorable term credit card. There are some individuals with such critical credit problems, a recent bankruptcy for instance, that a starter card would not be an option. If this is the case the only solution that would be left is a prepaid credit card which is sometimes called a secured card. The fact they look like a credit card it the only similarity. They need to have funds deposited to use them. You are virtually guaranteed to be accepted for this type of bad credit, credit card. They work the same as any Mastercard or Visa but you can only spend the amount of money you have deposited. This leaves very little risk to the card issuer since you can not incur any debt with them. Because the issuer of the card will not be making any money on monthly interest rates for the balance they make their money in other ways. The can charge a fee for applying, a annual fee, an administration fee even a small percentage for every time you purchase something with the card. You will want to research several companies before applying for this type of bad credit, credit card since these fees can vary greatly. Basically what all this means if even with a bad credit rating, nearly everyone can find a bad credit, credit card. It may take some research but it can be accomplished.

Student credit card how to choose the right one

Getting a student credit card is not hard to do. The problem comes in how it is used. Your student should not be carrying large sums of cash each month to get through the month. It could easily be lost or stolen. I had a friend that was considered a genius. While we were at school he couldn't remember from one day to the next what he had done the previous day, or where he put anything, including his money. Another friend constantly ran out of money by the middle of the month and was either borrowing form other students or on the phone crying to his father about needing more. Not to say I was a saint, but that is another story. A student credit card may be the first line of credit your child has. It will depend on the child if they understand the responsibilities of having one. Student credit cards can come with a monthly limit or with no limit at all except for the bank limit. You have a choice in that matter, because usually the student will need a co-signer for that card. In a credit based family a child may have signature loans by the time they are twelve. My uncle was one of those people. They used a well known institution for signature loans and he would take out six month to one year loans for music equipment that he was easily able to pay back in half the time. By the time he was sixteen his credit rating soared and to this day he has no problems with getting what he wants when he wants it. Most of us are not that lucky however, and some students just are not driven by desire. A student credit card should not be a gift and should not be considered a gift by the parents. The students themselves should be mentally-aware of how to handle finances. If your child is one of those that still has a quarter when you give them the second one a week later, then chances are they can handle a credit card. If it was lost or spent, you may need to start worrying. For the sake of the article we will assume that, while yet unproven, there is no indication that your student will use the credit card for junk. First sit down with the student and decide what the credit card will be used for. Keep in mind that a cola and pizza a day adds up to over $4475 plus tips, in credit over a year! The sum does not take into consideration other meals and snacks. A single candy bar at a school could easily add up to $365 dollars in credit over a year, if they only ate one a day. Try to remember your eating habits when you were a student. Dormitory, apartment rent, books and tuition should be paid by check. If there is a car involved it should also be paid for by check, unless you and your student are familiar with online banking and the great benefits a good system offers. If you are giving support to your student you can setup an auto withdrawal from your bank account each month to payoff the student credit card payments. The credit card can be great for just about anything but it, just like everything else, needs to be in moderation, and I mean moderation within your budget, not necessarily the students budget. After you have decided on what the credit card will be used for go online and start searching. Make sure you pay attention to the all of the details of the card, and all of its terms and conditions. Above all, make sure there is an automatic bill payment feature so the card is never paid late.

Protecting your personal information

We all know that criminals are out there, waiting to steal our credit card information. These very criminals want credit card information so they can run up the charges then leave you holding the bags - with nothing to show for it. Even though some are local, most credit card criminals are in far away lands. Worse than that, they like to hide or go by other names so it’s virtually impossible to track them down. The most common way for criminals to get credit card information is through phishing, which involves a fake email that appears to be sent from your credit card company. Normally, this fake email states that there was an error with your account, or that it was accessed by unauthorized personnel and needs your attention. Spotting fake emails isn’t hard to do - as long as you know what to look for. The most obvious hint for most, is the fact that they don’t even have a credit card from the company that has sent the email. For others, the link is what gives the fake email away. Anytime you get an email from a credit card that you believe to be fake, you should always hover your mouse over the link, then “right click” the link with the mouse and select “view source”. If the link is indeed fake, the website address that comes up will be something other than that of a credit card company. The criminals don’t want you to look at the source for their website, as they simply want you to click on the link before you look at anything else. Once you have clicked on the link, you’ll arrive at a website that is usually an exact copy of a credit card website. Fake sites normally include everything that the actual site does, including the logos and banners. Even for the most amateur of credit card criminals, web pages like this are very easy to create. Those of you who have fell victim to this scam, probably realized what you have done little too late. Once you have entered in your credit card information, you have done exactly what the criminals wanted and put yourself in violation of credit card fraud and identity theft. Once the criminal has your social security number and credit card information, he is more than likely to use that information to go on a shopping spree - stealing your money and running up your account. If you receive an email such as this, you should always delete it. Even if you just click on the fake website to investigate, you may do more harm than good. Even though you may not enter any information at all, your computer may get infected with viruses or spyware simply because you clicked on the link. To avoid this altogether, you should never click on a link that you believe to be a fake credit card company website. If you do your part and protect your credit card information, you won’t have anything at all to worry about. Your personal information is very important, as you never want it to fall in the wrong hands. As long as you protect it, you won’t have anything to worry about. There are always criminals out there, which is why you should always be on guard. Criminals want your personal information and your credit card numbers - it’s up to you to ensure that they don’t get it. A criminal will do anything to get what they want, which is why protecting yourself is so very important these days. Mike Miller

Selecting a credit card

How many "pre-approved" credit card offers do you get in the mail in the average month that seem to shout at you to accept the offer before it expires? If you're in the market for a credit card, take some time to shop all the offers to get the best credit card available to you. First, look into the credit card terms and conditions. These are the fees associated with making purchases on the card, transferring balances to the card, taking cash withdrawals, and late fees. You can easily compare the annual percentage rate between credit card offers. The annual percentage rate is a way to measure what the credit actually costs you. Beware of variable annual percentage rates - and if you are considering credit card offers with variable APR's, find out how often the rate can be changed, how it effects the finance charges you are billed each month, and what the rate is based on. Secondly, find out whether or not the cards in question charge an annual membership fee. Annual fees can be anything from $25 to $100 a year, with some platinum credit cards charging several hundred dollars. This is a fee that you are required to pay each year just for having the card in your wallet - even if you never make a purchase or transfer a balance to the account. If you're going to pay an annual fee on a credit card, there should be rewards or low rates that make the fee worth paying. Look into the grace period of the credit card. Many cards will give you about 56 days to make payments interest free, without finance charges, just by paying your entire balance on time. Cards that do not have this free period can charge you a finance charge from the date you make a purchase on your card, or from the date each charge is posted to the account. Also consider transaction fees, and another fees associated with having the credit card. Just about every credit card will issue a fee if you take a cash advance or make your payment past the due date. Find out whether or not there is a monthly fee charged to the account when you don't make any purchases - there are some credit cards that will charge you monthly even if you haven't taken the card out of your wallet, and those are fees you can easily avoid just by selecting a credit card that doesn't have these additional fees. You'll also want to consider the reward programs offered from each credit card you are considering applying for. If you are a frequent traveler, it makes sense to look at rewards programs that earn you discounted flights, hotels, and car rentals when you purchase your travel expenses and tickets using the credit card. Over time, your purchases will result in free travel, making the credit card with the travel rewards program a great choice for the frequent traveler. A very popular form of credit card rewards program is the cash back offer. These credit cards will reward spenders with 1% to 5% cash back for all of their purchases - either credited back to the credit card or sent as a check to the card holder. This may be a good card for you if you pay your balances off each month in full - because typically a cash back card will have a higher percentage rate than cards without cash back programs. The bottom line in selecting a credit card is not to jump on the first offer that comes through the mail. You really need to spend a little time doing your homework and learning about the different credit cards available to you in order to get the best rates and best deals for your credit purchases.