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An Introduction To The Humble, But Oh So Powerful, Credit Card
It's hard to imagine doing business today without credit cards. If you are 1 of the few who do not own a credit card, you probably have difficulty renting a car or reserving a hotel room. On the other hand, if you have a fistful of maxed out credit...
Consumers, Beware The New “Wave” Of Credit Cards
J.P. Morgan Chase About the Author
© 2005, http://www.yourfreecreditreportnow.com Author: James H. Dimmitt James is editor of "TO YOUR CREDIT", a free weekly newsletter with tips to help you manage your personal finances. Subscribe today and...
Free consumer advice site launched by credit card industry to protect shoppers
The banking industry has launched its own new website to provide advice for consumers on credit cards. The site www.choosingandusing.com has been set up to help people choose which card is right for them as well as promoting a better understanding...
How A Bad Credit Report Affects Your Life
A low credit rating or bad credit report can negatively affect virtually every aspect of your life. Whether you are consistently late on your mortgage or utility bills or you are over your limit on your credit cards, bad credit can make purchasing...
How To Avail Of Credit Card Point Redemption
I have a friend who's a frequent traveler who's most of the time
always out of the United States. While he's always traveling,
his purchases done in other countries are done over his credit
cards. He prefers using his frequent traveler credit...
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Using the credit card balance transfer feature
Credit card balance transfer is an important feature for many credit card users. It allows them to transfer their debts from one credit card to another. This is significant if their new card has a lower interest rate than their previous one.
Credit card balance transfer feature can be a great way of consolidating your credit card debt and finding a way to dig yourself out of your debt burden. This option is in high demand and many credit card issuers include their balance transfer services upfront in promotion material. A good credit card balance transfer option can help them gain customers from rival credit card companies.
There are a great number of credit cards that offer a 0% introductory credit card balance transfer fee. This way when you acquire your new card you can right way start transferring the balance from your old cards to your new ones.
Thus if you are looking to get a new credit card to transfer your old balances, you should find one that has less fees or a lower interest rate than your previous ones. Also be careful about any credit card balance transfer limits on your new card. This could cause you to be able to only transfer a partial balance so you still have to
maintain your old cards.
If your old credit card balances are accumulating a high interest rate, it might be time to get a new one with a credit card balance transfer option. If you have improved your credit ratings and your current credit card interest rate has not dropped, you can apply for a lower interest card than transfer your balance to it.
Instead of having to worry about multiple balances you will only have to pay attention to one credit card balance and make one convenient payment instead of multiple payments. Thus you can better plan your budget and decide how to reduce your credit card debt. The APR can vary greatly from one credit card to the next. Consider having all your high interest credit cards and department store card balances on one low interest card. You can end up saving a substantial amount of money over time. In conclusion proper use of the credit card balance transfer feature can be useful and convenient to some and to others a vital way to get out of credit card debt.
About the Author
Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.
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