Archive for March, 2010

Did you know that you could consolidate your credit card dues at a much cheaper rate of interest? You may even find a balance transfer scheme where you could get an interest free period of 12 months apart from a consolidated credit card. Much like debt consolidation, this way of consolidating your finance is a better way and may be a cheaper way of paying your dues.

Smart use of your cards can see you through a tricky time, though credit card overdue and regular expense exceeding your income are not great news. Managing credit is ultimately about managing your finances both in the long run and short term. Seeking finance from the right credit facility and repaying o n time and the full amount are crucial aspects of not being burdened by debt. Interest rates on credit cards should not be taken lightly or overlooked especially if you are borrowing a large amount.

For calculating and comparing APRs of various credit card companies you could opt for a finance portal.

You can use credit card comparison sites to view several card ratings in a go. The interest rates too have some dynamic factors, though there is a typical interest rate for most credit card companies and the grace period is between 28 to 56 days, you may find some exceptional deals. Some introductory offers may give 0% interest rate for a period of 12 months, though one should be careful not to accumulate credit before a high interest rate overwhelms you after the introductory period is over.

Having borrowed an amount, make sure you repay before the grace period is over. Overdue payments should never become a habit. Credit card usage should be prudent and not prompt! Take care to not just meet the minimum amount of repayment (which may barely be a little over the interest accumulated on the card) but the full amount. Wise credit cards usage will empower you but the same tool could be abused and debt may hang like an albatross around your neck.

TA Honey
http://www.articlesbase.com/credit-articles/the-card-and-your-credit-98554.html

When you want to apply for a credit card, you normally go to the offices of banks and credit card companies to apply for one. This can prove to be a hassle as there is a possibility of long lines with the submission of the application. Or, you can also wait a few days to get the application mailed to you by calling customer service hotlines.

But thanks to the internet and because more and more households today are connected to the World Wide Web, you can now enjoy a hassle free credit card application with a reputable credit card company. Many credit card providers today are now realizing the fact that there is an increasing demand for credit cards that their local offices can never really accommodate. Because of the demands for credit cards, large credit card companies and providers are now making it possible for you to apply for a credit card using the internet.

Obviously, the next question you will ask is why apply online and what are its advantages. Here are the advantages of applying for a credit card online:

Convenience - This is perhaps one of the best advantages that credit card online application has to offer. If you have an active internet connection, you can conveniently apply for a credit card through the credit card company’s website or through the bank’s website. Through online application, you don’t need to get out of the house to apply for a credit card (provided that you have an internet connection in your home). Obviously, you will never again wait in long lines to submit your credit card application form. With just a click of the mouse, you will instantly submit your credit card application for review. Plus, you can apply anytime and anywhere. Since websites operate 24 hours a day and 7 days a week, you can apply for a credit card even at 2 in the morning.

Access To A Wide Range Of Information - The internet is considered to be the information superhighway. On traditional methods of credit card application, you will only have access to limited information about a particular credit card. However, through online application, you will see that the information about a particular credit card is complete and there are forums about credit cards that you can access where people can talk about the best kind of credit cards and about credit cards you have to avoid. You can join these forums and you will have access to tips about credit card management and selection.

Shorter Turnaround Time - Because of the computerized method of application, the processing is usually fast and can provide you with results in no time at all. This means that you will only wait a short time to receive information about your credit card application. So, unless there are any errors concerning your application form, or issues about your credit score or credit history, then you will have your application for a credit card approved in no time at all.

Although online application for credit cards is easy, fast and convenient, there are issues concerning about the security of the internet. You have to remember that there are also high tech methods of identity theft. This is why you should always make sure that you have some anti virus and anti spyware software installed in your computer. Also, you have to remember that you should never apply online on internet cafes as it can compromise your account.

Mario R. Churchill
http://www.articlesbase.com/finance-articles/why-apply-online-for-a-credit-card-137764.html

A 0 balance transfer credit card may seem like the solution to your credit card woes. However, before you jump in with both feet there are some things you need to watch out for. Remember that saying “if it looks too good to be true…”? There’s a reason so many people say it. Make sure you don’t fall for these 3 common pitfalls when looking for a 0 balance transfer credit card.

1. You Want Me To Pay What?

A 0 balance transfer credit card can seem like a wonderful opportunity — until you read the fine print, that is. Some balance transfer credit cards want you to pay a free to transfer your balances over to them. Sometimes this fee can be as much as 3 or 4 percent.

If you have a $5,000 balance and you’re being charged a 3-percent balance transfer fee, that 0 balance transfer credit card is going to cost you $150. Since some balance transfer credit cards don’t charge a fee at all, that fee may be hard to swallow.

2. Let Us Abuse You Yearly

If you have good credit, you should never pay an annual fee for a credit card. Even if it is a 0 balance transfer credit card.

There are plenty of credit cards out there that don’t charge any annual fee at all. Why should you pay $30 or $40 a year for a card when you can get the same thing for free somewhere else.

If you’re not careful, a 0 balance transfer credit card can nickel and dime you right out of your savings. Don’t end up paying more for that 0 percent than you would with a fixed-rate low-interest card.

3. Look How High I Can Jump

A 0 balance transfer credit card is not a fixed rate card. Your interest is going to go up at some point in time. Just how high it goes is the question.

Some balance transfer credit cards entice you with a 0-percent introductory offer, jumping up to more than 20 percent when the “real” real rate kicks in. If you have good credit, that’s no deal at all.

Before you apply for any 0 balance transfer credit card, make sure you know exactly how long that 0 rate lasts for and how much it’s going to go up to when the introductory period is over.

Balance transfer credit cards can indeed be a credit card user’s best friend. They can also be your worst nightmare. Make sure you avoid the above mistakes and find a 0 balance transfer credit card that’s truly right for you.

Max Anderson
http://www.articlesbase.com/finance-articles/3-things-you-need-to-consider-before-taking-that-0-balance-transfer-credit-card-offer-276304.html

A balance transfer credit card aids in consolidating credit card debt and sometimes can also be a way of steering clear of the burden of debt. You will find as you are searching through all those credit card company offers you receive all the time that they are now offering balance transfers in a variety of ways. You will also notice they all these credit card companies are all competing for your business so the incentives are becoming more and more appealing all the time especially when it comes to credit card balance transfer offers.

The dream of most Americans is to have an interest free credit card all the time, not only during an introductory special. There are a few rules that you can use to ensure that you get the most out of a balance transfer.

Pay close attention to any balance transfer offers that you may find. They change all the time and you do not want to apply after they are no longer offering this special deal on Balance Transfers.

Watch that your credit card balance transfers are completed on time without any overlapping time from one credit card to another. You will find yourself paying a lot more in interest charges. When you are responding to banks and credit card companies by mail, remember to take in consideration the delay that normally happens with mail. The company must have time to receive your correspondence and then reply to you.

Are you going to have a balance transfer to a store card or a major credit card? You should pay attention to the APR on the credit card that you plan to place your balance transfer. Many store cards have a higher APR than major credit cards; choose a credit card for your balance transfer that has a low APR. The way in which you handle your credit card balance transfer can be practical and expedient, and can be a great way in which to evade extra credit card debt.

Always read the fine print. If you are applying for a 0 APR credit card then that is what you should be receiving, make sure the 0% includes your balance transfer and the length of time you have before the APR changes.

Do not apply with any company that you do not trust. You should be able to understand their terms and conditions, their rules regarding balance transfers, etc… If you have never heard of the company do your own investigating, never feel pressured to applying because you are afraid of missing a good thing, you may be in fact saving yourself some heartache and financial drawbacks.

Find out as much as you can about the company that you are applying with, are they quick with balance transfers and do they respond quickly with answers to your questions and information regarding your account.

Robert Alan
http://www.articlesbase.com/finance-articles/balance-transfer-credit-card-rules-24704.html

Think you’re ready for a Visa student credit card? Most students assume they are without giving the matter very much thought. If this describes you, then you might be biting off more than you can chew. Before you jump into the world of credit cards with both feet blind, make sure you ask yourself these three important questions…

1. Who’s Tab Is It?

First and foremost, before you decide whether or not you’re ready for any Visa student credit card you’d better make sure you have a way to pay the statement when it comes in each month. If you don’t have a job you won’t be able to pay your bill. Remember, this is your credit card — not your parents’. It’s your responsibility to pay it.

2. How Disciplined Are you?

Okay, so you have a job and you can pay the bill when it comes in. The other question you have to ask yourself is how disciplined are you? Will you have the willpower to use your Visa student credit card wisely, or is it just going to put you under a pile of debt?

If you can barely resist the temptation to spend when you have cash in your pocket or a checkbook in your purse, how are you going to resist it when you have plastic in your wallet?

Remember, a Visa student credit card is not a license to spend. It’s supposed to be a tool to build your financial future and help you out in case of emergencies.

3. Do You Realize This Will Go On Your Permanent Record?

Another thing you need to consider when applying for a Visa student credit card is that everything you do with it is going to go on your “permanent record”. No, not your academic record, but a record that is just as important.

If you make a late payment or max your card out it’s going to show up on your credit report. And it’s not just going to be there for the world to see — it’s also going to lower your credit score. You might not know it yet, but your credit score can make or break your financial future. This can interfere with your plans to get an apartment or buy a car when you graduate.

The above questions raise some valid points. If they’re making you second guess yourself, it’s best to stick with debit cards and leave the Visa student credit card for later. If, however, you are more confident than ever that you can manage a Visa student credit card with ease, you just may be ready for the credit card world.

Max Anderson
http://www.articlesbase.com/finance-articles/are-you-ready-for-a-visa-student-credit-card-282095.html

When it comes to secured credit cards, many myths abound. From “they’re only for people with bad credit” to “they’re more expensive than unsecured cards”, you can’t always distinguish the truth from the lie. Worry not. I’m debunking the most common secured credit card myths.

1. Secured Cards are a Bad Credit Stigma

Think a secured card announces to the world that you have bad credit? Guess again. Most secured cards are indistinguishable from unsecured cards. Your card itself won’t say anything and your credit report won’t show the fact that your account is secured.

2. Secured Credit Cards Have High Interest Rates

Many people assume that secured cards are for people with bad credit, and as such they have a higher interest rate attached to them. This isn’t the case. A secured credit card is less of a risk to creditors because the credit line is backed by a bank account. Because of this, secured cards often have lower interest rates than many of the bad credit unsecured cards.

3. They’re For People with Bad Credit

If you think a secured credit card is only for people with bad credit, you can rethink that logic. Secured credit cards are for people from all walks of life. You don’t have to have bad credit to carry one. Many people with decent credit qualify for unsecured cards, but not the best ones. In these cases, a secured credit card can offer better terms and higher credit limits.

4. They’re Issued by Predatory Lenders

Secured credit cards, more often than not, are not issued by predatory lenders. The cards issued by predatory lenders have high interest rates and high annual fees and processing charges attached to them. While a secured credit card is likely to have an annual fee it will usually be reasonable (in the $50 range), as will the interest rate.

5. A Secured Card Is Like a Debit Card

This one couldn’t be further from the truth. Secured cards are connected indirectly to a bank account, but they work nothing like debit cards. Your secured credit card account will be reported to the three credit bureaus, helping you improve your credit rating. Debit cards don’t do this. And like unsecured cards, you must pay your secured credit card statements when they come in each month even though your security deposit is securing that line of credit.

So are secured cards the black sheep of the credit card family? Absolutely not. A secured credit card can be a valuable financial tool — it’s just a matter of differentiating the myths from the reality.

Sean Masterson
http://www.articlesbase.com/finance-articles/debunking-5-secured-credit-card-myths-614754.html

6 things you MUST know before you get a credit card.

- You should beware of credit card companies offering new deals especially if youâ??re thinking of transferring a balance from

another credit card. Each credit card company claims to be having the best suited credit card deal for you. Take your time

and do your research it can save you time and money in the long run.

- Remember, fixed rates aren’t always fixed..! A credit card company can change the rate by informing you 15 - 20 days before

changing the rate Also be aware of annual credit card fees. Many times you can be charged over $50 or just to have one card.

- Watch out for exclusive introductory credit card offers! When you receive a credit card offer with a low rate, it may expire sooner than you think. Find out when and by how much the credit rate increases after the offer expires.

- Transfer the balances from your high interest rate credit cards to a credit card with a lower interest rate. Many companies have periodic special deals that give you low interest rates on balance transfer for up to a year.

- Use credit cards with great reward programs. This gives you the opportunity to earn rewards like cash back or airline miles.

Credit cards are available with reward points attached to them so do your research and check your rewards. Reward point credit

cards are a great type of card to choose.

- Limit the spending amount each month. Try to only spend as much as you can afford every month to pay off in keeping with your

budget. By doing so, you will find that the credit card balances will start to diminish.

- Think twice about your purchases. If you are not able to afford the purchase today, chances are you won’t be able to pay your bill!

Credit cards are a wonderful financial tool although they can be dangerous at times if one does not use their credit cards wisely. Find more tips and news i our free guide below..

Tomas Loden
http://www.articlesbase.com/finance-articles/6-important-facts-about-your-credit-card-no-one-else-will-tell-you-about-301300.html

Are you having FICO scores below 580 and bad credit problems like CCJs, IVA, arrears, defaults, late payments and bankruptcy? Looking for financial help but unable to qualify for it? Want to improve your bad credit? Bad credit loans will help you solve your financial problems easily and are an appropriate solution for you.

Bad credit loans are available in secured and unsecured forms. Secured bad credit loans are offered to those who can pledge their valuable asset security against the loan amount. Your car, home, stock, shares and valuable documents all are acceptable. The loan amount is substantial and varies from £5000-£75000. They have a longer repayment term of 5-25 years which can be easily met.

If you can not meet the collateral requirement can entail unsecured bad credit loans. You can advance a loan amount ranging form £1000-£25000 for a repayment term of 1-10 years. You can borrow anything according to your their requirements and repaying strength.

Before approving your loan amount creditors check and verify your repaying strength, financial conditions, annual income and credit history. On the basis of this your loan amount is approved.

Bad credit loans are provided at relatively higher interest rates due to the lending risk involved. Creditors generally consider bad credit borrowers as an increased risk because they may defer payments due to financial instability.

By regularly making your payments you can even improve your credit scores as well. with improved scores you can even qualify for conventional loans as well.

You can easily apply for bad credit loans from banks, other financial institutions and online. Online application is very easy. With a little research you can even find a lower rate deal with flexible terms.

Bad credit loans are an ideal financial solution for bad creditors. You can acquire the funds for meeting various personal needs conveniently. You may use the amount for financing education, holidays, home improvement, debt consolidation and purchasing car.

Goldeney Gerald
http://www.articlesbase.com/loans-articles/bad-credit-loans-for-your-financial-requirements-716335.html

Visa credit cards are one of the most common types of credit card, and they are widely accepted all over the world. Visa is a method of payment, but the credit cards are not actually issued by Visa. Instead, the cards are issued by banks or finance companies that contract with Visa. The banks determine the terms of their own credit card offers, so the details can vary widely depending on which bank issues a card. Here are five tips to help you choose the best Visa credit card for you:

1. Know your credit needs and habits. Do you use your credit cards often or just for emergencies or large purchases? Do you pay your balance off monthly or carry a balance? Are you looking for a card for a specific purpose, such as building credit, or earning rewards? Questions like these can help you decide which options fit you best.

2. Consider which features are most important to you. Depending on how you want to use your new card, some features will be more important than others. Do you need a low introductory APR for a balance transfer or large purchase? Are you more interested in finding the best rewards program for you? Make a list of the options you want and prioritize which are most important.

3. Compare cards issued by several different banks. Because different issuing banks can offer very different terms and options, it is important to look at cards issued by several different banks when you are deciding which one to apply for.

4. Read the fine print. Be sure to read and understand the terms of the credit card agreement in detail before applying. Fees, interest rates, credit limits, grace periods and rewards terms are all important to understand in order to get the most out of your card.

5. Check several sources of information. The Federal Reserve publishes a survey of credit card terms every six months, and there are many websites on the Internet that let you compare credit card offers.

Beth Derkowitz
http://www.articlesbase.com/credit-articles/5-tips-for-finding-the-best-visa-credit-card-48752.html

A bad credit situation is not always due to improper planning or expenditures. Misfortunes not always have plausible reasons. Whatever the reasons may be, a person stuck in a bad credit situation has every right to fix it. In the past, a request for a personal loan from a person with a deformed credit history was either declined or accepted at an extravagantly high rate of interest.

Over the years, with changes in the standard of living and spending patterns, the lenders have become more receptive towards people with bad credit history. They now feel safe to do business with them and are easily offering bad credit personal loans. From a feared group, it has changed into a specialised one. Lenders are now especially targeting this group of people and offering varied customised loan products.

Bad credit personal loans not only resolve the big credit problem but also help in restoring the credit record for the future. However, higher interest rates or additional security is inseparable from bad credit personal loans; one of them will be attached to the loan being offered. This loan type, too, can be segregated into secured and unsecured. A secured bad credit personal loan is generally easier to get and is likely to have lower interest rates with comfortable repayment options. An unsecured bad credit personal loan comes at a higher interest rate than a secured loan. The rate of interest usually depends on:

Credit score and personal income

Presence and value of the collateral being offered

Required loan amount

Bad credit personal loans are playing a novel role of improving credit records of unfortunate people. Many are even availing them for the purpose of debt consolidation. It is a good idea to search for loan options online. One can find nâ?? number of lenders offering variety of suitable bad credit personal loan options. Take advantage of the online facility for your own goodâ?¦

Joanne Clive
http://www.articlesbase.com/loans-articles/bad-credit-personal-loans-to-fix-your-damaged-credit-record-96498.html