| |
| |
|
|
Credit Information |
|
Balance Transfers Introduction
The main benefit of balance transfer is a money-saving one. In the competitive credit card market an increasing number of companies are offering a 0% interest rate for a fixed period on balance transfers made by new customers. This allows new cardholders to make considerable savings in interest repayments. Interest free periods vary and certain credit card issuers extend the 0% interest rate offer to cover new purchases, it is worth taking great care to compare balance transfer offers well before deciding which one to choose. Transferring credit card balances is usually a simple process. Once a card application is approved it usually involves a phone call to the new card issuer to transfer the balance(s) from the other card(s). Many credit card companies also offer an on-line service, making it even easier to transfer balances via the Internet. There is usually a window of time after a new card is approved during which balance transfers attracting the promotional interest rate must be made. A word of caution regarding balance transfers. Minimum monthly payments still need to be made. Fall behind with minimum payments and fines can be made and interest free offers withdrawn. The same can happen if credit limits are exceeded. In a market full of balance transfer deals, offers vary greatly. It is important to double-check the details carefully before signing on the dotted line. For example:
Before taking up a balance transfer offer, also take time to consider the amount you need to move and how much you intend to pay off and purchase each month. That way you can be sure that you choose the right card for you. The latest balance transfer offers in the UK at the moment can be seen at www.1st-uk-credit-cards.co.uk/summary_by_Transfer_Rate.html Phil Edwards is a Business analyst in the city of London, freelance writer for several finance magazines and websites and co-owner of 1st UK Credit Cards and 1st UK Loans
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Defeating Credit Card Debt With Self Control Credit card debt is a major social problem in some Western countries. To rid yourself of credit card debt, it is best to recognize the problem as both a social and individual problem. Credit Report - How to Improve Your Credit Score One of the great mysteries of life is how the three major credit bureaus (Experian, Equifax, and Trans Union) score credit. They all have secret statistical formulas for determining your credit score, but they are unwilling to divulge exactly what, exactly, constitutes your score. How a Credit Card Can Be Your Friend We have all heard countless stories of people over their heads with credit card debt-maxing out every card they own, then only being able to afford the minimum monthly payment. High interest payments shackle people to their debt for years, not to mention the significant income drain the finance charges have on their families. What Is the Fair Credit Reporting Act and What You Should Know About It The Fair Credit Reporting Act (FCRA) and the recent update to this law called the Fair and Accurate Credit Transactions Act (FACTA) protect consumers against inaccurate information being reported by credit bureaus and the privacy of that information. What does this mean to you?When you make purchases on a credit card, make payments to your accounts, open new bank or credit accounts, borrow money, buy a house or a car, and even fund your education, your financial information is reported by creditors and lenders to a credit bureau. New Law Provides Free Annual Credit Report As of Thursday, December 1, 2004, one-third of Americans will be able to access their credit reports from all three main agencies for free. Passed in late 2003, the Fair & Accurate Credit Transactions Act creates a central source consumers can use to obtain a free annual credit report. Credit and Its Cost What is Credit? Credit is money granted by a lender (or creditor) to a debtor (or borrower) whereby the lender defers receiving payment of the debt for a period. In exchange for the credit allowed, the lender will get back the money lent plus interest. The Exact Action To Take When You Find Errors In Your Credit Report There are times when you may be turned down for credit and you do not understand why.According to the Fair Credit Reporting Act you are entitled to a free copy of your credit report if you have been denied credit because of negative items on your credit report within 60 days of the request for credit, if you are unemployed but looking for work, are on state benefits, or believe that your credit report is incorrect because of fraud. Balance Transfers Can Help You Stop Putting Money Down The Drain! As you probably know, interest rates are at all time low right now and if you aren't getting the best deal from your credit card company then they owe it to you to either lower your rate, or you owe it to yourself to find a better deal. You see, credit card companies need your business in order to succeed and if you refuse to pay a penny more than you have to then you'll be doing yourself and others a big favour indeed. What is Credit Repair and How Can It Help You? There are millions of consumer credit reports on file from mainly three major reporting bureaus which include Trans Union, Experian, and Equifax. These credit gathering agencies store huge amounts of data about every person that takes out a loan, credit card, or any other line of credit. Like It Or Not, You Have A Score To Settle! Like It Or Not, You Have A Score To Settle! (Part 1 of 2 on Credit Scoring)Just when most people finish with school and can stop worrying about test scores, there's a new kind of scoring that enters the picture. It's called credit scoring. Errors on Your Credit Report: What You Should Do There are times when you may be turned down for credit and you do not understand why. According to the Fair Credit Reporting Act you are entitled to a free copy of your credit report if you have been denied credit because of negative items on your credit report within 60 days of the request for credit, if you are unemployed but looking for work, are on welfare, or believe that your credit report is incorrect because of fraud. Various Types of Credit Cards - Part 2 Several different types of credit cards offer several different options, depending on what your needs are. Some are geared toward individual consumers while others are set up in ways that work best for small business needs. Good Credit Is a Necessity for Everyday Living Most of us want a good credit report to obtain vehicle financing, credit cards for emergencies and luxuries, and to finance a home mortgage. However, beyond these consumer loans, a great credit report makes your life easier. Credit Report Hassles There is no end to the amount of pain that your credit report can cause you. If you have a bad credit history this is something that can follow you around and wreak havoc on your life without you even knowing it. Read and Understand Your Credit Card Statement Have you ever looked at your credit card statement and ended up just scratching your head in frustration? Well join the club! But don't take any comfort in the fact that you have plenty of company, because lack of knowledge can cost you?.right on your credit report, and once there can stay with you a while. Avoiding Credit Card Traps The next time you open your credit card statement, take a closer look at the small insert titled "changes to your credit card agreement". You know the one I'm speaking about. Beginners Guide to Credit I remember back when I was 18 and completely oblivious to the concept of credit. It seems like eons ago! If only I had known then what I know now about credit. It Is In Your Best Interest To Do The Math On Your Credit Card Interest If you begin foaming at the mouth once a month when you receive your credit card statement, join the millions of Americans that are foaming along with you. There is a growing outrage at the seemingly endless journey towards eliminating the balance on your credit card and that is due primarily to the extravagant interest rates charged by credit card companies. Some Truth About Credit Credit is currently and has been historically an integral component of our economy. Credit contribute a person's net worth, and financial power. What Can Happen to You as a Victim of Identity Theft, Facts & Figure Is identity theft really that serious? Thousands of people every year are victims of this terrible crime. Thieves use your personal information to commit fraud or other crimes in your name and can cause significant credit damage.
|
||||||||||||||||||||||||
