Posts Tagged ‘balance transfers on credit cards’
Balance Transfer Credit Card
September 27th, 2009
Despite having tons of unpaid debt, credit card companies still lure more people to avail of their services. The unsettled balances are somewhat a risk on their part because they don’t outright recoup their lent money. However, credit card companies don’t rattle easily because the law is on their side – cardholders borrowed money, and these companies are entitled to be paid the principal amount plus interest.
The credit card industry is a big business. Many credit card companies earn millions or even billions of dollars on interests, finance charges and fees applied to credit cards. So this means the more customers they have, with or without existing financial liability, the more chances of increasing their revenue.
What is Credit Card Balance Transfer?
The balance transfer of credit card debt was devised by credit card companies to lure more customers to their business. They would often offer very low or sometimes 0% interest rate on the transferred balance to entice customer to depart from other credit cards and use theirs instead. These zero percent or low interest rates usually apply for a limited period, around six to twelve months from the start of the balance transfer.
From the perspective of the cardholder, this is actually a good opportunity. Instead of paying the existing high interest in the credit card at hand, transferring the balance to a lower interest credit card would actually save some dollars. The old credit card will then be closed, and the new shifted balance will be paid within the stated low interest period to maximize the benefit of the credit card balance transfer.
It should be noted nevertheless that prior to actually engaging in any credit card balance transfer, due diligence should be conducted. You must completely read the terms and conditions that applies to the card that you plan to embrace all your debt. Other companies would offer no fee when transferring balances. In some cases, there might be some fees and hidden charges that could negate the benefit of transferring your credit card balance from one card to another. You might end up paying more than what you originally plan to. Conversely, you can also talk directly to a customer sales or support representative either through phone or in person. When you are sure that you completely understand the terms and policies governing the credit card, then you can use the credit card balance transfer to its full benefits.
Posted in Credit Card 101, Credit Card Tips | 
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Zero Percent Balance Transfer Credit Cards
September 16th, 2009
When transferring your balance from one credit card to another, it would be wise to choose a service that doesn’t require any fees or those that won’t charge any percentage against your outstanding balance. The idea is to minimize any cost when you transfer the balance.
Reasons Why You Need to Avail of 0% Balance Transfers
Getting out of credit card debt is perhaps the most popular reason why people avail of credit card balance transfer. This is one of the identified and recommended steps to help reduce credit card debt or pay off your credit card debt completely. Having your debt consolidated into one low interest rate card provides lesser monthly and yearly charges and allows you to better manage your payments and monitor all transactions.
Fortunately, there are credit card companies that allow you to do this. Here as list of those offering 0% Balance Transfer Credit Cards and other credit card companies that offer balance transfer without any fees. Take note that you have to complete read the terms and conditions that applies to the cards listed below. There might be some clauses that you don’t like or conditions that may eventually be not beneficial from your end.
Discover Cards
Discover More Card
Discover More Card – Clear
Discover More Card – American Flag
Discover More Card – Wildlife Collection
Discover More Card – Sealife Collection
Discover More Monogram Card
Discover Escape Card
Discover Miles Card
Citi Cards
Citi Platinum Select Card
Citi Forward(SM) Card
Citi mtvU Card For Students
Capital One
Capital One Platinum Credit Card
Capital One Prestige MasterCard
Simmons First
Simmons First Visa Platinum Rewards
Simmons First Visa Platinum Credit Card
IberiaBank
IberiaBank Visa Platinum Rewards Card
IberiaBank Visa Gold Cash Back Rewards Card
IberiaBank Visa Classic Card
Pulaski Bank
Pulaski Bank Visa Card
Pulaski Bank Gold Visa Card
Posted in Credit Card 101 |
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