Credit Card Balance Transfers

By Elena Price

In the current financial climate, many of us are looking for ways in which to reduce our debts and save money. If you're looking for a new UK credit card and you have balances left to pay on other credit cards or store cards, you may want to consider applying for a credit card that allows balance transfers.

What is a Balance Transfer?

Making a credit card balance transfer means that you transfer your debts with other credit cards and store cards to your new credit card. You simply provide the details of your other credit cards and store cards to your new credit card provider, and the balances will be transferred to your new card.

The Benefits of Balance Transfers

The main benefit of a balance transfer is that it can save you money and therefore allow you to clear your debts in less time. In order to make the most of a balance transfer facility, you will need to look for a card that offers 0% balance transfers. This means that for a specified time, you won't be paying interest on your transferred balance.

This doesn't mean that your monthly payments will be cheaper, as you will have to pay at least the minimum monthly repayment set by your card provider. However, it does mean that your money will be going towards paying off your debt, rather than paying interest, so this will mean that you can pay your balance off quicker.

A second benefit of a credit card balance transfer is that, as you can transfer the balances from a number of credit cards and store cards to your new credit card, it can make it easier to keep track of your finances.

Balance Transfers - Things to Look For

Here are some hints and tips on what to look out for when choosing a credit card in order to transfer your balances from other cards:

· Make sure that you choose a card which offers a long 0% balance transfer period. Different providers offer different 0% interest periods on balance transfers, so compare them before applying for your new credit card.

· Check to see what fees you will be charged for transferring any balances to your new card. Most providers will charge a percentage of the transaction amount, so compare charges before choosing a credit card.

· Check to see what the annual percentage rate (APR) is on any card that you're considering. When you have reached the end of your 0% interest period, you will need to pay the card's standard APR on this balance, so make sure that it is competitive.

· Make sure that you can afford to pay at least the minimum monthly repayment each month, as if you pay your bill late, your credit card provider may cancel your 0% interest balance transfer arrangement. Check the terms and conditions applicable to any credit card before applying, as breaching them may also result in cancellation of the 0% interest deal.

· Make sure that you know the order in which your card provider will apply payments to your account. Most card providers will use the payments that you make to pay off your transferred balance first, so if you make any new purchases on your card, they could prove to be expensive. If you do intend to use your new card to buy things, look for one that offers a 0% interest on purchases period.

Article Source: http://EzineArticles.com/?expert=Elena_Price
http://EzineArticles.com/?Credit-Card-Balance-Transfers&id=1614893

Credit Card Rewards Review

By Jim Banks

Many credit card products available today are credit cards that reward the user for charging on them. While rewards programs are great for a large number of people, do your homework to make sure they fit your lifestyle and budget. In fact, one of the factors differentiating one card from another is the type of rewards programs and retail discounts that it offers. One of the many credit card products available today are credit cards that reward the user for charging on them. Credit card reward programs are very popular, but not always the best choice for the consumer. If you carry a balance on your credit card month to month then reward cards are probably your best choice.

Certain reward credit card offers will provide introductory APR's on purchases for up to a year as well as 0% on balance transfers for up to 15 months. Others offer a low rate of interest on transferred balances for the life of the balance transfer. These offers will appeal to people who want to earn travel incentives and clear debt at the same time. .

If you travel frequently, you can surely benefit from travel reward credit cards. Some travel reward credit cards are specific to airline travel, or even to one specific airline. If you travel frequently, you can surely benefit from travel reward credit cards. Travel reward credit cards can offer cash advances that can be very handy when you travel. Such offers are especially beneficial for those who are frequent fliers. But those who don't travel often can find that any benefit may be offset by the high APR annual fee and other charges that come with these credit cards. Travel reward credit cards can be specific to airline travel, or even to one specific airline.

If it's savings on gasoline you're looking for, there are a number of gas cards that offer discounts at the pump for using their card. Some of the best reward credit cards also feature very lowest interest rates. People are often enticed by attractive bonus offers and credit card offers are no different. If it's savings on gasoline you're looking for, there are a number of gas cards that offer discounts at the pump for using their card. These offers are for specific brands of gas.

Points

Generic reward programs offer points for your purchases. Reward points can usually be exchanged for other incentives that might appeal to credit card holders. When and how the rewards are paid can make a difference. These points must then be accumulated until you reach a specific number that's being asked of you in order to win a particular product of your choice. Rewards provided by your credit cards are usually based on how much money was spent over a specified period. Every time you make a purchase, your points are accumulated. Redemption methods and procedures: Find out things about when and how the points expire. Find out how the points are converted into miles. You may also want to know what you can use your points for. Some cards are more flexible with what your points can be used on.

Amazingly, even travel Web sites, like Orbitz and Travelocity, are getting into the mix, according to credit card experts. Such choices in the credit card travel arena really let you get the most miles out of your airline reward credit card.

Benefits

Special offers and promotions are also offered to the owners of these rewards credit cards. Backstage passes, free music downloads and guest benefits are only some of the ways owners of this type of rewards credit card will benefit.

Program

Cards like the Subaru® Platinum MasterCard® from Chase can used to save towards a new Subaru or Subaru parts & service, however, the annual reward limit of $500 is still high as that is over $16000 in annual credit card purchases. This rewards program is restrictive unless you plan to purchase a Subaru or if you actually go to the dealership for service. The annual reward limit of $500 on this card is still high as that is over $16000 in annual credit card purchases. In order to decide if a reward points program will really "reward" you, you'll need to spend the time doing the math based on your spending habits.

When comparing credit card benefits it's important to make sure of two things, first is to make sure you will actually use the benefits offered by the credit card issuer. Second, compare the same type of benefits offered by different credit card issuers, look at the fees, restrictions and the actual monetary benefit you will receive.

Jim Banks has been helping consumers for years with credit issues, how to improve their credit score as well as where to find the best credit card offers. For more information on credit card reviews and how to improve your credit score go to: http://www.creditcardmonitor.org

Article Source: http://EzineArticles.com/?expert=Jim_Banks
http://EzineArticles.com/?Credit-Card-Rewards-Review&id=524266

Secured Credit Cards

By Debbie Dragon

When deciding upon what credit card is the best for you, don't rule out secured credit cards. In fact, many people are finding secured credit cards to be the best option. Some people choose a secured credit card when they have had credit problems in the past, and obtaining a traditional credit card would be difficult if not impossible. Secured credit cards are great options for teaching your teenagers and college students about responsible financial spending. Secured credit cards help control your spending, since you must have the money before you can make a purchase, unlike a traditional credit card that you don't have to have the money to back up your purchases.

So, you may be asking why bother with a credit card at all, if you have to have the cash available to fund your secured credit card. In our modern times, it is becoming increasingly difficult to do certain things without having access to a credit card. Have you ever tried renting a car or purchasing an airplane ticket without a credit card? Ever tried booking a hotel room without a credit card?

Secured credit cards work in the same manner as a checking account debit card, however, there is no actual checking or savings account associated with the card. You make a deposit to the company that issues the secured credit card, and that becomes your spending limit. When you have made purchases that reach the amount of money you deposited, you have to deposit more money in order to continue using the card.

Advantages of using a secured credit card, other than the obvious advantage of not spending more money than you actually have, include the fact that almost anyone is eligible to obtain a secured credit card. Regardless of your personal financial history and credit score, you can make a deposit with a secured card distributor and obtain a credit card. The only actual requirement to be approved for a secured card is you must be of legal age and have money to deposit on the card.

Other advantages of a secured credit card versus a traditional credit card are that you are not charged an annual percentage rate on the amount that you deposit, and you can have your paycheck deposited directly onto a secured credit card in many instances. A traditional credit card will smother you with interest rates, late fees and finance charges over time, and you'll end up paying two to three times what you've actually charged to the card! With a secured card, you know exactly how much you're paying for an item. Secured cards allow you to make purchases online when you would not be able to if you didn't have a traditional credit card.

The main disadvantage to using a secured credit card in place of a traditional credit card is the fact that you have to have the money in advance for any purchase you want to make. While this is an advantage when considering your credit score and the perfect way to avoid getting into debt too deep for you to handle, it is also a disadvantage in the event of an emergency situation. If your car breaks, or your home's furnace dies and you don't have the cash available, a traditional credit card would come in handy. Perhaps without ever using traditional credit cards however, you will be able to save enough money to cover emergency instances and not need to rely on credit to bail yourself out of the emergency situation.

Secured credit cards may be the best option for your credit card needs. They allow you to travel conveniently, make purchases by phone or the internet, and without the dangers of falling into financial desperation!

This article has been provided courtesy of Creditor Web. Creditor Web offers great credit card articles available for reprint and other tools to help you search and compare secured credit cards.

Article Source: http://EzineArticles.com/?expert=Debbie_Dragon
http://EzineArticles.com/?Secured-Credit-Cards&id=188236