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Monday, July 03, 2006

How to get the best Credit Card Deals!



So you took advantage of one of those credit repair credit cards with higher interest rates to help you repair your credit?

Or perhaps you missed a payment or two a while back and are now saddled with a fairly large balance on a high interest credit card. Maybe it was your first credit card, and you're still paying the interest rate offered to those with no status credit. No matter what the reason, you've got a credit card balance on which you're paying interest rates higher than average, and you'd like to cut those monthly payments. Welcome to the world of balance transfer credit cards.

Balance transfer credit cards are credit cards that offer a special interest rate on accounts transferred from another credit card. Essentially, when you take advantage of balance transfer credit cards, you're borrowing money on your new credit card to pay off the balance on your old (higher interest) credit card, then repaying the new credit card company at a lower rate of interest. 0% balance transfer rates have been a popular incentive for credit card companies to attract business for the past several years.

Lately, though, many credit card companies have found that offering 0% balance transfers is a losing proposition for them as customers play credit card shuffle, moving their account balances from one card to another whenever the 0% interest rate ends. In order to combat that practice, credit card companies are getting more creative with their balance transfer credit cards. That's why it's important to compare balance transfer credit cards to be sure you're getting the best possible deal - or at least one that actually will save you money in the long run.

Here are some things to watch for when comparing balance transfer credit cards:

How long does the introductory balance transfer rate last?

The 0% balance transfer interest rate is usually an introductory rate. As long as you pay off the entire balance within the introductory period - usually six to nine months - you pay no interest at all on the amount that you've transferred.

How much is the balance transfer fee?

Often, there's a charge for transferring your balance from one card to another. Be sure to include that fee in your costs when you compare balance transfer credit cards.

What is the interest rate AFTER the introductory period ends?

The introductory rate will end eventually. How much will you be paying in interest after it ends? Will that apply to the entire balance, or just the amount left on your transferred balance?

Are there other restrictions?

The newer balance transfer credit cards offer other incentives than 0% interest rates on your transferred balance, or may include restrictions to how long the balance must remain on the card. Many of the new balance transfer credit cards offer an interest free second year, or a one-month free payment rather than a 0% transfer fee as a way to get around the credit card balance shufflers. When you compare balance transfer credit cards, be sure to make a note of any restrictions on the balance transfer offers.

So you can see it's important to compare balance transfer credit cards to check the best deal. At www.moneyeverything.com/cards you'll find all the latest no interest balance transfer credit cards, along with details so that you can compare balance transfer credit cards to be sure you're getting a deal that will save you money.

-->by: Jon Francis

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How To Profit From 0% Interest Credit Cards



Credit cards equal debt, it's almost a universal truth.Almost.It is possible, and is being done right now, to turna profit from 0% credit cards.

Before we get started here are some things you needto realise before you even attempt to profit fromthese 0% interest credit cards.

1. It's no use making small percentage profits whenyou are already paying out large interest on debts elsewhere. Clear your debts first if you have anyapart from a mortgage.

2. You will need to be vigilant on the 0% periodsexpiry, most will be 6 months, and you need to makesure you pay the money back then.

3.You need to be able to forget you have the moneyyou borrowed on the credit card, and not dip into itfor any reason.

4. You will need a good credit score from the startof this venture or it won't happen at all.

Now with those little caveats out of the way, we can get to the meat of the idea, and profit fromthose credit card companies.

Firstly you will need to find a credit card with a 0% interest rate for at least six months, someeven offer up to nine months 0% interest. Thenyou need to apply for it, and wait.

You will also need either a loan or another creditcard you can draw up to the limit of your 0% card on. Now here comes the science bit.

Pay the limit of the 0% credit card into a bank accountby drawing it as cash or direct transfer, and immediatelyuse the 0% card to transfer the balance to the other cardto make it paid up.

The money you just got out can be placed into a highinterest savings account. Leave it there until you have to pay up the 0% card at which point you willstill only owe the original amount you transferredonto it. You will have made interest on the money while you had it and owe 0% interest.

If you have a real clean credit history you could eventransfer the balance from another o% interest credit cardto the first one, and leave the money earning interestin the savings account.

This is only meant as an informational overview, and youwill need to research the credit cards and relevantlaws in your own country or state. Here in the UKa few savvy people are using 0% interest credit cardsto make them a nice sum, and as long as you rememberthe few simple rules at the beginning of this articleyou could too.

ABOUT THE AUTHOR

Douglas Titchmarsh also runs a credit and debt
information site at
http://www.cashinonline.info/credit
and a newsletter at
http://www.thediscountebookstore.com/gep

Other Links:


Structured Settlement Annuity

progressive slot

cardcreditdebtreduction

airlinecardcredit

cardcreditservice

cardcreditdeal

cardcreditunsecured

blognetwork