Balance Transfer Offers And Other Credit Cards

Credit cards provide us with a lot of convenience

. We do not have to carry large amounts of cash in order to make purchases and effect payments. These plastics allow us to make online or over the phone purchases, which are not usually possible with cash. The cards also offer a credit line that we can tap during instances wherein we are short of money.

But aside from the traditional uses mentioned, some present-day cards help us manage our finances and save on cost of money. These are the credit cards with 0% or low APR balance transfer offers. And there are also cards that help us build our credit.

Balance Transfer Cards that Help Manage Our Finances

Simply put, these credit cards allow us to transfer our outstanding balance from an old card to one with more favorable terms. More often than not, such terms include 0% APR on balance transfers for a limited period of 6 to 18 months. After the introductory period, the applicable APR will be adjusted based on creditworthiness of the cardholder.

But note that even with the 0% APR offer there is a cost of money involved, which is in the form of the balance transfer fee. This is usually 3% to 5% of the amount transferred, and this has to be taken into account when deciding on whether to avail of the offer or when choosing between different credit card packages.

Another important factor to consider when evaluating balance transfer offers is the credit limit. You are definitely better off with those that can fully accommodate the outstanding balance you have with your old card. Otherwise it will be a complicated arrangement of needing more than one new card, which may be difficult to keep track of.

When assessing these plastics, consider your financial condition and how you plan to settle your credit card debt. If you will be paying off the entire amount within the introductory time frame, choose a card offering the longest 0% interest period. Even if the regular APR will be higher, it will not affect you because your outstanding obligation will have been settled when the period lapses. But if you will still be maintaining a balance after the promo duration, then the regular APR that will be charged will have significant implications. Hence, it is important that you choose the package most appropriate for your needs.

Cards for those without Credit

Having no credit can be a boon or a bane. No credit means no worries as regards repayment or meeting financial obligations. However, it may also disqualify you from favorable credit terms should the time come when you need to obtain financing.

Although transacting on cash alone makes financial management less of a hassle, there are instances wherein credit is required. What if you come across you r dream house and you want to buy it? Or what if you need to replace that clunker of yours? Do you have adequate cash for these purchases? Chances are you will be needing credit, but how can you avail of favorable terms if you have no credit history to speak of. That fact is that having no credit puts you in the same league as those having bad credit.

Fortunately, there are credit cards for people with no credit. Although these may not carry the favorable terms available to those with excellent rating, transactions utilizing these plastics will be reported to the credit bureaus concerned so that you can start building a credit history. There are also prepaid cards available for your purpose. Again, carefully go through the terms to determine which one is most suitable for you.

by: Elissa Joyce

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