Credit cards are one of the financial industry's success stories over the last half century, going from strength to strength since the first general purpose card was invented by Joseph P. Williams of the Bank of America in 1958. Since then, the number of cards issued has risen dramatically, and now most adults carry at least one card, with an increasing number of people carrying several.There's no doubt that plastic can be a great convenience,...more
Credit cards have ballooned in popularity in the UK. A recent study has shown that very soon, over a third of all adults in the UK will have credit cards, and the numbers are still increasing rapidly. It is important to remember however, that credit cards can have important consequences on your credit report however, so some caution is advisable when using them. Your credit report is extremely important for a wide range of purposes. These days...more
Credit card issuers keep on adding new features to credit cards to woo potential customers. A credit card balance transfer is one among them. You can transfer your outstanding card balance (or balances) from your higher interest credit cards onto a balance transfer credit card with a lower introductory interest rate. American Express was the first credit card issuer to adopted this strategy and other card issuers quickly followed suit.To understand the balance transfer process, you need to understand the various terms associated with balance transfers such as APR, annual fee, introductory rate and balance transfer fees.The annual percentage rate (APR) is the interest rate that a credit card user has to pay for carrying over a balance, transferring a balance from another card, or taking out a cash advance. Depending upon the specific card offer, some credit card companies will also charge an annual fee just for card membership. Unless the card has a significant rewards offer, you should avoid balance transfer cards that require an annual fee.An introductory rate is a special annual percentage rate (APR) for a limited time. If you have a good credit history, you may get the benefit...more
Balance transfers have grown in popularity and importance ever since lenders have started using zero per cent interest rates on balance transfers to lure consumers from other companies to their own. Introductory OffersThese 0% balance transfer offers give the customer a very low, or zero per cent interest rate on any sum transferred from another...more
If you have decided that a cash back credit card is the right choice for you, then the next step is to choose the one that fits your needs the best. Therefore, you need to take a few things into consideration when trying to choose the best cash back credit cards.LifestyleThe first thing you need to take into consideration when looking for a cash...more
Even though you may have a bad credit history, debt consolidation may be a way for you to take charge of your credit. For most people, being in debt is just a fact, but it does not have to be a bad thing. How well you manage your debt and pay your bills in a timely fashion will determine if you need to apply for a debt consolidation loan. If you have more bills to pay per month than money coming in then you are heading toward a bad credit rating. A debt consolidation loan may be the answer.Before applying for a debt consolidation loan, you will need to figure out how much you owe. Begin by writing down a list of all creditors and how much you owe. In addition, include the monthly payment due for each creditor. By assessing your debts, you will then be able to determine how much you owe and how much of a loan payment you can afford if you choose to consolidate. Consolidating your debts is one of the best ways of eliminating your debt. However, you should not be complacent. For those not familiar, this method may extend the payment period or even increase the interest rates.If you are going to consolidate all of your outstanding loans and credit cards, then you should be...more
The three major consumer credit bureaus in the U.S. have recently created a new credit scoring system that will give financial institutions a more consistent evaluation of the credit worthiness of applicants.The three agencies -- Equifax, Experian...more
The practice of transferring the balance of one credit card with a high interest rate to another credit card with a lower interest rate is a fairly common way to consolidate debt, but very few people know how to make effective balance transfers. The...more
Easy approval credit cards represent a step in the right direction for the many of us who have pretty bad credit. These cards have a significantly lower set of standards for an applicant in order to be accepted, and are available from several issuing...more
Credit card balance transfers are one of the financial world's great empowering features, but they can only be done successfully if you follow the rules and don't fall foul of them. Firstly you must consider the benefits, then the pitfalls. These two...more
If you're one of those people who like to "charge it" to their plastic, chances are you've piled up a mountain of debt. And like most people who have spent their way into a financial corner, are probably don't have the money to pay off your...more
There are many rebate credit cards available that offer rebate options that sound too good to be true. With so many credit card rebates to consider it can be mind-boggling trying to figure out which one to pick, if any. Understanding what each...more