subject: How To Make The Best Credit Card Offers Work For You [print this page] How To Make The Best Credit Card Offers Work For You
Credit card offers are confusing at first. However, by evaluating different card offers, you can greatly reduce interest you are paying and utilise these cards to stretch your money further.
Using one of the credit cards offering 0% interest on balance transfers or new purchases gives wise shoppers interest-free loans. Those good at budgeting can get free money and bonuses with cash back offers. By understanding the terms and conditions of each type of offer and how to use the various benefits, people can save money and make their life more comfortable.
Accepting an offer of 0% interest on transferred balances is a loan without cost. Moving the money owed on high interest rate cards to interest free credit cards means any money paid on this account reduces the balance. A transfer fee may be applied, which can go up to 3%, but this can prove a lot cheaper than keeping your debt on a credit card charging 21.9% APR. The time without interest varies according to different credit card companies and currently ranges from 3 months to 16 months.
Many consumers get a new 0% balance transfer card and transfer any remaining balances from the first card to the new one when their first offer has run out (these consumers are sometimes referred to as 'rate tarts') giving them additional time to pay off the debt, all for the cost of a small admin fee.
Best credit card offers are the ones offering the lowest interest rates and fees for the way the consumer uses the card. Shoppers carrying a balance benefit from the lowest interest rate for the longest period of time. Some new cards offer a low rate for a year or the life of the balance transferred. Others may offer a great rate for transferred balances and new purchases.
Consumers using their cards daily and paying the balances off in full each month make money with cash back credit cards, which offer people a % of their spend back as cash, or other reward cards, which offer such things as discounts off purchases, airmiles or other incentives.
Using credit cards to the your advantage is a great way to get interest-free loans and bonuses. By understanding the way you use credit will make it a lot easier to find the right card offer for you.
