All Entries in the "Credit Card" Category

If your credit score is quite low, you would probably receive many emails in your inbox offering you credit cards, which seems a perfect solution for your problems. These card providers ask for no credit check, almost nil annual fees, very low interest rates even if your score is extremely low. You often get excited about this offer and reply them by filling an application form. The truth is, majority of them are nothing but scams. Not literally because these facilities are offered by the bank but only for few initial months. After the completion of introductory offer, the interest rates rises as much as 30%, and you are charged with maintenance fees, late fees, and a bunch of other inexplicable fees. There are, however, few genuine and advantageous cards that really offer such schemes.  [...]

If you are smart enough, you would have used this method numerous times to make money. If you haven’t tried earning through balance transfers, here is how to do it. Basic Rule: Get loan at a lower interest rate and earn money at high rate till the offer lasts. Rule 1: Find sources of low interest loans First, you need to find sources to avail money at lower interest rates. One of the best ways is to get a zero percent balance transfer credit card. And why do banks give you this opportunity? It’s because they are pretty sure you wouldn’t pay back on time. Rule 2: Find High Interest Paying Sources Money you borrow using 0% balance transfer cards must be invested in high interest paying investments. Some of the options are: High interest paying online savings A/c’s. They don’t  [...]

Most of us have huge debt to repay, and if we have a look at the figures closely, we realize credit card is the main culprit. If this is the case with you as well, here is a quick guide to credit card debt settlement. When is it time for Credit Card Debt Settlement? It becomes necessary when the outstanding balances on you credit card becomes quite huge and you find it increasingly impossible to repay it. This situation may arise due to various reasons like job loss, hospitalization, divorce, etc. Irrespective of the reason, however, it becomes necessary to get credit card debt settlement. How to start with it? Start with debt negotiation. This begins with knowing how debt settlement process works. However, to negotiate the amount, you need to evaluate your financial position and your ability  [...]

A bigger chunk of our debt, in most cases, is a result of high interest rates. Availing a 0% APR credit card can help you to keep your monthly payment low, pay debt quicker. This privilege, however, is enjoyed by a handful of people who manage to keep their credit score at par with financial institution’s requirement. Though the new credit card seems to be a temporary boon for credit card users, it has its own set of disadvantages. The new law has eliminated various unethical methods used by card providers to burgle users, but not all. Consequently, these providers are coming up with new type of fees everyday to recover their revenue. Similarly, due to the new law and recent economic downturn, these companies have started pulling back 0% APR cards and very few of them still offer such  [...]

Though recent changes in the credit law have safeguarded few user rights, it definitely cannot help us to get out of the debt. Many people turn towards various options that certainly helps them to eliminate their debts, but at the cost of their credit score. Hence, I am purely an anti-bail out, anti-bankruptcy, shortcuts, consolidations, etc. I believe the biggest bail out you can ever get is yourself. You don’t really need any external help, the process is this simple. Create a debt reduction plan. Indeed, you cannot achieve anything without a plan except you are exceptionally fortunate, which wouldn’t help in this case either. Make a plan. Most of your debt is a result of over usage of credit cards. Burn them. Yes, you got it right, burn them. Keep one for emergency, and become  [...]

The new credit card law is in effect now and there is lot of clamor about it. Most of it, however, is by the credit card providers. But, we have heard a lot about the law, and it certainly isn’t news now. So, what is it that an individual, as a user, should know? Recent news about the new credit card law Recently, CNN loaded its website with numerous articles about how it would practically affect the companies and individuals. The articles focused on the dilemma of minor companies, who will find it quite difficult to survive and acquire a good profit margin due to the new law. But, it’s not the profit of just the diminutive ones that will be damaged. According to an article posted by CNN, JP Morgan Chase will lose approximately $750 million this financial year due to the new law. Another  [...]

People talk about it all the time, yet many are still confused about the difference between credit score and credit rating. Let alone the difference, few aren’t even aware about the meaning of these terms. So, you definitely cannot expect them to know their significance. For them, it’s a mystery, a worrisome mystery. Credit rating influences our lifestyle to much extent. The car you drive, things you buy, and food you eat is also affected by the mysterious rating. And it’s a favorite word used by banks over and over again. So, it’s appropriate to say, credit rating and credit score is also powerful, other than being mysterious. However, knowing it’s powerful isn’t enough; we need knowledge about how it works to fight against it. Firstly, it’s important to know that credit  [...]