Credit Cards

By Matthew Keegan

America is a debtor nation. Our national debt is soaring, we owe money to foreign governments and individuals, and personal debt remains at an all time high. If we keep on this course, our nation will be bankrupt our personal lives in ruins. The federal government isn’t likely to get out of debt any time soon, but that doesn’t mean you can’t or shouldn’t. Let’s take a look at some ways you can reduce your debt burden on the way toward becoming truly debt free.

Start A Budget

One of the first ways to get a handle on debt is to start a budget. No, it doesn’t have to be hard and fast at the outset. Instead, track your income and expenses for several months to see just what your spending habits really are. Chances are that you can save a little bit of money here and there right off the bat. Eat out less, opt for a cheaper cell phone plan, raise insurance deductibles, use coupons, etc.

Get Rid of It

Much of what we acquire is purchased by impulse. That plasma television, stereo system, CD player, and more: do you really need it? If not and if it still can be returned, bring it back to the store for a full credit. At the very least make a promise to yourself that you won’t be buying anything by impulse in the future.

Attack Those Credit Cards

If you aren’t controlling your credit spending, then your spending is controlling you. Switch from high interest credit cards to low interest credit cards, pay off your cards, and start paying cash for everything. If you really need something, you’ll find a way to get it without resorting to plastic. Examine the difference between wants and needs.

Refinance

Your mortgage can be a big drain especially if your mortgage rate is adjustable and continuing to climb. Lock in a fixed, lower rate. Consider selling your home if you are living beyond your means! Homeownership shouldn’t mean that your house owns you. Scale back and scale down if it would help you control your finances.

Debt free living is a journey, not a destination. Once you have mastered your debt, you must continue to control your expenses. Lose control and someone else takes control: your bank, your mortgage company, your credit card provider, etc.

Copyright 2006 – For additional information regarding Matt Keegan, The Article Writer, please visit his blog for wit, quips, and freelance writing tips.

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Posted by Orce Dimitrov at 1:20 AM | Permalink | Comments

By Robert Alan

Credit cards can be considered to be one of the many basic necessities of the modern world. Credit cards are available nowadays in abundance. One type of credit card specifically is the so-called 0% APR credit card. 0% APR credit cards were introduced in the late 1980’s and to this day has still proven to be one of the most sought-after credit card types available anywhere. As with all credit card types, there are a certain tips and tricks surrounding 0% APR credit cards that all potential card applicants should be made aware of.

With the help of a 0% APR credit card, it means that you need not only pay the outstanding balance; and what more you could even charge up to the limits without having to sustain any monthly interest charges. However, sometimes, one tends to think just how these credit card companies can afford to provide 0% APR credit cards, and make a profit out of it?

Although 0% APR credit cards may not comprise any monthly charges, it is sure to come with annual fees which you are obliged to pay for the privileges of a 0% APR credit card. These annual fees usually run from $15 to $20 or sometimes, even higher. Having a 0% APR credit card doesn’t mean that you can pay your dues whenever and whichever way you intend to. It IS necessary to make your payments on time, or else, you will have to pay for high overdue fees. For each late payment, the 0% APR credit card holder has to pay fees that may range from $20 to $40. With habitual late payments, these meager amounts may accumulate to a hefty total!

It should be remembered that 0% APR credit cards are usually offered for only a stipulated period of time. This credit card interest may hold good for only a fixed period of time, usually ranging from 3 up to 15 months. On the completion of this period, a higher rate of interest may come in vogue, usually 12% or higher. You could easily transfer any existing credit card balances to a new 0% APR credit card to get 0% interest on the transferred balance. In this way, the credit card holder has to pay less interest for a stipulated period of time, and thus get a chance to clear outstanding balances as quickly as possible.

When applying for a 0% APR credit card, it is always better to read the terms and agreements of the credit card. Not to overstate an obvious question, but why should one do so? Simply because many credit cards may come with a default rate wherein late payments not only incur a late payment fee, but it would also include a default rate that will be added to the annual percentage rate. This in turn doubles the figures on the existing balances and on the new purchases made on the card moving forward. Ouch!

One very important point to take into account when applying for a 0% APR credit card is to read all paragraphs of the agreement, otherwise known as the fine print. This is because though it is illegal for a credit card company to hide their fees and charges, it is nonetheless legal for them to mention these points in small print! The 0% APR credit card companies thus usually announce in large and bold print about their 0% APR but hide the facts that this is only for a limited period of time and any extra fees which might be included are done so in very fine print.

Another trick that is up the sleeve of 0% APR credit card companies is to install sky-high APR’s right after the amount of 0% APR balance transfers are paid down. In other words, the money you first pay to the credit card company is applied to the transfer, and any other purchases you make will be charged a high APR. Sometimes, credit card companies may also go to the extent of sending you a different card than the 0% APR credit card you had initially applied for. In this way, you are not allowed the 0% APR but a different card offer with different terms and conditions. The card issuers typically rationalize this behavior based on the card issuer determining that you do not meet the qualifications for a 0% APR credit card. Qualifications for a 0% APR credit card is usually found in the small print of the agreement, and is usually overseen by applicants!

It can thus be seen that though 0% APR credit cards do seem to be rather inviting, there are some loopholes and tricks to their use. As always, it is highly recommended to read the terms and conditions on the card application agreement for the 0% APR credit card, or any type of credit card application, thoroughly in order to avoid any future problems, headaches or financial surprises.

For more information on 0% APR credit cards, Robert Alan recommends that you visit CreditCardAssist.com

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Posted by Orce Dimitrov at 1:45 AM | Permalink | Comments

By Robert Alan

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 rebate credit card has to offer, APR, annual fee and overall terms and conditions will make things a lot clearer and will help you tremendously in your attempt at finding the right card for you.

Compare Rebate Offers Carefully

The rebate programs offered by various rebate credit card companies vary widely. Rebates, in the form of cash back, rewards you with anywhere from 0.25% up to 1%, a full 1% and a full 2%. The percentage you get back usually depends on the amount you purchase. For example, one card may give you 0.5% when you spend up to $2000, whereas you earn 2% when you spend $6000 or more. The thing to look out for when selecting a rebate credit card is terms for those offering only "up to 1%," as compared to credit card rebates that offer "a full 1%", for example.

Consider Your Spending Habits

Rebates are credited to you based on your spending. The more you buy, the more you get back in cash. However, depending on the card, this may not always apply to every purchase you make. In other words, one card may allow you to use your card at any establishment, whereas another card may require you to make purchases at a particular store. Be sure to pick a rebate credit card that you can use at your favorite stores.

Try To Find A Card With A Low APR and No Annual Fee

Rebate credit cards tend to have higher APRs and annual fees as compared to other cards. Cards with high interest rates and annual fees can quickly zap you of your entire rebate. Another thing to keep in mind, if you carry a balance on your credit card from month to month, then the cash back won't really amount to much. Using a card under these circumstances defeats the purpose of getting that type of card in the first place. Rebates are best for those who spend a lot on their card but pay off their balances.

Unless you spend huge amounts of money on your card and the rebate offers are high, chances are you won't get much in return - net return. Scout around for cards that have very low APRs and no annual fees. That way, all the fun of racking up those great rebates won't be spoiled.

Steer Clear Of Shady Terms And Conditions

You've heard this stated many a time, "read the fine print." The "fine print" serves a good purpose on behalf of the rebate credit cards company. Although usually very text-heavy, I don't think the companies use fine print merely to save space. Often times, small type is placed where it is not very noticeable. It often contains specifics that are important for you to know but not necessarily what a company wants you to fully understand.

Pay attention to those teeny-tiny footnotes. They sometimes point at exclusions or restrictions to what the company is claiming to offer. For example, a rebate offer of "2% on all purchases" might actually mean 2% on all purchases made from a list of affiliated retailers. These retailers may not have the products you are interested in or the products may have a high mark-up.

Also, look for wording that may be a little deceptive. A rebate credit card may claim to give you "5% APR" but reading the fine print it you'll interpret is as really meaning 5% on balance transfers only or 5% for limited time.

Once you know exactly what to look for, you will find it easy to select the best rebate credit cards. Comparison shop on the internet and take advantage of all that credit card rebates have to offer.


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Posted by Orce Dimitrov at 8:32 AM | Permalink | Comments