Thinking Money | Free Financial Advice and Tips

How to Recognize the Best Credit Card Deals for You

Posted on 22. Feb, 2010.

We all get them in the mail: those offers that claim you’ve been pre-approved for a credit card. They often have 0% written all over them. Zero fees, zero interest for a certain amount of time and sometimes they promise cash back and other perks just for owning and using the card. With all of the credit card offers that come in, how can you recognize the best credit card deals for you?

The first thing you should do is read the fine print. Find out what the company’s really offering. Are they offering an initial special that will soon expire? What kind of interest rate are they offering? These are major questions you need to consider before you sign up for any credit card. If you do your homework, however, and you really examine each card offer that comes in, you’ll soon find the credit card deal that suits you best.
Introductory Rates and Specials
Most of the credit card offers you get in the mail have introductory rates and other specials designed to lure you into signing up. What most people don’t realize is that those offers will expire at some future date. That’s why you must read the fine print. Too many people get into trouble because they sign up for the cards without knowing that their interest rate is going to double or even triple in a few months. Don’t get into this trap. Read the fine print and make sure the introductory rates and specials last for as long as possible. And if they do end, make sure the new rates are such that you’ll be able to afford them.

Do Your Homework
The best way to find the best credit card offers for you is to do your homework. Get online and start searching the various credit card companies and offers. You don’t have to rely on the card offers you get in the mail; you can find your own card by doing a little searching. One good way to go about finding the best credit card deals for you is to check with your bank. Your bank will usually have credit card offers just for you, and applying through your bank is a great way to get a good interest rate; provided you’ve been a good customer.
If you do your homework and remain picky about the credit card offers that come your way, and you read all the fine print, you should be able to find a credit card deal that’s perfect for you. Once you have that card, be careful to only use it when you need it. Use it and then pay it off. Don’t get in over your head like so many tend to do these days.
There’s no point in finding the best credit card deal for you if you’re only going to rack up a bunch of debt. If you choose a good deal, and you use the card only when you have to, you’ll be able to responsibly manage your cards; which is advice everyone should heed if they ever hope to remain debt free.

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A Few Ways to Consolidate Your Credit Card Debt

Posted on 19. Jan, 2010.

Americans love to carry credit cards or plastic money in their wallets. On average almost 14% of Americans carry 10 or more cards. Some may argue this is not sensible as having that many credit cards can be detrimental to your finances.

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Step by Step Process to Reduce your Credit Card Interest Rates

Posted on 27. Nov, 2009.

Are your credit card interest rates making it challenging to pay your minimum payments? If so, it is time to proactively work to reduce them. Contrary to what many consumers believe, there are proven methods that you can employ to reduce the interest rates you are currently paying on your credit cards.

1. 1.Call Your Credit Card Company - While this may seem like common sense, many consumers fail to take this important step. Ask for a customer service representative or department manager and let them know that you are currently shopping for lower credit card offers. Ask what their current, best interest rate offer for you is. Once they provide you with a number, let them know that you will be back in touch with them. You will often be surprised at how much lower your current credit card company will go with your interest rate just with a simple phone call.
2. 2. Shop Interest Rates - Now that you know what your current credit card companies are willing to offer you in terms of interest rates, begin to shop around with other companies to see what they will offer. Search for 0% introductory interest rate offers, begin to collect any promotional credit card offers in the mail and even speak with your current banking professional to see what kind of credit card interest rate offer they may be able to offer you. Compare the interest rate offers that you have collected to determine whether or not they are lower than what your current credit card companies are willing to offer you. But, before you make a switch, also consider a consolidation loan.
3. 3. Consider a Consolidation Loan - The next step in the process is to review your options for a consolidation loan. These loans are often offered through your current financial institution. Set aside some time to speak with your current bank officer and communicate your desire to consolidate your current credit cards into a single loan at a lower interest rate, in order to pay off the consumer debt off quicker.
4. 4. Compare and Contrast - Now that you have collected information about all of your available options, you can compare and contrast the interest rates and the offers. In addition to the interest rates, you also want to take time to review how long the promotional or lower interest rates are offered. Also review whether new purchases will qualify for the reduced interest rates or whether they only apply to balance transfers. With all of this information, you can make the best financial decision regarding your current credit card interest rates.

Working through these steps will not only help you to lower your current credit card interest rates, but will also lower your monthly minimum payment amounts and the total amount of time it takes you to repay your consumer debts.

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Bank of America to test annual fee charges on credit cards

Posted on 22. Oct, 2009.

Bank of America announced plans to pilot an annual fee charge of $29 to $99 on a few of its credit card customers worldwide (about 1 percent) beginning in 2010.

Bank of America is the third-largest credit card company in the US. (more…)

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New Credit Card Rewards

Posted on 30. Sep, 2009.

Traditionally, credit card company reward programs have featured airline mileage, gift certificates, and cash back for customers who spend more on their cards to get top ups. However, today card companies are offering new sets of incentives perhaps in response to the implementation of the first set of rules by credit card bill last week. (more…)

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Credit Card Reform have began with mixed response

Posted on 28. Sep, 2009.

Last Friday, Credit Card companies began adjusting to new ways of doing business. First new rule: they will now have to notify their customers not less than 45 days ahead of any interest rate increases unlike previously when only 25 days advance notice was all that was required. Customers who are not happy with any changes in the interest rate are free to close their accounts and pay their remaining balances based on the old interest rate. (more…)

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US to implement tighter financial regulations

Posted on 07. Jul, 2009.

The US government is preparing to launch a massive financial reform to avoid future financial crises. The Obama administration says that the current system of regulation leaves too many legal gaps on the bases on old-fashioned notions of fiscal risk.

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When Is It Time to Get A New Credit Card?

Posted on 15. Jun, 2009.

Holding on to your credit cards may mean that you are not getting the best deal. This would be especially true if you have a balance on them. There probably are a number of better choices available and here are some things that you could get with a new credit card.

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Police in credit card abuse

Posted on 20. May, 2009.

About 35 cases of fraudulent use of American Express cards by police officers of Scotland Yard are being investigated by an Independent Police Complaints (IPCC) Commission. One detective officer of the Specialist Operations division has been released on bail after questioning on Tuesday. (more…)

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Spending on credit cards down 3%

Posted on 18. May, 2009.

According to the payments association Apacs, UK consumers have turned away from credit card spending during the recession. Spending on credit cards dropped by 3% in the first three months of 2009, compared with the same period in 2008.

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