Are Balance Transfer Credit Cards On the Way Out?
Are Balance Transfer Credit Cards On the Way Out?
Article by Jon Francis
Balance transfer credit cards are among the most popular products on the market today, but the finance columns have been hinting that they might have a limited life span, done in by their very popularity. If that’s true, then the word hasn’t got to the credit card companies. Far from being on the way out, there are more balance transfer credit cards on offer than there have been for years.
Granted, those offers have changed. The current crop include conditions that guarantee the issuing bank some benefit for taking on a transferred balance from another company. The earliest types of balance transfer cards generally offered 0% interest for a set period of time – usually between six months and one year. If the balance was paid off in that time, there was no interest to pay. There was also no interest to pay if the balance was transferred to another card. To circumvent those who shifted their balance from one card to another, the issuing companies began imposing conditions.
The current crop of balance transfer credit cards fall into a couple of different categories:
- those that offer a low interest rate on transferred balances for the life of the balance.- those that offer a 0% interest rate for a set amount of time – sometimes as much as a year.
Either of those types of balance transfer credit card may require that you make purchases on you new card on a regular basis in order to keep your introductory rate. The payments that you make on your will be applied to the balance transfer first. Until that is paid off, those purchases will collect interest at the standard rate.
When you apply for a balance transfer credit card, make it a point to compare all factors of the cards that you are considering – including the option of not moving you balance at all. The important comparison points are: – the introductory balance transfer interest rate- the length of time of the introductory rate- the new purchase rate that will apply to your credit card- balance transfer fees
Add up all the factors and weigh them side by side to decide which balance transfer credit card is the one that you want in your wallet. With the hugely fierce competition in the market place these days you’ll be able to find some amazing offers but be careful, unlike the old days you will be charged a fee for transferring your balance which is usually 2.5% to 3% of the balance.
About the Author
Jon Francis has been involved with finance for many years! With an in-depth knowledge of the balance transfer credit cards market and helps others get the best from a credit card.
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Can You Process Credit Cards Online? If Not, Your Business is Really Missing Out
Can You Process Credit Cards Online? If Not, Your Business is Really Missing Out
Article by Richard A. Manfredi
In today’s world, not being able to process credit cards online can be a huge detriment to your business. If you can accept credit card payments anytime, anywhere, it can mean the difference in having your business succeed or fail.Even if you run a traditional brick and mortar business, you still need to be able to process credit cards online. Thanks to the explosion of the world wide web, we now live in a society where customers expect to be able shop anytime – and do it right from the comfort of their own homes.If you accept credit card payments online, the process is similar to taking credit cards in your store. With online purchases, the transaction can be approved instantly, and the money can be transferred into your account in just a day or two.And, by being able to process credit cards online, you open yourself up to a whole new group of customers. People who live on the other side of town, on the other side of the country, or on the other side of the world can now buy from you. Think of how many more profits you could see if you really did open up your inventory to the world wide web!But, being able to process credit cards online comes with a couple of different nuances than just swiping a credit card in your store. Above all else, you need a payment processor that is safe and secure. No matter how eager people are to shop online, they are not going to hand over something as important as their credit card number if they do not think it’s safe to do so. That’s why you need to find an online payment processor that specializes in fraud prevention and encryption. In fact, there are total merchant services out there that will handle all of your online transactions, set up the proper security parameters, and can even customize your account so that only certain employees have access to customers’ credit card numbers.By working with professional merchant services, you can also take advantage of other opportunities. For example, some companies may throw in freebies in exchange for getting your business. If you sign up for an online credit card payment processor, you may get a free credit card terminal that accepts payments on the go – like if you make deliveries, or need a way to accept credit card payments at a trade show or street fair.
About the Author
Richard A. Manfredi has written about http://www.total-merchant-services.com”> www.total-merchant-services.com. Total Merchants Services enables your business to accept credit card payments, internet credit card processing and obtain retail merchant accounts.
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Categories: Instant Approval Cards Tags: Business, Cards, Credit, Missing, Online, out , process, really
Double-dip recession and bad credit – is there a way out?
Double-dip recession and bad credit – is there a way out?
Article by Laura F Wolf
Some experts’ opinion is that the bad times are over, therefore everyone should set up plans about for effective debt consolidation by rearranges their finances. Should you have lost control over your finances before and fell into arrears, there is a chance that your credit file will contain this information for the next3-5 years. adverse credit is still a huge pitfall, and common folks are have no plans set up how to fix it with a well prepared plan.
Financial firms have made a commitment to lend more, but they have also made it harder to get a credit, in case of unsecured credit. If your credit history is adverse with them, or maybe have not met your commitments for a while, they would possibly not want to lend you new money, butt they would make a consolidation offer, so to help you make payments on time and and help you with budgeting as well. Rescheduled finance will be visible on your credit file,although by paying these on time, they will also help you increase your credit score and eliminate bad credit faster.
Which way to go: unsecured or secured lending?? Sometimes secured finance can be more rewarding for you with regards to APR and terms, you can take them over a longer period of time, and better APR. But consider that home values have have decreased in the last couple of years, so you might be in negative equity on your property to give security level for the bank enough to to approve more credit. Unsecured credit on the other hand:, APR’s have increased by 3-4 % the minimum, and it is actually much harder to get accepted for these types of financial products than secured finance. Unsecured lending is always riskier for lenders.
Which options should you look at when setting up a consolidation plan? There are many ways to get out of bad debt, and more than one consolidation products work fine. You need to analyze your current financial situation and budget. Unsecured finance refinancing high interest rate cards can be easily done by combining balances using a balance transfer credit card. But bear in mind that initial offers like zero percent are not set for the term of the credit will jump higher than you think earlier than you think, therefore you need to make sure that you will clear all the balances or at least the majority of it within that time. Also taking out a consolidation loan to combine all the different credit commitments into one credit can be a good choice if you do have more than one credit cards, store cards, unsecured and secured loans.
Credit card deals that will not cost you an arm and a leg but will help you build up your credit score and save loads of bucks on interest. There are 0% deals can be offered that are also offering no fee balance transfer, in some cases without an annual fee or any hidden expenses. Always make sure that you do read the small print prior to signing a financial paper and are budgeted to afford the monthly installments even if the interest increases. Check out more than one financial products before making a decision about refinancing.
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