Credit Card tips and information
Most up to date Tips and Advice on How To Save Money and make the most out of your Credit Cards, Balance Transfers & 0% Interest Cards
A balance transfer occurs when outstanding balances from one or more credit cards are transferred to a new credit card with a 0% interest rate or with a lower APR.
The type of balance transfer that is available nowadays is a limited duration balance transfer. This means that the new credit card would offer a 0% interest rate for a certain period of time after which, the regular interest rate on that particular card would need to be paid. This act of moving debt from one place to another will save a considerable amount of money per year, an obvious advantage for anyone living in these uncertain economic times.
Many of us are under the impression that if we pay off credit bills on time each month then it means we must be accumulating a very good credit score. However, this is not always the case. Maintaining a credit score and ‘Improving Credit Scoring’ can be two quite separate tasks and this is the topic of our discussion today.
In our struggle/pursuit of a good credit rating, we have to take in to account that ‘Maintaining’ and ‘Improving’ of Credit Score is two different tasks. For instance, paying your credit card bills on time and avoiding any charges can be attributed to ‘Maintenance’ and
If you haven’t chosen the right credit card, you may be paying higher charges in interests and fees which could otherwise be easily avoided. Today, we are going to focus on how to choose the right cashback credit card and enjoy the benefits on everyday purchases.
If you prefer to pay off your credit card balances at the end of each month (which is the ideal model) then you should apply for a cashback credit card which offers you cash and rewards each time you spend!
When you spend money on a credit card with any merchant which can be your local supermarket, clothes retailer or a restaurant, your credit card issuer (Mastercard/Visa/Amex etc)
A bad credit rating may affect your ability to obtain further credit and this may last for up to 6 years on your credit history. However, fear not as this may not be the end of it all for you. Even though you may not be able to apply for a standard credit card due to bad credit rating, there are credit cards specifically targeted for people who wish to improve their credit rating.
Below is a step by step guide explaining how bad credit cards work (Bad Credit Rating Cards), how you can improve your credit rating using them and why it is effective all in a nutshell.
Using a credit card for everyday use to pay household expenses and other bills can be very beneficial in many ways. Just about every person makes payment almost every day in one way or the other by means of cash, cheques and debit cards. The benefits of using a credit card for every day expenses and what to look for in an everyday credit card are outlined below in details.
Organised proof of purchase -
The only record you have for a payment made in cash is the receipt you get from the merchant. Sometimes
Deciding to get a new credit card is not an easy decision, especially nowadays where there is so much choice and variety. You want the one card that will suit your lifestyle needs, one that you don’t have to worry about constantly and that won’t get you into debt whilst taking all your money through interest. This is possible so do not lose hope!
Take into account the three most significant obstacles below and you will be one step closer to obtaining that perfect card.
Problem -A Poor Credit Limit
A poor credit limit is one of the major obstacles to finding a new card. It can be influenced by many things such as many outstanding balances, missed payments or even a partner’s credit history.
When credit card bills pile up, the total outstanding balance can add up to a large amount and gather high interest charges payable each month. Interest you pay on your credit card debt is determined by the APR on your card (Annual Percentage Rate - explained) and can be anywhere between 14% to up to 30%. Therefore, sometimes it makes more sense to take a credit card debt consolidation loan with a lower interest rate to pay off the outstanding credit card debts. However, there are some important aspects that need to be considered.
The concept is quite simple and works out much cheaper once implemented correctly. The idea is to take
Credit scoring is a very common term that is often heard but majority do not give it the importance it deserves. It is very crucial and can make a significant impact in our everyday lives in many ways.
Also referred to as credit rating, in simple words it can be described as the credit worthiness of an individual or an organisation to obtain credit or loan of some sort to be more specific. Credit reference agencies have certain measures in place with a vast array of information about almost every person that opens a bank account and registered to vote.
Below is a list of some commonly believed myths about credit cards that are easily overlooked and misunderstood.
Spending on a credit means I do not have to pay it back
It is one of the most dangerous myths and lead many to complete financial mess before they even realise what had hit them. Credit card companies want you to borrow and their main income comes from you paying interests on the outstanding balance. Although they earn a small percentage from the retailer you spend the money with, interest income is a huge chunk of their main revenue stream. You cannot avoid the bills once you have made a purchase with a credit card and you should not because this will leave a long lasting mark on your credit scoring (ability to get further credit).
A credit card as it simply states by its name, is simply a credit account with a lender which in this case is a credit card company. The long card number on the card is the unique identifier for the credit account holder which allows you to use credit card with a merchant and the merchant charges your credit card account. The way a credit works and what a credit card is simply and completely different to the concept of a debit card which is explained later on in this article.
A credit card is effectively a loan account one opens with a lender. The card itself acts as an account passport/ID so that the rightful bearer of the card can identify themselves as the account holder to use the card with almost any merchant in the world to make a purchase.
Although a vast majority of the population know what a credit card is and we are all ‘experts’ in using credit cards to rack up huge bills, very few of us feel it is important to question what an APR is. There are many people who have been using credit cards for years without giving much thought to APR and do not realise the significance of shopping for the Lowest APR credit cards.
APR or Annual Percentage Rate is the effective interest rate applicable to a credit card which decides the rate of interest that is payable on the outstanding balances. APRs work in a similar concept to the interest rate of a personal loan which is widely understood and applied.
Credit card companies offer many types of cards to meet various people’s needs. There are cards such as small business credit cards, corporate cards, and also to cater for students specifically there are Student Credit Cards. There are many benefits in choosing the right cards such as a certain type of card will offer low overseas transaction charges, or some may offer reward points for shopping.
In order to apply for the best credit cards for students, it is important to discuss what student credit cards have on offer. Although they may not have any facilities or extras that may be different to a standard credit card, there are two important aspects that need to be considered namely, interest rate (APR – Annual Percentage Rate) and Credit Limit.
APR is the interest rate that is applicable on the outstanding balance on any credit card.
Ah! The warmth of the hot sun, the cool splash of the sea, relaxation...it’s what we all look forward to especially after the hard grind of daily life is over for a couple of weeks. But don’t get caught out with your credit card this summer! Don’t let it ruin a well earned holiday! Here are some guidelines of what to look for when choosing the best credit card to use abroad.
Overseas Transaction Fees
FeesMany credit cards charge a 1% - 3% fee every time a purchase is made or the card is used abroad. This may not sound very substantial but it can very quickly add up and come as a surprise once
With the global economic situation not at its best, people are finding every little or large way to make their lives just that bit easier. With a 0% credit card one can essentially borrow for free. This type of card is interest free for a certain length of time allowing people the freedom to make large purchases when the immediate cash just isn’t available.