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A guide on the proper usage of balance transfer credit cards

Written on January 19, 2012 – 3:44 pm | by admin

The main reason, people go for best balance transfer credit cards, is to reduce the amount of interest they are paying off. When you have a high balance on your card transferred, it may be very beneficial. Even so, you must pay the balance as soon as you transfer the debt on a card with low interest rates. Otherwise, you miss the purpose of obtaining one of balance transfer credit cards.

More often than not, if your overall credit score is good enough, you can get a 0% credit card. This can help you pay the full amount without paying interest. When selecting a card with a low or even zero interest rates, you should make sure that after the end of the introductory period, the interest rate will not be extremely high.

Even if your payments are doubled or tripled or you pay more on the amount you owe when you use the balance transfer credit card, you must do to get the debt paid. Read more…

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Applying for an All-Round Credit Card

Written on November 11, 2011 – 1:30 pm | by admin

All-round credit cards are popular with consumers as they offer good rates and are useful for everyday spending. For instance, if you were to use an all-round credit card, you could expect to enjoy benefits such as 0% interest for 16 months on balance transfers and money transfers, a low balance transfer fee and 0% interest on your purchases for six months.

Before you commit to your all-round credit card application, it’s worth doing a little bit of research to make sure you are choosing the card that is best for your needs. For instance, while the balance transfer benefits are appealing to a lot of people, others find that they would rather have an extended interest free period on their purchases. If you think that would be better for you, you might want to consider an alternative such as a purchase credit card.

Looking at the APR before you apply for an all-round credit card – or any other type of credit card – is also important. This is because the APR is what tells you how much interest you will be paying once the initial 0% periods end. If Read more…

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Debt Acknowledgement Letter Sample

Written on January 23, 2012 – 9:20 pm | by Alicia Ross

This document basically outlines what you owe, to whom and why and how this debt will be settled. You will most likely be familiar with some of the contents from several forms you may have filled out for a personal or home loan or whatever type of credit.

This agreement is a sample template and is of a universal temperament.

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Tags: Debt, Debt Acknowledgement

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Court Upholds Binding Arbitration for Credit Cards

Written on January 22, 2012 – 9:08 am | by Adam Gomez

The U.S Supreme Court gave a blow to peoples hopes with upholding the binding credit card arbitration procedures.

These are the business-friendly procedures which deny customers to takes their complaints to the Court.

After a clear win by 8-1 votes, the jury reaffirmed that the federal laws permit credit card companies to enforce arbitration laws which have been practiced universally by the credit card companies and form the basis of millions of contracts.

The Supreme Courts ruling contradicts with the recent trends practiced by leading banks and credit card companies who dropped the arbitration agreements or decided not to enforce them in future. Some of the major banks involved in the decision included JPMorgan Chase, Bank of America and Capital One Financial Corp which came under high pressure from state officials.

This Supreme Court ruling was given on an appeal from CompuCredit Holdings Corp.

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Tags: Arbitration Credit, Credit

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TransUnion study reveals credit card delinquencies are the lowest in years

Written on January 21, 2012 – 9:56 am | by Nicole Gutierrez

Even though the average credit card debt increased $20 per borrower to $4,699 in second quarter 2011 from first quarter 2011, this amount is still near record lows.  It is a decrease of 5.1% from second quarter 2010, which was $4,951.

Credit card delinquency rates declined 18.9% in second quarter 2011 compared to first quarter 2011; a rate of .6% compared to .74% respectively.  Comparing the delinquency rate from second quarter 2011 (.60%) to the same period a year ago (.92%), there was a 34.78% decrease.

Key reasons

According to TransUnion, the key reasons for the decrease are:

Consumers are spending less.

More delinquent credit card accounts have been charged-off.

Consumers are more responsible using their credit cards.

Consumers are not carrying as many cards.

Card issuers have lowered credit limits.

Lenders are still conservative in their lending practices. They are looking at employment, income, payment history and credit scores.

This is substantiated by a TransUnion report released in July 2011. T

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Investment Fraud Targets Older Americans Baby

Written on January 17, 2012 – 1:22 pm | by Nicole Gutierrez

Investment fraud is on the increase. Securities regulators and prosecutors are battling what they say is a nationwide surge in investment fraud against baby boomers.

In many cases, the victims pursued risky bets to overcome losses suffered during the financial crisis—a trend that regulators say is worsening. State securities officials say they expect the number of enforcement actions involving investors age 50 or older to hit a record this year.

Last year, there were 1,241 criminal complaints, cease-and-desist orders and other regulatory actions launched at the state level involving investors age 50 or older, according to the North American Securities Administrators Association, a group of state regulators. That was more than double the 506 cases in 2009.

The problem is “rampant” throughout the country, says Matt Kitzi, Missouris securities commissioner and chairman of the associations enforcement committee.

The Securities and Exchange Commission, which regulates investment-adviser firms with at least $25 million in assets under management, doesnt track alleged frauds by the age of the victim. B

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Tags: Baby, Investment Fraud

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Suze Orman’s debit card: Is it a good thing?

Written on January 16, 2012 – 1:34 am | by Adam Gomez

Suze Orman came out with her own debit card this week, called the Approved Card. It’s received a lot of attention — not all of it positive. Some people are aghast that a personal finance expert would push her own product to her loyal following. I have no problem with that. I don’t even mind her making lots of money on it. But it had better be a good deal at the same time.

The Approved Card is a prepaid debit card, which works like a cross between a gift card and a credit card. You preload it with money and then use it online, by phone or at the store just as you would a Visa or MasterCard debit card. You must give your real name, address and Social Security number to apply, but you cannot be turned down because you’re not borrowing any money.

Suze has always encouraged people to join the ranks of the banked, as opposed to staying unbanked and being at the mercy of check-cashing stores and other high-priced alternatives. She’s also preached watching out for fees that add up over time.

So we would expect Suze’s Approved Card to provide basic services needed by the people currently outside the normal banking system. I Read more…

Tags: Card, Debit Card

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