balance transfer http://www.wisebread.com/taxonomy/term/4773/all en-US 5 Ways to Pay Off High Interest Credit Card Debt http://www.wisebread.com/5-ways-to-pay-off-high-interest-credit-card-debt <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-ways-to-pay-off-high-interest-credit-card-debt" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_coffee_credit_cards_82594511.jpg" alt="Woman paying off high interest credit card debt" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Credit card debt is one of the most costly forms of debt, with interest rates between 20% and 30% in some cases. (Cardholders who have missed a payment might even incur higher penalty rates.) In contrast, secured loans such as car loans and home mortgages can have far lower rates. And unlike a home mortgage or student loans, interest on credit card debt is never tax deductible.</p> <p>So as with any costly loan, your first priority should be <a href="http://www.wisebread.com/5-day-debt-reduction-plan-pay-it-off?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">paying it off as soon as possible</a>. And even if you have to take out another loan to do so, you can save money when you are able to <a href="http://www.wisebread.com/when-to-do-a-balance-transfer-to-pay-off-credit-card-debt?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">transfer your debt</a> to a new account that has a lower interest rate than your existing credit card balances.</p> <p>See also: <a href="http://www.wisebread.com/fastest-way-to-pay-off-10000-in-credit-card-debt?utm_source=wisebread&amp;utm_medium=seealso2&amp;utm_campaign=cc_article">The Fastest Way to Pay Off 10K</a></p> <p>Here are five ways that you can pay off your high interest credit card debt.</p> <h2>1. Credit Card Balance Transfer</h2> <p>If you have a balance on a high interest credit card, you can save money by transferring it to a <a href="http://www.wisebread.com/the-best-low-interest-rate-credit-cards?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">card with a lower interest rate</a>. Better yet, some cards offer <a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">0% APR promotional financing on balance transfers</a> for a limited time, from six to as long as <a href="http://www.wisebread.com/retire-your-credit-card-debt-with-citi-simplicity-card?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">21 months</a>. Most cards will impose a balance transfer fee of 3% to 5% of the amount transferred. However, there are cards available that offer <a href="http://www.wisebread.com/5-best-credit-cards-with-no-balance-transfer-fees?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">balance transfers with no fee</a>. These balance transfer offers are your best way to eliminate interest charges while you pay down your debt.</p> <h2>2. Personal Loan</h2> <p>Many banks and credit unions are willing to offer <a href="http://www.wisebread.com/best-lenders-for-personal-loans?ref=internal">personal loans</a> to applicants with good or excellent credit. So long as the interest rate offered is lower than your credit card balance, you can use these loans to pay off your credit cards and reduce your interest costs. However, the best rates will only be available to those who have excellent credit. If you have <a href="http://www.wisebread.com/best-credit-cards-for-bad-credit?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">poor credit</a> and a lot of debt, you may not be approved for a loan with a lower interest rate than the one you currently have.</p> <h2>3. 401K Loan</h2> <p>It's possible to <a href="http://www.wisebread.com/5-questions-to-ask-before-you-borrow-from-your-retirement-account?ref=internal">loan yourself money from your 401K</a> so that you can pay off your high interest credit card balances. When you withdraw money from your 401K account, you can pay yourself back over as long as five years using very competitive interest rates that will be lower than nearly all credit cards. And since you are essentially acting as your own lender, there is no need to have excellent credit. On the other hand, you will be missing out on the compound interest your investments would have earned, and you will face tax penalties if you fail to pay the back the loan on time.</p> <h2>4. Life Insurance Loan</h2> <p>There are some types of whole, universal, or variable universal life insurance policies that allow you to take out a loan against them. Any money you withdraw is then deducted from your death benefit. And while interest rates can be below that of high interest credit cards, any unpaid interest will be added to your loan amount and subject to compounding. Just like a 401K loan, you are borrowing from your own funds, so your current credit rating will be irrelevant.</p> <h2>5. Home Equity Line of Credit</h2> <p>If you have equity in your home, you may be able to borrow money against it for any purpose, including paying off your high interest credit cards. Current interest rates for <a href="http://www.wisebread.com/home-equity-loan-or-heloc-which-is-right-for-you?ref=internal">home equity lines of credit</a> are below 5%, which is far better than any standard credit card's interest rate. Your ability to secure a home equity line of credit will depend on your home's debt to credit ratio as well as your current credit history.</p> <p><em>Have you ever borrowed at a lower rate to pay off high interest debt? </em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/jason-steele">Jason Steele</a> of <a href="http://www.wisebread.com/5-ways-to-pay-off-high-interest-credit-card-debt">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/3-sources-of-fast-cash-besides-your-401k">3 Sources of Fast Cash Besides Your 401K</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-surprising-things-lenders-check-besides-your-credit-score">4 Surprising Things Lenders Check Besides Your Credit Score</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-dirty-secrets-of-credit-cards">The Dirty Secrets of Credit Cards</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-personal-finance-calculators-everyone-should-use">15 Personal Finance Calculators Everyone Should Use</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-scary-facts-about-credit-card-debt">6 Scary Facts About Credit Card Debt</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards 401k balance transfer debt HELOC high interest home equity line of credit interest rates life insurance loans Wed, 07 Sep 2016 10:31:09 +0000 Jason Steele 1785333 at http://www.wisebread.com The Fastest Way to Pay Off $10,000 in Credit Card Debt http://www.wisebread.com/fastest-way-to-pay-off-10000-in-credit-card-debt <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/fastest-way-to-pay-off-10000-in-credit-card-debt" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/girl_mouth_cover_iStock_000034382550_605x340.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>I personally paid off over $10,000 in credit card debt in my early 20s using a very simple strategy. My 2-step plan will reduce your payments, pay down debt faster, and improve your credit.</p> <h2>Step 1: Save Thousands By Stopping Your Interest Payments</h2> <p>First recognize you have to stop paying interest. If you keep paying interest, you&rsquo;ll make little progress towards paying off your debt.</p> <div id="interest-principal-pie"><img alt="" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/interest-principal-pie.png" height="177" width="200" align="right" /></div> <p>For example, if you owed $10,000 credit card debt and paid $250 a month:&nbsp;</p> <ul style="margin-left:1em;"> <li>$177 of your $250 payment would go towards paying interest. That's $177 of your payment pocketed by the credit card company for free!<br /> &nbsp;</li> <li>Only $73 (29%) goes towards paying down the $10,000 principal.<br /> &nbsp;</li> <li>At this rate, it would take <b>69 months</b> to pay off your debt, and it would cost you a staggering <b>$7,535</b> in interest!</li> </ul> <p>This is an uphill battle you simply can&rsquo;t win. You need to stop paying interest ASAP.</p> <div id="total-interest"><img alt="" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/total-interest-902.png" height="308" width="500" /></div> <p><b>How do you <em>legally</em> stop paying interest?</b></p> <p>Find a credit card with a <b>0% introductory balance transfer APR offer</b>&nbsp;(<a href="#recs">see my recommendations below</a> for the best card). Thanks to the recovering economy, banks have been offering the best promos and longest 0% APR intro periods I've seen since before the financial crisis in 2008.</p> <p>Apply for a card and immediately transfer all your credit card debt to the new card. By eliminating interest for 18 months, you can pay off the entire $10,000 debt <b>two years faster</b> and <b>save $6,006 in interest</b>!</p> <h2>Step 2: Develop Your Payment Plan</h2> <p>Take your credit card debt and divide it by number of months in your 0% introductory balance transfer APR period. For example, say you owe $5,000 and got an 18-month 0% APR balance transfer card. Your monthly payment should be $277:</p> <p>$5,000 / 18 months = $277 monthly payment.</p> <p>That is still a big payment. But at least you are no longer paying interest, 100% of your payment goes towards paying down your debt.</p> <p>But even if you can't swing that amount, start by getting a 0% APR card and paying more than the minimum every month. The new card will give you a huge head start on eliminating the entire $10,000 debt. Check out this chart to see how you'd <b>save $3,298</b> in two years by using a card with a 0% intro APR for 18 months.</p> <div id="balance-by-month"><img alt="" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/balance-by-month.png" height="253" width="500" /></div> <h2><a name="recs"></a>Stop Procrastinating: Get Started Now</h2> <p>Every day you wait adds more interest to your debt. If you&rsquo;re reading this article right now it means you&rsquo;re serious about paying off debt. Act now and take advantage of your current momentum.</p> <p>The first small task is to find the right 0% balance transfer credit card. It will only take a few minutes since I&rsquo;ve already done the research for you. After researching hundreds of credit cards, I found the best cards for paying off debt:</p> <h3>BankAmericard&reg; Credit Card</h3> <p><img style="float:right;margin:0 5px 5px 10px;" class="img-exempt" alt="" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u784/bankamericard-0523.jpg" height="97" width="154" border="0" /><a style="border:none;float:right;clear:right;margin: 0 5px 5px 10px;" target=" rel=" href=" http://ct.wisebread.com/click.php?pg=214&amp;pid=107&amp;pp=1&amp;uv=xcardbutton"><img alt="" class="img-exempt img-button" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" /></a>If you need a really long payment period, the <a href="http://ct.wisebread.com/click.php?pg=214&amp;pid=107&amp;pp=1&amp;uv=xname" target="_blank" rel="nofollow">BankAmericard&reg; Credit Card</a> is the card for you. It offers 0% intro APR on balance transfers for 18 billing cycles, one of the longest introductory periods currently offered by credit cards. This introductory rate applies to balance transfers made within 60 days of opening your account, and there is a transfer balance fee of 3% (min $10). If you can't pay off the whole balance in 18 months, the regular APR is the lowest available on this list at 11.49%-21.49% variable for both purchases and balance transfers. There is no annual fee.</p> <p><a href="http://ct.wisebread.com/click.php?pg=214&amp;pid=107&amp;pp=1&amp;uv=xend" rel="nofollow" target="_blank"><strong>Click here to learn more and apply for the BankAmericard&reg; Credit Card today!</strong></a></p> <h3>Chase Slate&reg;</h3> <p><img style="float:right;margin:0 5px 5px 10px;" class="img-exempt" alt="" src="http://www.imgsynergy.com/191x120/chase-slate-060216.png" height="97" width="154" border="0" /><a style="border:none;float:right;clear:right;margin: 0 5px 5px 10px;" target="_blank" alt="Chase Slate&reg;" title="Chase Slate&reg;" rel="nofollow" href="http://ct.wisebread.com/click.php?pg=214&amp;pid=39&amp;pp=2&amp;uv=xcardbutton"><img alt="" class="img-exempt img-button" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" /></a>The <a href="http://ct.wisebread.com/click.php?pg=214&amp;pid=39&amp;pp=2&amp;uv=xname">Chase Slate&reg;</a> card is the <em>only</em> card on this list that allows you to save with a $0 introductory balance transfer fee, 0% introductory APR for 15 months on purchases and balance transfers, and $0 annual fee. Plus, receive your Monthly FICO&reg; Score for free.(Balance transfers must be made within the first 60 days for the fee to be waived. After that there will be a 5% or $5 fee, whichever is greater.) If you have a big balance to transfer, avoiding the typical 3-5% fee saves $300-500 on a $10,000 balance transfer.&nbsp;</p> <p><a href="http://ct.wisebread.com/click.php?pg=214&amp;pid=39&amp;pp=2&amp;uv=xend" rel="nofollow" target="_blank"><strong>Click here to learn more and apply for the Chase Slate&reg; Card today!</strong></a></p> <h2>BankAmericard Cash Rewards&trade; Credit Card</h2> <p><img style="float:right;margin:0 5px 5px 10px;" class="img-exempt" alt="" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/BoA_Cash_Rewards-154.jpg" height="97" width="154" border="0" /><a style="border:none;float:right;clear:right;margin: 0 5px 5px 10px;" target="_blank" alt="BankAmericard Cash Rewards&trade; Credit Card" title="BankAmericard Cash Rewards&trade; Credit Card" rel="nofollow" href="http://ct.wisebread.com/click.php?pg=214&amp;pid=106&amp;pp=3&amp;uv=xcardbutton"><img alt="" class="img-exempt img-button" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" /></a>The <a href="http://ct.wisebread.com/click.php?pg=214&amp;pid=106&amp;pp=3&amp;uv=xname" rel="nofollow" target="_blank">BankAmericard Cash Rewards&trade; credit card</a> is good for people who have less than $5,000 in credit card debt and would like to earn cashback rewards. If you have a smaller balance to pay off, the 12 billing cycles of 0% intro APR period might be long enough. Once you've paid off your balance, use this card to earn 2% cash back at grocery stores and wholesale clubs and 3% cash back on gas for the first $2,500 in combined spending each quarter, and 1% cash back on all other purchases. Bank of America customers get can a 10% bonus if you redeem your cash back into a Bank of America checking or savings account. This card is a great day-to-day card for earning the most cash back on gas and groceries. There is no annual fee.</p> <p><a href="http://ct.wisebread.com/click.php?pg=214&amp;pid=106&amp;pp=3&amp;uv=xend" target="_blank" rel="nofollow"><strong>Click here to learn more and apply for the BankAmericard Cash Rewards&trade; Credit Card today!</strong></a></p> <h3>Citi&reg; Double Cash Card - 18 month BT offer</h3> <p><img style="float:right;margin:0 5px 5px 10px;" class="img-exempt" alt="" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u784/CitiDoubleCash.jpg" height="97" width="154" border="0" /><a style="border:none;float:right;clear:right;margin: 0 5px 5px 10px;" target=" rel=" href=" http://ct.wisebread.com/click.php?pg=214&amp;pid=47&amp;pp=4&amp;uv=xcardbutton"><img alt="" class="img-exempt img-button" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" /></a>The <a href="http://ct.wisebread.com/click.php?pg=214&amp;pid=47&amp;pp=4&amp;uv=xname" rel="nofollow" target="_blank">Citi&reg; Double Cash Card - 18 month BT offer</a> from our partner Citi is a great card for those who want cash back but <em>don't</em> want to worry about keeping track of categories. This card actually offers cash back twice: 1% cash back when you buy, plus another 1% cash back as you pay for those purchases. Unlike many other cards, this card has no category restrictions, no enrollments in rotating categories, and no limits on the amount of cash back that you earn. There is a 0% introductory APR on balance transfers for 18 months. After that, the variable APR will be 13.49%-23.49%, based on your creditworthiness. There is no annual fee.</p> <p><a href="http://ct.wisebread.com/click.php?pg=214&amp;pid=47&amp;pp=4&amp;uv=xend" rel="nofollow" target="_blank"><strong>Click here to learn more and apply for the Citi&reg; Double Cash Card - 18 month BT offer today!</strong></a></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/greg-go">Greg Go</a> of <a href="http://www.wisebread.com/fastest-way-to-pay-off-10000-in-credit-card-debt">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards">The 5 Best 0% Balance Transfer Credit Cards</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-credit-cards-with-no-balance-transfer-fees">5 Best Credit Cards with No Balance Transfer Fees</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-ways-to-negotiate-credit-card-debt">4 Ways to Negotiate Credit Card Debt</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/dealing-with-post-holiday-credit-card-debt">Dealing with Post-Holiday Credit Card Debt</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-ways-debt-settlement-can-leave-you-deeper-in-debt-even-with-trustworthy-companies">6 Ways Debt Settlement Can Leave You Deeper in Debt (Even With Trustworthy Companies)</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards Debt Management balance transfer credit card debt Sat, 04 Jun 2016 04:15:32 +0000 Greg Go 1723974 at http://www.wisebread.com Which Balance Transfer Credit Card Is The Best For You? http://www.wisebread.com/which-balance-transfer-credit-card-is-the-best-for-you <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/which-balance-transfer-credit-card-is-the-best-for-you" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000085027895.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Which balance transfer credit card should you apply for? That depends on your goal. If you need as long as possible to pay off your outstanding balances, then you'll want a card with the <a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">longest 0% APR financing available</a>. Depending on your balance though, you might want to look for a card with <a href="http://www.wisebread.com/5-best-credit-cards-with-no-balance-transfer-fees?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">no balance transfer fee</a>. Perhaps you&rsquo;re just looking for a <a href="http://www.wisebread.com/the-best-low-interest-rate-credit-cards?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">card with a lower APR</a>, or if you are close to paying off your debt, you might be able to take advantage of a <a href="http://www.wisebread.com/5-best-credit-cards-that-offer-bonus-cash-for-sign-up?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">large sign up bonus</a> of a <a href="http://www.wisebread.com/top-5-travel-reward-credit-cards?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">generous rewards credit card</a>.</p> <p>To narrow down your choice of balance transfer cards available, consider these cards that meet your particular goal.</p> <h2>Lowest Standard Interest Rate</h2> <p>Once the promotional interest rate expires, any remaining unpaid balance will incur interest charges at the standard interest rate. So if you think you might need to carry a balance beyond the promotional financing period, you might consider a card that offers a low standard interest rate as well. The <a href="http://www.wisebread.com/bankamericard-credit-card-review?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">BankAmericard&reg; Credit Card</a> offers 0% intro APR for 18 billing cycles on balance transfers made in the first 60 days of account opening, then a competitive 11.49%-21.49% variable APR applies. The <a href="http://www.wisebread.com/crowdsourcing-experiment-barclaycard-ring-mastercard?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">Barclaycard Ring&trade; Mastercard&reg;</a> offers 0% intro APR on purchases and qualifying balance transfers for 15 months, with a reguar variable APR of 13.49% and no balance transfer fees. There is no annual fee for either card.</p> <h2>Longest Interest Free Offer</h2> <p><a href="http://www.wisebread.com/retire-your-credit-card-debt-with-citi-simplicity-card?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">Citi's Simplicity</a> and <a href="http://www.wisebread.com/the-citi-diamond-preferred-card-0-interest-with-benefits?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">Diamond Preferred</a>, from our partner Citi, each feature industry leading offers of 21 months of interest free financing on both new purchases and balance transfers, with a 3% balance transfer fee. The Simplicity card lives up to its name by having no late fee or penalty interest rate while the Diamond Preferred offers a host of travel insurance and purchase protection policies commonly found on high end reward credit cards. There is no annual fee for either card.</p> <h2>No Balance Transfer Fee</h2> <p><em>The </em>best card for balance transfers right now is the <a href="http://www.wisebread.com/chase-slate-visa-review?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">Chase Slate card</a> which offers 15 months of interest free financing on both new purchases and balance transfers. Additionally, pay no intro balance transfer fee on balance transfers made within 60 days of account opening. Not only that, but there is no annual fee for this card.</p> <h2>Big Sign-Up Bonus</h2> <p>There is no reason why you can't enjoy both a big sign-up bonus and an attractive promotional financing offer for balance transfers. The <a href="http://www.wisebread.com/5-best-sign-up-bonuses-for-airline-miles-credit-cards?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">best sign-up bonus in a credit card</a> that offers interest free promotional financing on balance transfers is the <a href="http://www.wisebread.com/the-best-new-travel-rewards-card-on-the-block-barclaycard-arrival-plus-world-elite-mastercard?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">Barclaycard Arrival Plus&trade; World Elite MasterCard&reg; </a>. It offers 50,000 bonus miles, worth $500 in travel statement credits, after new cardholders spend $3,000 within three months of account opening. In addition, new cardholders get 12 months 0% Intro APR on balance transfers made within 45 days of opening (after that a variable APR of 16.49%, 20.49% or 23.49% will apply). There is a 3% balance transfer fee and a $89 annual fee that is waived for the first year. Alternatively, the <a href="http://www.wisebread.com/amex-everyday-credit-card-review-tina-fey-says-yes?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">Amex Everyday Card</a> offers new cardholders 10,000 Membership Rewards points after spending just $1,000 within their first 3 months, has a 0% intro APR on purchases and balance transfers for 12 months (then a 13.49%-23.49% variable APR will apply) with a 3% balance transfer fee, and has no annual fee. Terms apply.</p> <h2>Your Favorite Bank</h2> <p>Some credit card users prefer to open an account with a particular bank in order to perform a balance transfer. If you plan on doing this, just be aware that you will not be able to transfer a balance between two accounts with the same bank. Here are the best balance transfer offers from each of the major banks.</p> <h2>American Express</h2> <p>With 12 months of interest free promotional financing, the <a href="http://www.wisebread.com/amex-everyday-credit-card-review-tina-fey-says-yes?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">Amex Everyday Card</a> is best balance transfer card offered by American Express, and a competitive rewards card as well with no annual fee. After the promotional period, a 13.49%-23.49% variable APR will apply. There is a 3% balance transfer fee. Terms apply.</p> <h2>Bank of America</h2> <p>The <a href="http://www.wisebread.com/bankamericard-credit-card-review?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=cc_article">BankAmericard&reg; Credit Card</a> offers a 0% intro APR on balance transfers completed within 60 days of account opening for 18 billing cycles, then a 11.49%-21.49% variable APR will apply. There is a 3% balance transfer fee and no annual fee for this card. (See also: <a href="http://www.wisebread.com/bank-of-america-credit-card-offers-applications-reviews?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=cc_article">Best Bank of America Credit Cards</a>)</p> <h2>Barclaycard</h2> <p>Barclaycard has two cards that offer 0% intro APR for 12 billing cycles. The <a href="http://www.wisebread.com/get-extra-cash-back-with-barclaycard-cashforward-world-mastercard?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=cc_article">Barclaycard CashForward&trade; World MasterCard&reg;</a> has 0% intro APR for 15 months on balance transfers made within the first 45 days of account opening (a variable APR of 15.24%, 20.24% or 25.24% will apply after). The <a href="http://www.wisebread.com/easy-travel-rewards-with-no-annual-fee-barclaycard-arrival-world-mastercard?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=cc_article">Barclaycard Arrival World MasterCard</a> also has 0% intro APR for 12 months on balance transfers made within the first 45 days. After that a variable APR of 16.24%, 20.24%, or 24.24% will apply. There is a 3% balance transfer fee and no annual fee for either cards.</p> <h2>Capital One<strong> </strong></h2> <p>Capital One's best balance transfer offer is it's <a href="http://www.wisebread.com/unlimited-cash-back-the-quicksilver-cash-rewards-credit-card?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=cc_article">Quicksilver Rewards Card</a>, which offers 0% intro APR for purchases and balance transfers for 9 months (then a 13.49%-23.49% variable APR applies). There is a 3% balance transfer fee and no annual fee for this card. (See also: <a href="http://www.wisebread.com/capital-one-credit-card-applications?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=cc_article">Best Capital One Credit Cards</a>)</p> <h2>Chase<strong> </strong></h2> <p>With no intro balance transfer fees on balances transferred within the first 60 days, no annual fee, and 15 months of 0% intro APR financing on both purchases and balance transfers, the <a href="http://www.wisebread.com/chase-slate-visa-review?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=cc_article">Chase Slate card is simply the best card for balance transfers</a>, period.</p> <h2>Citi<strong> </strong></h2> <p>Citi has two cards with similar balance transfer opportunities. The <a href="http://www.wisebread.com/retire-your-credit-card-debt-with-citi-simplicity-card?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=cc_article">Citi Simplicity Card</a> offers a 0% intro APR for 21 months for purchases and balance transfers made within 4 months of account opening (then 13.99%-23.99% variable APR). The <a href="http://www.wisebread.com/the-citi-diamond-preferred-card-0-interest-with-benefits?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=cc_article">Citi Diamond Preferred Card</a> offers the same 0% intro APR for 21 months on purchases and balance transfers made within the first 4 months (then a 12.99%-22.99% APR applies). There is a 3% balance transfer fee and no annual fee for either card.</p> <h2>Discover</h2> <p>The <a href="http://www.wisebread.com/the-discover-it-card-attractive-cash-back-awards-for-shoppers?utm_source=wisebread&amp;utm_medium=seealso&amp;utm_campaign=cc_article">Discover it card</a> offers 0% intro APR for 18 months on eligible balance transfers and 6 months on purchases. Then an 11.49%-23.49% variable APR applies. There is a 3% balance transfer fee and no annual fee for the card.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/jason-steele">Jason Steele</a> of <a href="http://www.wisebread.com/which-balance-transfer-credit-card-is-the-best-for-you">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/fastest-way-to-pay-off-10000-in-credit-card-debt">The Fastest Way to Pay Off $10,000 in Credit Card Debt</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-credit-cards-with-no-balance-transfer-fees">5 Best Credit Cards with No Balance Transfer Fees</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/chase-slate-visa-review">Chase Slate&amp;reg; Review: Balance Transfers With No Intro Fee</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/citi-double-cash-card-18-month-bt-offer-pays-you-to-pay-off-your-debt">Citi® Double Cash Card - 18 Month BT Offer Pays You to Pay Off Your Debt</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-ways-to-pay-off-high-interest-credit-card-debt">5 Ways to Pay Off High Interest Credit Card Debt</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards balance transfer Fri, 13 May 2016 10:30:10 +0000 Jason Steele 1695163 at http://www.wisebread.com 5 Best Credit Cards with No Balance Transfer Fees http://www.wisebread.com/5-best-credit-cards-with-no-balance-transfer-fees <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-best-credit-cards-with-no-balance-transfer-fees" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000034561642.jpg" alt="" title="" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>Making a <a href="http://www.wisebread.com/when-to-do-a-balance-transfer-to-pay-off-credit-card-debt?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=5x">balance transfer to another credit card</a> can be an effective way to pay down credit card debt. If you're currently paying a lot of interest each month on a current balance, it can feel like an uphill battle as you make a payment each month. A balance transfer option can allow you to pay down your credit card debt faster, by offering either a <a href="http://www.wisebread.com/the-best-low-interest-rate-credit-cards?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=5x">lower APR (less interest)</a> or even a <a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=5x">0% introductory APRs</a> period where you don't have to pay <em>any</em> interest during a specified time period.</p> <p>However, transferring a balance to another credit card often comes with a balance transfer fee. This fee is usually the greater of $5 or 3% of the transfer, but can be as high as 5%. For example, if you transfer a $10,000 balance, the <strong>transfer fee alone could cost $300-$500</strong>; eliminating much of the savings of transferring the balance to a 0% APR card.</p> <p>Thankfully, there are a few credit cards that offer balance transfers with no fees. Some of these also offer a 0% APR period, but even if they don't, a lower APR credit card can still significantly reduce the amount of money you pay in interest each month, helping you pay off your debt faster. These are the five best credit cards with no balance transfer fee.</p> <h3>Chase Slate&reg;</h3> <p><img src="http://www.imgsynergy.com/191x120/chase-slate-060216.png" alt="" class="img-exempt" style="float:right;margin:0 5px 5px 10px;" width="154" border="0" height="97" /><a href=" http://ct.wisebread.com/click.php?pg=44&amp;pid=39&amp;pp=1&amp;uv=xcardbutton" rel="nofollow" title="Chase Slate&reg;" alt="Chase Slate&reg;" target="_blank" style="border:none;float:right;clear:right;margin: 0 5px 5px 10px;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" class="img-exempt img-button" alt="" /></a>The <a href="http://ct.wisebread.com/click.php?pg=44&amp;pid=39&amp;pp=1&amp;uv=xname">Chase Slate&reg;</a> card is the <em>only</em> card on this list that offers an introductory 0% APR on balance transfers, an intro balance transfer fee of $0, <em>and</em> no annual fee. (Balance transfers must be made within the first 60 days for the fee to be waived. After that there will be a 5% or $5 fee, whichever is greater.) The 0% Intro APR for purchases and balance transfers is 15 months. After the intro period, a variable APR of 15.49%-24.24% applies. The card also comes with access to your monthly FICO&reg; score and Credit Dashboard, which can give you a boost in morale as you see your balance going down and your score going up. There is no annual fee.</p> <p><a href="http://ct.wisebread.com/click.php?pg=44&amp;pid=39&amp;pp=1&amp;uv=xend" rel="nofollow" target="_blank"><strong>Click here to learn more and apply for the Chase Slate&reg; Card today!</strong></a></p> <h3>Capital One&reg; QuicksilverOne&reg; Cash Rewards Credit Card</h3> <p><img src="http://www.imgsynergy.com/191x120/capital-one-quicksilverone-cash-rewards-credit-card-040815.png" class="img-exempt" style="float:right;margin:0 5px 5px 10px;" alt="" width="154" border="0" height="97" /><a href="http://ct.wisebread.com/click.php?pg=44&amp;pid=28&amp;pp=2&amp;uv=xcardbutton" target=" rel=" style="border:none;float:right;clear:right;margin: 0 5px 5px 10px;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" class="img-exempt img-button" alt="" /></a>For those with average credit, the <a target="_blank" rel="nofollow" href="http://ct.wisebread.com/click.php?pg=44&amp;pid=28&amp;pp=2&amp;uv=xname">Capital One&reg; QuicksilverOne&reg; Cash Rewards Credit Card</a> offers a variable APR of 24.99% on both purchases and balance transfers, and there is no balance transfer fee. You earn unlimited 1.5 cash back on every purchase. The annual fee is $39.</p> <p><a target="_blank" rel="nofollow" href="http://ct.wisebread.com/click.php?pg=44&amp;pid=28&amp;pp=2&amp;uv=xend"><strong>Click here to learn more and apply for the Capital One&reg; QuicksilverOne&reg; Cash Rewards Credit Card today!</strong></a></p> <h3>Capital One&reg; Venture&reg; Rewards Credit Card</h3> <p><img src=" http://www.imgsynergy.com/191x120/capital-one-venture-rewards-credit-card-101614.png" alt="" class="img-exempt" style="float:right;margin:0 5px 5px 10px;" width="154" border="0" height="97" /><a href="http://ct.wisebread.com/click.php?pg=44&amp;pid=26&amp;pp=3&amp;uv=xcardbutton" rel="nofollow" alt="Capital One&reg; Venture&reg; Rewards Credit Card" title="Capital One&reg; Venture&reg; Rewards Credit Card" target="_blank" style="border:none;float:right;clear:right;margin: 0 5px 5px 10px;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" class="img-exempt img-button" alt="" /></a>Besides being one of our <a href="http://www.wisebread.com/top-5-travel-reward-credit-cards?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=5x">favorite travel rewards cards</a>, the <a target="_blank" rel="nofollow" href="http://ct.wisebread.com/click.php?pg=44&amp;pid=26&amp;pp=3&amp;uv=xname">Capital One&reg; Venture&reg; Rewards Credit Card</a> does not charge a balance transfer fee and the variable APR starts as low as 13.49% (up to 23.49%). Earn unlimited 2x miles per dollar on every purchase. There is an annual fee of $59, waived the first year.</p> <p><a target="_blank" rel="nofollow" href="http://ct.wisebread.com/click.php?pg=44&amp;pid=26&amp;pp=3&amp;uv=xend"><strong>Click here to learn more and apply for the Capital One&reg; Venture Rewards&reg; Credit Card today!</strong></a></p> <h3>Capital One&reg; VentureOne&reg; Rewards Credit Card</h3> <p><img src="http://www.imgsynergy.com/191x120/capital-one-ventureone-rewards-credit-card-101614.png" alt="" class="img-exempt" style="float:right;margin:0 5px 5px 10px;" width="154" border="0" height="97" /><a href="http://ct.wisebread.com/click.php?pg=44&amp;pid=33&amp;pp=4&amp;uv=xcardbutton" target=" rel=" style="border:none;float:right;clear:right;margin: 0 5px 5px 10px;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" class="img-exempt img-button" alt="" /></a>If you don't want to pay for the annual fee of the <a href="http://www.wisebread.com/capital-one-venture-rewards-card-review?utm_source=wisebread&amp;utm_medium=internal&amp;utm_campaign=5x" rel="nofollow" target="_blank">Venture Rewards</a> card, Capital One offers the <a target="_blank" rel="nofollow" href="http://ct.wisebread.com/click.php?pg=44&amp;pid=33&amp;pp=4&amp;uv=xname">VentureOne&reg; Rewards Credit Card</a> with no balance transfer fee as well. You start with a 0% intro APR on purchases for 12 months (12.49%-22.49% variable APR after that) and you can earn unlimited 1.25 miles per dollar on every purchase. There is no annual fee.</p> <p><a target="_blank" rel="nofollow" href="http://ct.wisebread.com/click.php?pg=44&amp;pid=33&amp;pp=4&amp;uv=xend"><strong>Click here to learn more and apply for the Capital One&reg; VentureOne&reg; Rewards Credit Card today!</strong></a></p> <h3>Barclaycard Ring&trade; Mastercard&reg;</h3> <p><img src="http://www.imgsynergy.com/191x120/barclaycard-ring-mastercard-081215.png" alt="" class="img-exempt" style="float:right;margin:0 5px 5px 10px;" width="154" border="0" height="97" /><a href="http://ct.wisebread.com/click.php?pg=44&amp;pid=23&amp;pp=5&amp;uv=xcardbutton" rel="nofollow" title="Barclaycard&reg; Ring MasterCard&reg;" alt="Barclaycard&reg; Ring MasterCard&reg;" target="_blank" style="border:none;float:right;clear:right;margin: 0 5px 5px 10px;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" class="img-exempt img-button" alt="" /></a>The <a rel="nofollow" target="_blank" href="http://ct.wisebread.com/click.php?pg=44&amp;pid=23&amp;pp=5&amp;uv=xname">Barclaycard Ring&trade; Mastercard&reg;</a> is best suited for those who hate fees. It has no balance transfer fees, foreign transaction fees, and no annual fee. It also offers 0% intro APR on purchases and qualifying balance transfers for 15 months (after that, a variable 13.49% APR applies). You also get access to your FICO score, free. However, this card stands out from other credit cards because of its various &quot;social&quot; features, such the option to become a member of the community of card holders who can vote on card features and submit ideas. As part of the Giveback&trade; program, you can earn money shared by the community, for referring members, paying your bill on time, and going paperless.</p> <p><a rel="nofollow" target="_blank" href="http://ct.wisebread.com/click.php?pg=44&amp;pid=23&amp;pp=5&amp;uv=xend"><strong>Click here to learn more and apply for the Barclaycard Ring&trade; Mastercard&reg; today!</strong></a></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/christina-majaski">Christina Majaski</a> of <a href="http://www.wisebread.com/5-best-credit-cards-with-no-balance-transfer-fees">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards">The 5 Best 0% Balance Transfer Credit Cards</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-best-low-interest-rate-credit-cards">The Best Low Interest Rate Credit Cards</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/fastest-way-to-pay-off-10000-in-credit-card-debt">The Fastest Way to Pay Off $10,000 in Credit Card Debt</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-5-best-credit-cards-that-offer-free-credit-scores">The 5 Best Credit Cards That Offer Free Credit Scores</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-best-credit-cards-to-wipe-out-holiday-debt">The Best Credit Cards to Wipe Out Holiday Debt</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards Debt Management balance transfer best credit cards Fri, 31 Jul 2015 21:46:48 +0000 Christina Majaski 1505930 at http://www.wisebread.com Citi® Double Cash Card - 18 Month BT Offer Pays You to Pay Off Your Debt http://www.wisebread.com/citi-double-cash-card-18-month-bt-offer-pays-you-to-pay-off-your-debt <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/citi-double-cash-card-18-month-bt-offer-pays-you-to-pay-off-your-debt" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/woman_cash_000015373407.jpg" alt="Woman with cash" title="" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>There are all sorts of tricks that credit card issuers can play on customers who are looking for the most cash back from a rewards card. They can offer bonuses for certain types of purchases, or feature extra cash back on categories of purchases that change every quarter. Others have limits on the rewards that can be earned on certain kinds of purchases each year, or charge a large annual fee that offsets much of the savings. (See also: <a href="http://www.wisebread.com/how-rewards-credit-cards-really-work?ref=review">How Cash Back Rewards Credit Cards Really Work</a>)</p> <p>But in this highly competitive market, Citi created a card that pushed past many of these traditional gimmicks. The <a href="http://ct.wisebread.com/click.php?pg=102&amp;pid=47&amp;pp=0&amp;uv=sname" target="_top">Citi&reg; Double Cash Card - 18 month BT offer</a> from our partner Citi offers cash back twice on every purchase &mdash; once when you buy, and again when you pay for those purchases. And there is no annual fee.</p> <h2>How This Card Works</h2> <p>Cardholders can earn an unlimited 1% cash back when they make a purchase, and an additional 1% cash back when their purchase is paid. Customers receive their rewards as soon as they reach $25. There are no caps or restrictions on the amount of cash back that can be earned. There is no annual fee.</p> <h2>Other Benefits</h2> <p><strong>Travel benefits</strong>. This card features plenty of valuable travel benefits and protections. Traveling cardholders will receive up to $50,000 in worldwide rental car coverage and up to $250,000 in worldwide travel accident insurance. Trip cancellation and interruption insurance is also included as a benefit of this card.</p> <p><strong>Citi Price Rewind</strong>. Citi's Price Rewind service automatically refunds customers up to $300 per item (up to $1200 per year) when there is a price drop on a registered purchase found within 60 days of the purchase.</p> <p><strong>Shopping benefits.</strong> Cardholders will receive an <a href="http://www.wisebread.com/how-to-take-advantage-of-free-extended-warranty-from-your-credit-card-issuer?ref=review">additional year of warranty coverage</a> on items they purchase on the card, as well as theft and damage <a href="http://www.wisebread.com/11-ways-your-credit-card-will-save-you-money-while-holiday-shopping?ref=review">purchase protection</a> of up to $1,000 per item and $50,000 a year, which covers items damaged or stolen within 120 days of purchase (90 days for New York State residents).</p> <h2>Costs</h2> <ul> <li>$0 Annual Fee</li> <li>13.49% - 23.49% variable APR (0% introductory APR for 18 months on balance transfers made from the date of first transfer when transfers are completed within four months of account opening)</li> <li>3% Balance Transfer Fee ($5 minimum)</li> <li>3% Foreign Transaction Fee</li> </ul> <p><a href="http://ct.wisebread.com/click.php?pg=102&amp;pid=47&amp;pp=0&amp;uv=sbutton2" target="_top"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" class="img-exempt" alt="" /></a></p> <h2>Pros</h2> <p><strong>Cash back rewards and intro APR</strong>. Getting 1% unlimited cash back is pretty standard, but the 1% back when you pay makes this one of the best cash rewards credit cards available. In addition, the 18 months of interest-free balance transfers is also a very valuable feature.</p> <p><strong>No annual fee</strong>. The <a href="http://www.wisebread.com/10-awesome-credit-card-perks-you-didnt-know-about?ref=review">additional benefits</a> of this card are as strong as they are on some high end reward cards with pricey annual fees. However, there's no annual fee for this card.</p> <h2>Cons</h2> <p><strong>Split cash back rewards</strong>. It is unclear why Citi chooses to split awarding the cash back between the time of purchase and the time of payment, which runs contrary to its otherwise simple rewards program. (See also: <a href="http://www.wisebread.com/5-best-cash-back-credit-cards?ref=seealso">5 Best Cash Back Credit Cards</a>)</p> <p><strong>Foreign transaction fee</strong>. In addition, when traveling internationally, customers will want to use a different card with no foreign transaction fees, and leave this card at home. (See also: <a href="http://www.wisebread.com/smarter-security-and-no-foreign-transaction-fees-the-best-credit-cards-to-use-while-on-vacation?ref=seealso">Best Credit Cards with No Foreign Transaction Fees</a>)</p> <h2>Who This Card Is Best For</h2> <p>This is a great product for rewards credit card users who would rather earn cash back than airline miles or other <a href="http://www.wisebread.com/top-5-travel-reward-credit-cards?ref=review">travel rewards</a>. For those who always avoid interest by paying their balances in full each month, Citi's Double Cash is now the product to beat among cash back rewards cards.</p> <p style="text-align: center;"><a href="http://ct.wisebread.com/click.php?pg=102&amp;pid=47&amp;pp=0&amp;uv=send" target="_top"><strong>Click here to learn more and apply for the Citi&reg; Double Cash Card - 18 month BT offer today!</strong></a></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/jason-steele">Jason Steele</a> of <a href="http://www.wisebread.com/citi-double-cash-card-18-month-bt-offer-pays-you-to-pay-off-your-debt">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/chase-slate-visa-review">Chase Slate&amp;reg; Review: Balance Transfers With No Intro Fee</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/citi-credit-card-offers-applications-reviews">Citi Credit Card Offers: Applications &amp; Reviews</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/retire-your-credit-card-debt-with-citi-simplicity-card">Retire Your Credit Card Debt With Citi Simplicity® Card - No Late Fees Ever</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-things-you-need-to-know-about-the-new-costco-credit-card">6 Things You Need to Know About the New Costco Credit Card</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/9-ways-to-use-travel-rewards-cards-to-get-free-trips">How to Use Travel Rewards Cards to Get Free Trips</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards balance transfer cash back Citi credit card reviews rewards Wed, 03 Dec 2014 23:00:11 +0000 Jason Steele 1263097 at http://www.wisebread.com Now Is the Best Time in Years to Do a Credit Card Balance Transfer http://www.wisebread.com/now-is-the-best-time-in-years-to-do-a-credit-card-balance-transfer <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/now-is-the-best-time-in-years-to-do-a-credit-card-balance-transfer" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/credit-card-461520219.jpg" alt="credit card" title="credit card" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p>One of the most frustrating realities in personal finance is the high rate charged on credit card balances. Even if you pay more than the minimum each month, the high interest rate severely limits the effectiveness of your payment. Whether you are trying to deal with holiday debt or take control of your finances, a balance transfer can be just the thing. (See also: <a href="http://www.wisebread.com/why-do-a-credit-card-balance-transfer-and-how?ref=seealso">Why and How to Do a Balance Transfer</a>)</p> <p>And the best part? Now is a great time to do a balance transfer.</p> <h2>Why Transfer Balances Now?</h2> <p>Balance transfer deals have been ramping up in recent months. The <a href="http://business.time.com/2013/09/06/0-balance-transfers-are-tempting-but-beware-the-risks/">credit freeze is thawing</a>, and 0% APR balance transfers are being offered to more people.</p> <p>During and immediately after the Great Recession, you had to have practically impeccable credit to receive these attractive offers. Now, however, with <a href="http://www.forbes.com/sites/sharding/2013/06/01/banks-making-record-profits-again-while-consumers-still-have-losses/">banks enjoying record profits</a>, they are willing to take a little more risk and expand the offers. Chances are that a 0% APR offer is coming to mailbox near you.</p> <p>Not only is the number of these offers increasing, but the deals are getting sweeter. The highest offers in the United States are at 18 months of that introductory rate. During the past few years, most of these offers were capped between six and 12 months. Now you have up to a year and a half to make a serious dent in your transferred debt. (See also: <a href="http://www.wisebread.com/10-worst-ways-to-pay-off-your-credit-card-debt?ref-seealso">The Worst Ways to Pay Off Credit Card Debt</a>)</p> <h2>Use a 0% Balance Transfer to Help Your Finances</h2> <p>Using a 0% balance transfer credit card helps you demolish your debt because your entire monthly payment goes toward reducing your principal. You don&#39;t have to worry about how big a chunk the interest payment is taking out of your payment. Here are some of the ways a 0% APR credit card can help your finances. (See also: <a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards?ref=seealso">Best 0% Balance Transfer Credit Cards</a>)</p> <h3>Get Rid of Holiday Debt Fast</h3> <p>Even with the best intentions, many of us end up carrying balances following the holidays. It&#39;s so easy to get caught up in the season with sales, entertaining, and gift giving. Transfer your high-rate balances to a 0% APR credit card, and you have a little breathing room to pay off your holiday debt and keep it from dominating your life. Plus, you pay it off faster when everything goes toward principal. If you have cash back from rewards credit cards, apply that to your debt, too, for even faster results. (See also: <a href="http://www.wisebread.com/dealing-with-post-holiday-credit-card-debt?ref=seealso">How to Deal With Post-Holiday Debt</a>)</p> <p>There&#39;s no reason to let holiday debt ruin the first few months of the new year. A 0% balance transfer will help you better manage that debt. And, since you have that breathing room, you can even start saving up for next holiday season now so that you aren&#39;t in this position again.</p> <h3>Reboot Your Personal Finances</h3> <p>You can reboot your personal finances no matter the time of year, and a balance transfer can help. When you&#39;re ready to take charge of your money situation, the first thing to do is organize a debt paydown plan. A 0% balance transfer card can help your efforts. (See also: <a href="http://www.wisebread.com/snowballs-or-avalanches-which-debt-reduction-strategy-is-best-for-you?ref=seealso">Which Debt Repayment Strategy Is Best for You?</a>)</p> <h3>Manage Your Debt Better</h3> <p>The great thing about long introductory rates with balance transfers is that you can tackle other high-interest debt without accumulating more due to interest. Take your highest-interest credit card balances, and transfer as much as you can to the 0% APR credit card. If you have balances left on other cards, you can call to ask for a reduction in the interest rate. Account holders in good standing can sometimes see a 1% to 3% reduction in rate just for asking. (See also: <a href="http://www.wisebread.com/what-you-must-know-before-transferring-credit-card-balances?ref=seealso">What You Should Know Before You Do a Balance Transfer</a>)</p> <h3>Use the Snowball Method to Reduce Debt</h3> <p>Once you have re-arranged all of your debt, you can then tackle the high-rate debt while paying the minimum on the 0% APR card for now. The beauty of this method is that you are paying down your high-rate cards at a faster rate, and at the same time the minimum you put toward your balance transfer card is going toward reducing that balance. Here&#39;s an example, using three credit cards:</p> <ul> <li>Credit Card A has a balance of $2,500 and a rate of 19.99%</li> <li>Credit Card B has a balance of $1,500 and a rate of 15.99%</li> <li>Credit Card C has a balance of $3,000 and a rate of 13.99%</li> </ul> <p>You are approved for a 0% APR balance transfer card with a credit limit of $3,500 and an introductory rate of 18 months. The first thing you do is transfer the balance from Credit Card A and $1,000 of the balance from Credit Card B. Now you have balances of $500 (at 15.99%), $3,000 (13.99%), and $3,500 (0%).</p> <p>Call your credit card issuers and ask for rate reductions if you are in good standing. Let&#39;s say you are offered a reduction to 14.99% on the one card, and a reduction to 11.99% on the other card.</p> <p>After reviewing your finances, you discover that you can put an extra $300 per month toward debt reduction, on top of the minimum payments you are making on all of your cards. Start with the highest-rate card, which only has $500 on it. You put that extra $300 toward that balance and keep paying the minimum on everything else. (Don&#39;t reduce the amount you pay as the &quot;minimum&quot; as you progress. The minimum will drop with your slowly falling balance, but keep paying the level you started with.)</p> <p>After two months, you&#39;re ready to tackle the next card on the list. Bring the $300, plus the minimum you had been paying on your other card, and add it to the minimum you have been paying on the second card. It&#39;s important to transfer the original minimum you have been paying so that your payment snowballs and gets bigger. It takes another nine months to pay off the next debt, for a total of 11 months. (See also: <a href="http://www.wisebread.com/a-comprehensive-guide-to-the-debt-snowball-method-0?ref=seealso">Guide to the Debt Snowball Method</a>)</p> <p>Now you&#39;re on to the balance transfer card. You still have another seven months to pay off this card before the 0% runs out. Remember, every penny that you&#39;ve paid in the minimum balance for the last 11 months has gone toward reducing the principal. So let&#39;s say you&#39;ve managed to knock off close to $1,100 of the balance. So you have seven months to pay of the remaining $2,400. Since you&#39;ve moved your other minimums over, along with your original $300, you should be putting $350 or so toward debt reduction on your final card. That should be enough to allow you to finish paying off your debt before the 0% introductory period ends.</p> <p>Adding a balance transfer card to the mix can be an amazing way to re-order your finances and fix your debt problem. Just make sure you create a plan that allows you to pay off the balance before the intro period runs out.</p> <p><em>Have you taken advantage of long introductory periods on balance transfers to reduce debt? Were you successful?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/miranda-marquit">Miranda Marquit</a> of <a href="http://www.wisebread.com/now-is-the-best-time-in-years-to-do-a-credit-card-balance-transfer">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/fastest-way-to-pay-off-10000-in-credit-card-debt">The Fastest Way to Pay Off $10,000 in Credit Card Debt</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-much-does-your-credit-card-debt-cost-you">How Much Does Your Credit Card Debt Cost You?</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-best-credit-cards-with-no-balance-transfer-fees">5 Best Credit Cards with No Balance Transfer Fees</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/six-steps-to-eliminating-your-debt-painlessly">6 Steps to Eliminating Your Debt Painlessly</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/3-ways-paying-off-credit-cards-is-like-playing-beer-pong">3 Ways Paying Off Credit Cards Is Like Playing Beer Pong</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards Debt Management balance transfer credit card debt reduction Fri, 07 Feb 2014 10:36:41 +0000 Miranda Marquit 1123544 at http://www.wisebread.com Chase Slate&reg; Review: Balance Transfers With No Intro Fee http://www.wisebread.com/chase-slate-visa-review <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/chase-slate-visa-review" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/man_laptop_credit_card_000034561642.jpg" alt="Man at laptop with credit card" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Although the ultimate solution to eliminating credit card interest is paying off your debt, there is an interim strategy that can eliminate interest charges. Promotional financing offers common on many credit cards can allow new cardholders to <a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards?ref=review">transfer their balance</a> from an existing card to the new one, which can offer interest-free financing for a period of 6-18 months. The <a rel="nofollow" target="_blank" href="http://ct.wisebread.com/click.php?pg=93&amp;pid=39&amp;pp=0&amp;uv=sname&amp;fot=1051">Chase Slate&reg; Card</a> offers 0% intro APR for 15 months on both new purchases and balance transfers. This card also features Chase's innovative Blueprint program that offers tools to help you meet your debt elimination goal on a time frame that you set.</p> <h2>How the Balance Transfer Works</h2> <p>Once approved for the Slate card, customers have 60 days in which to execute the promotional balance transfer. In effect, you are asking Chase to pay off your old credit card's balance and apply that amount to your new Slate card. Just note that the old balance must be on a card that is <em>not</em> from Chase.</p> <p>I have reviewed dozens of other cards, but all others require that an additional 3% of the amount transferred be added to your new account as a balance transfer fee. So this is clearly the best balance transfer offer on the market as it is the only one with no balance transfer fee for an introductory period. But in addition, new purchases can also be made interest-free for a period of 15 months. Always keep in mind that you will still have to make a monthly minimum payment, and you will still have to pay off all charges within 15 months in order to avoid interest. (See also: <a href="http://www.wisebread.com/when-to-do-a-balance-transfer-to-pay-off-credit-card-debt?ref=review">When to Do a Balance Transfer to Pay Off Credit Card Debt</a>)</p> <h2>The Beauty of Blueprint</h2> <p>Savvy credit card experts quickly recognize the fact that Slate is the only card on the market with no balance transfer fee for the first 6 months. But few reviewers understand is the value behind Chase's unique Blueprint program. Blueprint is a feature available at no additional charge to holders of several different Chase credit cards. But I strongly believe that this program is ideally suited to the typical Slate cardholder, someone who carries a balance.</p> <p>There are four components to this system:</p> <p><strong>Full Pay</strong>. When you can't pay your balance in full you can designate particular types of charges that you want to pay off, and carry a balance on the others through Full Pay. This is an amazing feature as other cards will incur interest on <em>all</em> charges unless your entire balance is paid in full. The Blueprint program will allow you to pay off some purchases without charging you interest, <em>even if you currently carry a balance</em>.</p> <p><strong>Split</strong>. You can create a plan to pay off a large purchase in the amount of time you choose with the Split option.</p> <p><strong>Finish It</strong>. This component allows you to plan how much you want to pay each month and calculates how long it will take to pay off your debt at that rate. Alternatively, you can decide when you want to pay off your balance, and it will calculate the monthly payments necessary to achieve that goal.</p> <p><strong>Track It</strong>. This feature is a budgeting tool to help you group and total your purchases. Together, these options are the most powerful debt reduction system offered by any credit card issuer.</p> <h2>Credit Score and Credit Dashboard for Free</h2> <p>This card includes access to your FICO Score based on Experian data, as well as the Chase Slate Credit Dashboard for accessing and viewing helpful credit information. (See also: <a href="http://www.wisebread.com/the-5-best-credit-cards-that-offer-free-credit-scores">Credit Cards With Free Credit Scores</a>)</p> <h2>Costs</h2> <ul> <li>$0 Annual Fee</li> <li>0% Intro APR for 15 billing cycles for purchases and balance transfers. After that, a variable APR of 15.49%-24.24%</li> <li>$0 Balance Transfer Fee for transfers made within the first 60 days of account opening. After that, 5% or $5, whichever is greater.</li> <li>Foreign Transaction Fee: 3% of each transaction in U.S. dollars</li> </ul> <p><a target="_blank" rel="nofollow" href="http://ct.wisebread.com/click.php?pg=93&amp;pid=39&amp;pp=0&amp;uv=sbutton1&amp;fot=1051"><img class="img-exempt" alt="" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" /></a></p> <h2>Pros</h2> <p><strong>No intro fee on balance transfers</strong>. With 15 months of 0% intro APR on your existing balance and no balance transfer fee for transfers made during the first 60 days, you will not find this offer anywhere else. (See also: <a href="http://www.wisebread.com/5-best-credit-cards-with-no-balance-transfer-fees">Best Credit Cards Without Balance Transfer Fees</a>)&nbsp;</p> <p><strong>Promotional financing on new purchases</strong>. New transactions are also interest-free for 15 months.&nbsp;</p> <p><strong>Blueprint program</strong>. Lets you avoid interest on some charges while paying others on a schedule you set.&nbsp;</p> <p><strong>No annual fee</strong>. Neither the Slate card nor the Blueprint features have any annual fees or balance transfer fees for transfers made within the first 60 days.&nbsp;</p> <h2>Cons</h2> <p><strong>No rewards.</strong> There is no sign-up bonus, and there are no spending rewards for this card.&nbsp;(See also: <a href="http://www.wisebread.com/5-best-cash-back-credit-cards">Best Cash Back Credit Cards</a>)</p> <p><strong>Foreign transaction fees.</strong> For all transactions processed outside of the United States, this card charges a foreign transaction fee of 3% of each transaction in U.S. dollars. (See also: <a href="http://www.wisebread.com/smarter-security-and-no-foreign-transaction-fees-the-best-credit-cards-to-use-while-on-vacation">Credit Cards Without Foreign Transaction Fees</a>)</p> <h2>Who This Card Is Best For</h2> <p>If you have credit card debt, your number one priority should be to pay it off. The Chase Slate card helps you to do that by offering a 0% introductory APR for the first 15 billing cycles on both new purchase and balance transfers with no balance transfer fee for transfers made within the first 60 days of opening the account. However, do not use Slate or any other balance transfer card just to kick the can down the road and pay off your debts another time. With these features and the Blueprint program, the Slate card can be an important part of paying off and eliminating credit card debt.</p> <p style="text-align: center;"><strong><a href="http://ct.wisebread.com/click.php?pg=93&amp;pid=39&amp;pp=0&amp;uv=send&amp;fot=1051">Click here to learn more and apply for the Chase Slate&reg; Card today!</a></strong></p> <h2>How to Find Chase Slate Promotions</h2> <ol> <li><strong>Internet &ndash; Most Recommended. </strong>One of the best places to find the most current Chase Slate offers is on the Internet. You not only find the best offers online, but you can also research and compare the particular offer with other card promotions to make sure you&rsquo;re choosing the best card for you. This is especially handy with card issuers like Chase, which generally have multiple low-interest, cashback, and travel rewards credit cards to choose. Plus, you can usually apply and get an answer within minutes, while sitting at home with your laptop, instead of holding on the phone or waiting for an answer in the mail.<strong><br /> </strong></li> <li><strong>Mail Promotions. </strong>Although you might find your fewer mail promotions in your mailbox than in the past, it&rsquo;s still a common method of reaching prospective cardholders. Mail promotions today, however, are often more targeted than in the past, increasing the likelihood of getting an offer that fits your situation. The primary downside to mail promotions is that you generally have to wait to get the offer, if you get it at all, and there&rsquo;s a chance you&rsquo;ll miss out on it altogether. Mail offers for the Chase Slate Credit Card will often direct you online to apply at slatefromchase.com, slatefromchasenow.com.<strong><br /> </strong></li> <li><strong>Television Ads. </strong>Commercials are still popular ways that many consumers get their promotions. With Chase, you may find fewer ads for specific credit cards and more covering new features like its Blueprint program for paying for your purchases. Television ads usually include a phone number to apply for the card or a link such as chase.com/slate so you can visit and apply online. Like some of the other promotions, however, television ads can limit what&rsquo;s available, and you risk missing out on a credit card that works better for you.<strong><br /> </strong></li> <li><strong>Magazines and Newspapers. </strong>You&rsquo;ll likely come across ads for credit cards in magazines and newspapers as well. These promotions may include a phone number to call or a website URL like chase.com where you can apply for the card. Magazines and newspaper ads, however, also do not provide an opportunity to research and compare different cards, and the information available regarding the card and its benefits is limited to whatever fits within the space of the ad.<strong><br /> </strong></li> <li><strong>Bank Branches. </strong>With large banks and card issuers like Chase, you can also get information on applying for credit cards directly from the bank branch. With more than 6,000 branch locations, you also have a good chance of living close enough to one you can visit. Although bank branches limit your card options to only those that they offer, Chase Bank is, at least, a branch that includes a broad range of other financial products like checking and savings accounts and home mortgages.</li> </ol> <p style="text-align: center;"><a href="http://ct.wisebread.com/click.php?pg=93&amp;pid=39&amp;pp=0&amp;uv=send2&amp;fot=1051"><strong>Click here to learn more and apply for the Chase Slate&reg; Card today!</strong></a></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/jason-steele">Jason Steele</a> of <a href="http://www.wisebread.com/chase-slate-visa-review">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/chase-credit-card-offers-applications-reviews">Chase Credit Card Offers: Applications &amp; Reviews</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/chase-sapphire-preferred-review">Get The Most Value For Your Travel Rewards with the Chase Sapphire Preferred Card</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/chase-freedom-a-more-rewarding-way-to-shop">Chase Freedom: A More Rewarding Way to Shop</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/get-cash-back-for-every-purchase-chase-freedom-unlimited-review">Get Cash Back for Every Purchase: Chase Freedom Unlimited Review</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/citi-double-cash-card-18-month-bt-offer-pays-you-to-pay-off-your-debt">Citi® Double Cash Card - 18 Month BT Offer Pays You to Pay Off Your Debt</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards balance transfer chase credit card reviews Fri, 30 Nov 2012 12:03:42 +0000 Jason Steele 957658 at http://www.wisebread.com Credit Card Fees: Hidden and Otherwise http://www.wisebread.com/credit-card-fees-hidden-and-otherwise <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/credit-card-fees-hidden-and-otherwise" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/credit card fees.JPG" alt="please dip your credit card" title="please dip your credit card" class="imagecache imagecache-250w" width="250" height="188" /></a> </div> </div> </div> <p class="MsoPlainText"><span>Annual fees, grace periods, balance transfer options&hellip;it's a wonderful world of <a title="Guide to Using Credit Cards Wisely" href="http://www.wisebread.com/credit-card-guide">credit card jargon</a> out there, and depending on your needs and planned uses for credit cards, it pays to look at your options. </span></p> <p class="MsoPlainText"><span>Following are the various ways in which credit card companies can get some money out of you: </span></p> <p class="MsoPlainText"><span> </span></p> <h2><span>Interest Rates</span></h2> <p class="MsoPlainText"><span>All credit cards levy an interest rate, the main difference being the percentage charged. Obviously you want to choose the card with the lowest rate. If you already have a card with a higher interest rate but that <a target="_blank" href="/credit-card-rewards-programs">you like for other reasons</a>, then try calling and asking for an interest rate reduction. According to a 2002 Public Interest Research Group study, 56% of people who called their credit card issuer and asked for a reduction were successful. </span></p> <p class="MsoPlainText"><span> </span></p> <h2><span>Early Interest Posting Dates</span></h2> <p class="MsoPlainText"><span>If you are in the market for a new card, find out if interest is charged from the date the charge is posted, or the date of purchase. Most will now charge from the date of purchase (which is usually a few days earlier than the posting date), but if you can find one of the other kind, it may be worthwhile. </span></p> <p><span>This is only really an issue if you plan to carry a balance on your credit card at any time, which if it can be avoided, would be preferable. </span></p> <p class="MsoPlainText"><span> </span></p> <h2><span>How Interest is Calculated</span></h2> <p class="MsoPlainText"><span>Some cards will charge interest on the balance owing at the month or billing cycle's end. Makes sense, right? </span></p> <p class="MsoPlainText"><span>Well, there is a growing trend now to charge interest instead on the average daily balance. So if you charge $1,500 in September, and pay $1,000 of it off on the due date, the following month you will actually be charged interest on the $1,500 average daily balance instead of the actual $500 left owing. </span></p> <p class="MsoPlainText"><span> </span></p> <h2><span>Grace Periods - or Lack Thereof</span></h2> <p class="MsoPlainText"><span>Usually, a grace period will allow for a responsible credit card user to pay off all their purchases within 24-30 days without paying any interest. </span></p> <p class="MsoPlainText"><span>But as some readers pointed out in the comments on <a target="_blank" href="/top-seven-reasons-why-i-use-my-credit-card-for-everything">another article</a>, even those dutiful credit card users who pay off their balance in full each month can sometimes get duped by circumstance (like the bank processing a transfer late) and miss the payment due date by a sliver. </span></p> <p class="MsoPlainText"><span>For those people above and for those who regularly carry balances, even grace periods won't save you: if you have an outstanding balance, you are charged interest on new charges from the date of purchase. (All the more reason not to carry a balance)!</span></p> <p class="MsoPlainText"><span> </span></p> <h2><span>Nuisance Fees</span></h2> <p class="MsoPlainText"><span>In a world of increasing fees for every little thing from booking airline tickets to doing your banking, credit cards are no exception to this bandwagon. The latest in nuisance fees can include: </span></p> <ul> <li><span>Late payment fees (as high as $40)</span></li> <li><span>Over-the-limit fees (as high as $25)</span></li> <li><span>Inactive account fees</span></li> <li><span>Not carrying a balance fees (or carrying a balance under a certain amount)</span></li> <li><span>Monthly fees that are a percentage of your credit limit</span></li> <li><span>Annual flat fees</span></li> <li><span>Balance transfer fees</span></li> <li><span>Credit limit increase fees</span></li> <li><span>Set-up fees</span></li> <li><span>Return item fees</span></li> <li><span>Fees for paying by telephone</span></li> </ul> <p class="MsoPlainText"><span>&hellip;and on it goes. </span></p> <p class="MsoPlainText"><span> </span></p> <h2><span>Cash Advance Interest Charges</span></h2> <p class="MsoPlainText"><span>Many cards charge higher interest rates on cash advances in addition to transaction fees. </span></p> <p class="MsoPlainText"><span> </span></p> <p class="MsoPlainText"><span> </span></p> <h2><span>What They Have to Tell You About</span></h2> <p class="MsoPlainText"><span>When you are searching for a new credit card, the following items are required by law to be disclosed:</span></p> <ul> <li><span>Annual Interest Rate (also called annual percentage rate or APR)</span></li> <li><span>The teaser or introductory rate, along with the details of when and how the regular rate kicks in</span></li> <li><span>How the variable rate is determined (if applicable)</span></li> <li><span>Penalties for late payments</span></li> <li><span>Annual, periodic, or membership fees</span></li> <li><span>How the balance is computed for interest purposes (ie: average daily balance or balance owing methods)</span></li> <li><span>Minimum charge</span></li> <li><span>Grace period (the period of time you have to pay off the balance without incurring interest)</span></li> </ul> <p class="MsoPlainText"><span> </span></p> <p class="MsoPlainText"><span> </span></p> <h2><span>My Card Sucks! I Want To Cancel</span></h2> <p class="MsoPlainText"><span>If after reading this you think you have one of those cards with too many fees, you can cancel it. However, there is a chance that it may reduce your credit score. Check out <a target="_blank" href="http://www.myfico.com">FICO</a> to find out what FICO scores consider, as well as how best to understand your credit score. </span></p> <p class="MsoPlainText"><span> </span></p> <p class="MsoPlainText"><span><br /> To that end, you should be aware of <strong>soft and hard closes</strong>, and how they affect you. </span></p> <p class="MsoPlainText"><span> </span></p> <h3><span>Soft Closes</span></h3> <p class="MsoPlainText"><span>With a soft close, the credit card company will acknowledge that you want to close out the card, but they will automatically reactivate it if charges go through. Their rationale is that they are saving you embarrassment of the card being rejected if you happen to be out shopping and inadvertently whip their card out! </span></p> <p class="MsoPlainText"><span>Hence, a soft close will also often affect your credit score and ability to qualify for large loans later on if the lender does a credit check and sees that you have all sorts of credit available to you, but doesn't see that the credit is soft closed. </span></p> <p class="MsoPlainText"><span>It also makes you vulnerable to fraud, since if a professional steals your identity, they can order another card from a soft-closed account and start charging. </span></p> <p><span> </span></p> <h3><span>Hard Closes</span></h3> <p class="MsoPlainText"><span>Ensuring your account is hard closed entails a little more follow-up work, but can pay off in the end. You must first request a hard close when you are cancelling the card, and follow up with a confirming letter. In your letter, tell the credit company to report &quot;closed by consumer&quot; to the credit bureaus as well, and keep copies of everything. </span></p> <p class="MsoPlainText"><span>Some issuers will refuse to do this: their policy might instead be to process a soft close first and a prescribed time period, at which point it reverts to a hard close. Find out how long that period of time is, and ensure that the account is hard closed with a letter at the end of that time. </span></p> <p class="MsoPlainText"><span> </span></p> <p class="MsoPlainText"><span> </span></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/nora-dunn">Nora Dunn</a> of <a href="http://www.wisebread.com/credit-card-fees-hidden-and-otherwise">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-8"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-dirty-secrets-of-credit-cards">The Dirty Secrets of Credit Cards</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-ways-to-pay-off-high-interest-credit-card-debt">5 Ways to Pay Off High Interest Credit Card Debt</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-best-credit-cards-from-credit-unions">The 25 Best Credit Cards From Credit Unions</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/is-a-balance-transfer-offer-a-good-deal">Is a Balance Transfer Offer a Good Deal?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards">The 5 Best 0% Balance Transfer Credit Cards</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards annual fees APR balance transfer credit card fees grace periods interest calculation interest posting dates interest rates nuisance fees Sun, 23 Dec 2007 23:14:26 +0000 Nora Dunn 1535 at http://www.wisebread.com