balance transfer http://www.wisebread.com/taxonomy/term/4773/all en-US 8 Signs You Desperately Need a New Credit Card http://www.wisebread.com/8-signs-you-desperately-need-a-new-credit-card <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/8-signs-you-desperately-need-a-new-credit-card" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/beautiful_young_businesswoman_shopping_online_in_office.jpg" alt="Beautiful young businesswoman shopping online in office" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>There's something to be said for loyalty. But when it comes to credit cards, if you haven't updated your preferred card in years, you could be missing out on benefits, or paying too much in fees. Here are eight signs it's time to go shopping for a new credit card.</p> <h2>1. You aren't earning any rewards</h2> <p>If you're debt-free and using a credit card for convenience but not earning rewards, you are leaving real money on the table. Even a simple, no-annual-fee cash-back card that offers 1.5% back on every purchase could help you rack up free money over months of regular use. But you can do better than that. Some of the <a href="http://www.wisebread.com/5-best-cash-back-credit-cards?ref=internal" target="_blank">best cash-back credit cards</a> offer 2%-6% cash back on bonus categories (supermarkets, gas, dining &mdash; everyday spending stuff).</p> <p>If you're not earning any rewards, you should be, because 1.5% back is absolutely better than nothing.</p> <h2>2. You're earning the wrong type of rewards</h2> <p>Another sign you're not optimizing your credit card use is if you're earning rewards points that you can't really use. A common example of this is when someone clings to their old airline credit card and the idea of earning miles when they haven't flown for years. If this is you, it may be time to switch to a simple cash-back card or even a <a href="http://www.wisebread.com/best-credit-cards-with-easy-travel-redemption?ref=internal" target="_blank">flexible travel rewards credit card</a>, which lets you earn points you can redeem for travel expenses, cash back, or gift cards. With this strategy (and a new card in your wallet), you'll never be stuck with points you can't use. (See also: <a href="http://www.wisebread.com/choose-the-best-travel-rewards-credit-card-with-this-guide?ref=seealso" target="_blank">Choose the Best Travel Rewards Credit Card with this Guide</a>)</p> <h2>3. The card you use is lacking consumer protections</h2> <p>If you're using credit for convenience but your credit card is strictly bare bones in terms of the benefits it offers, you should definitely shop around. While all cards are different, many of the top rewards credit cards offer special insurance products and shopping protections that can help you save money or protect yourself financially.</p> <p>These include trip cancellation/interruption insurance, guaranteed product returns, damage and theft coverage for purchases, travel accident insurance, and auto rental coverage. If your card isn't offering these protections and you want one that does, you're probably ripe for an upgrade. (See also: <a href="http://www.wisebread.com/10-awesome-credit-card-perks-you-didnt-know-about?ref=seealso" target="_blank">Awesome Credit Card Perks You Didn't Know You Had</a>)</p> <h2>4. You want amazing travel perks</h2> <p>If you haven't traveled a lot in the past but plan to ramp things up in the future, having a <a href="http://www.wisebread.com/travel-perks-you-didnt-know-your-credit-card-had?ref=internal" target="_blank">credit card that offers travel perks</a> can lead to a more pleasant, convenient experience. Some of the top travel credit cards offer perks like a Global Entry credit, airport lounge access, and annual travel credits to cover splurges like seat upgrades and in-flight meals. (See also: <a href="http://www.wisebread.com/5-best-credit-cards-with-free-airport-lounge-access?ref=seealso" target="_blank">5 Best Credit Cards with Free Airport Lounge Access</a>)</p> <p>Most of the time it's best to keep your options open and choose a credit card that allows you to redeem points with a variety of travel partners. But if you have a preference for one particular airline, it's beneficial to get their <a href="http://www.wisebread.com/5-best-co-branded-airline-credit-cards?ref=internal" target="_blank">co-branded credit card</a>. These cards generally offer perks like priority boarding, discounts on in-flight purchases, and free check-in baggage, along with big bonuses for purchasing airfare directly from them. But many of the <a href="http://www.wisebread.com/top-5-travel-reward-credit-cards?ref=internal" target="_blank">top travel credit cards</a> charge annual fees, so you should make sure the benefits will outweigh your out-of-pocket costs before you sign up. (See also: <a href="http://www.wisebread.com/which-credit-cards-have-the-best-travel-redemption-value?ref=seealso" target="_blank">Which Credit Cards Have the Best Travel Redemption Value?</a>)</p> <h2>5. Your interest rate is too high</h2> <p>If you carry a balance on your credit card each month, earning rewards should be the last thing on your mind. Any rewards you earn will be wiped out by the interest you'll pay. Instead, your biggest concern should be your interest rate. You should be looking for a card with the lowest interest rate you can find. Not only do some <a href="http://www.wisebread.com/the-best-low-interest-rate-credit-cards?ref=internal" target="_blank">credit cards offer low long-term rates</a> that can save you money, but <a href="http://www.wisebread.com/5-best-credit-cards-with-0-apr-for-purchases?ref=internal" target="_blank">some cards offer 0% APR on new purchases</a> for up to 21 months.</p> <h2>6. You want to transfer a balance</h2> <p>Besides cards that charge zero interest on new purchases, numerous cards let you transfer balances and pay them off with zero interest for a promotional period. This period may last anywhere from 12 to 21 months.</p> <p>When you're not paying interest, you can pay more toward the principal of your credit card balance every month, which will help you save money and pay down debt faster. If you have a huge credit card balance with big interest payments, it's definitely worth exploring the upsides of <a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards?ref=internal" target="_blank">0% balance transfer credit cards</a>.</p> <p>Before you do, just make sure to check out any balance transfer fees that will be charged so you can determine whether it's worth it. While a handful of cards let you transfer balances with <a href="http://www.wisebread.com/5-best-credit-cards-with-no-balance-transfer-fees?ref=internal" target="_blank">no balance transfer fees</a>, some charge 3%-5% of your balance for the privilege. (See also: <a href="http://www.wisebread.com/which-balance-transfer-credit-card-is-the-best-for-you?ref=seealso" target="_blank">Which Balance Transfer Credit Card Is The Best For You?</a>)</p> <h2>7. You are paying foreign transaction fees.</h2> <p>Whether you're purchasing products and services from foreign countries or you're using your credit card abroad on your travels, you shouldn't be paying a fee to do so. Most cards with annual fees will have zero foreign fees, but there are also no-annual fee <a href="http://www.wisebread.com/smarter-security-and-no-foreign-transaction-fees-the-best-credit-cards-to-use-while-on-vacation?ref=internal" target="_blank">credit cards that offer zero foreign transaction fees</a>.</p> <h2>8. You are paying annual fees but not using the benefits</h2> <p>No doubt holding a <a href="http://www.wisebread.com/the-5-best-premium-credit-cards?ref=internal" target="_blank">premium credit card</a> can make you feel like a VIP, and certainly these cards offer a wide variety of exclusive and valuable benefits. Most of the time the value of these benefits far exceed the price of the annual fee, if you add up the face value of all of them, but if you're not actually using them, then you're just paying for the potential access. Far better than chasing rewards is holding onto cold hard cash that you would have shelled out for an annual fee. Check out other outstanding <a href="http://www.wisebread.com/the-5-best-credit-cards-with-no-annual-fees?ref=internal" target="_blank">credit cards with no annual fees</a>.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/holly-johnson">Holly Johnson</a> of <a href="http://www.wisebread.com/8-signs-you-desperately-need-a-new-credit-card">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/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-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/credit-card-fees-hidden-and-otherwise">Credit Card Fees: Hidden and Otherwise</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-0-balance-transfer-credit-cards">The Best 0% Balance Transfer 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/top-5-travel-reward-credit-cards">The Best Travel Reward Credit Cards</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-best-cash-back-credit-cards">The Best Cash Back Credit Cards</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards balance transfer credit card perks credit card rewards interest rates new credit card signs Thu, 16 Nov 2017 09:30:05 +0000 Holly Johnson 2053946 at http://www.wisebread.com 10 Things You Need to Know Before Taking Out a Personal Loan http://www.wisebread.com/10-things-you-need-to-know-before-taking-out-a-personal-loan <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/10-things-you-need-to-know-before-taking-out-a-personal-loan" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/hand_giving_and_hand_receiving_money.jpg" alt="Hand giving and hand receiving money" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>I recently called my bank to ask about fees for using my debit card on an upcoming international trip. I laughed when the banker followed up by asking, &quot;Are you interested in taking out a personal loan for spending money on your vacation?&quot;</p> <p>There are plenty of good reasons to take out a personal loan, but going on vacation isn't one of them. A personal loan is, in essence, an unsecured loan that you get on the basis of your credit and income &mdash; unlike a mortgage loan or home equity line of credit, which uses your home as collateral. Personal loans have advantages and disadvantages compared to secured loans, so whether you go for one of these when you're in need of cash depends on your individual situation.</p> <p>Here's what you should consider before getting a personal loan.</p> <h2>1. The interest rate may be higher than you expect</h2> <p>When you hear about interest rates in the media, they're often talking about the 30-year fixed rate for a standard mortgage, which has been around 4 percent or lower for a long time now. But a personal loan's interest rate will probably be at least twice that. The reason for the difference: When you refinance your home or take out a home equity line of credit, you're promising to relinquish your home if you can't pay back the debt. That's a bigger risk for you, and less of a risk for the bank, compared to a personal loan. In return, banks give you a low interest rate on secured loans. (See also: <a href="http://www.wisebread.com/the-different-types-of-loans-a-primer?ref=seealso" target="_blank">The Different Types of Loans: A Primer</a>)</p> <h2>2. Your credit score matters more for personal loans</h2> <p>With no collateral, all the lender has to go on is your personal creditworthiness. You can expect the available interest rates to increase steeply if your credit is average or poor, going up as high as 36 percent APR.</p> <h2>3. A personal loan is not a long-term solution</h2> <p>While the typical mortgage is paid off over decades, personal loan terms are typically limited to seven years or less. This can be a good thing, because you should never borrow money for longer than you really need to. But it also means that if you are trying to borrow a lot of money, like for a major home remodel, the payments might be too high for you to keep up with on a personal loan.</p> <h2>4. Banks aren't the only option</h2> <p>As nonprofits, credit unions often offer lower rates and fees than banks for the same personal loan products. Then there are the crop of new &quot;marketplace lenders,&quot; such as SoFi and Prosper, which promise easy, quick online loan approval and good rates, especially to folks with the best credit. This nascent industry has had some bumps in the road, but it's still an avenue worth looking into. (See also: <a href="http://www.wisebread.com/best-lenders-for-personal-loans?ref=seealso" target="_blank">Best Lenders for Personal Loans</a>)</p> <h2>5. Personal loans can be a lifesaver when you need cash quickly</h2> <p>When an urgent financial need rears its head &mdash; a leaky roof, an emergency medical bill, or, heaven forbid, an unexpected funeral &mdash; many people turn to credit cards or payday lenders for help. These lenders can be punishingly expensive, but they may seem attractive because in such situations you just don't have time to sit down and apply for a home equity line of credit or look at refinancing your mortgage.</p> <p>You can get the funds from a personal loan within two weeks of applying online, making it just a little slower than the alternatives and potentially much more affordable. (See also: <a href="http://www.wisebread.com/5-times-personal-loans-may-be-better-than-credit-cards?ref=seealso" target="_blank">5 Times Personal Loans May Be Better Than Credit Cards</a>)</p> <h2>6. Personal loans can save you a lot on debt you already have</h2> <p>One of the most common uses for a personal loan is to <a href="http://www.wisebread.com/5-tricks-to-consolidating-your-debt-and-saving-money?ref=iternal" target="_blank">consolidate existing debt</a>, like credit card balances, student loans, and car loans. You may be able to get a lower interest rate than you were paying on your other debts, and you also have the organizational benefit of having only one bill to pay each month. However, when transferring one kind of loan to another, you should ...</p> <h2>7. &hellip; Be aware of what you may be giving up</h2> <p>Some marketplace lenders heavily market the idea of refinancing student loan debt into personal loans. But before you make a decision like that, you should compare your old loan and new loan carefully, the Consumer Financial Protection Bureau warned in a 2016 release.</p> <p>&quot;[I]n some cases consumers could lose important loan-specific protections by refinancing an existing debt. Specifically, consumers should know that they may sign away certain federal benefits, such as income-driven repayment for federal student loans or service member benefits,&quot; the CFPB said. (See also: <a href="http://www.wisebread.com/8-valuable-rights-you-might-lose-when-you-refinance-student-loans?ref=seealso" target="_blank">8 Valuable Rights You Might Lose When You Refinance Student Loans</a>)</p> <h2>8. You might be better off with a different type of loan</h2> <p>If you're trying to get a better rate on credit card debt while you pay it off, before you commit to a personal loan, shop around to see what else is out there. You may be able to transfer your balance to a <a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards?ref=internal" target="_blank">card with a promotional 0 percent interest rate</a>. Another potentially better deal could be <a href="http://www.wisebread.com/this-is-when-you-should-borrow-from-your-retirement-account?ref=internal" target="_blank">taking money out of your retirement account</a> for a short time, especially if you have a Roth IRA. Just make sure to pay back whatever you borrow.</p> <h2>9. Watch out for fees and extras</h2> <p>Some lenders will try to throw in an insurance policy or other extra expenses as you close the loan. You may or may not want an insurance policy to make sure that your survivors aren't stuck with your loan if tragedy strikes, but that's a separate financial decision that you should undertake with research, not just because you're under the impression that it's required for your loan. (If the lender says it is, walk away.)</p> <p>Also, ask the lender if they use the &quot;pre-compute&quot; method to calculate interest, or if they have prepayment penalties &mdash; you should avoid these, because both will punish you if you're able to pay the loan back ahead of schedule.</p> <h2>10. Never get a personal loan to fund certain expenses</h2> <p>One of the nice things about a personal loan is that unlike a car loan or mortgage, you don't have to justify your purchase to the lender. However, there are things you should know better than to borrow for &mdash; whether it's with a credit card, a home equity line of credit, or a personal loan.</p> <p>Don't take out a personal loan to buy an engagement ring; why would you want to start out your relationship with a pile of debt? While some lenders may advertise a personal loan as a &quot;travel loan,&quot; that's another bad idea; once the vacation is over, you have nothing that you could sell to pay off the loan if you need to. Do I need to tell you that you shouldn't take out a personal loan for gambling money? I didn't think so. (See also: <a href="http://www.wisebread.com/never-borrow-money-for-these-5-buys?ref=seealso" target="_blank">Never Borrow Money for These 5 Buys</a>)</p> <p>A more complex question is whether it's OK to use a personal loan for a down payment on a home. The whole point of requiring a buyer to make a down payment is to show that they can afford the home and to help them feel invested in the purchase. So your mortgage lender may not like it if you try to fund the down payment with a personal loan. At the very least, with this method, you'll need to get the loan several months in advance of the purchase. But even then, proceed with caution; adding debt in the form of a personal loan could affect your chances of getting approved for the mortgage at all. (See also: <a href="http://www.wisebread.com/5-money-moves-that-will-ruin-your-mortgage-application?ref=seealso" target="_blank">5 Money Moves That Will Ruin Your Mortgage Application</a>)</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F10-things-you-need-to-know-before-taking-out-a-personal-loan&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F10%2520Things%2520You%2520Need%2520to%2520Know%2520Before%2520Taking%2520Out%2520a%2520Personal%2520Loan.jpg&amp;description=10%20Things%20You%20Need%20to%20Know%20Before%20Taking%20Out%20a%20Personal%20Loan"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/10%20Things%20You%20Need%20to%20Know%20Before%20Taking%20Out%20a%20Personal%20Loan.jpg" alt="10 Things You Need to Know Before Taking Out a Personal Loan" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/carrie-kirby">Carrie Kirby</a> of <a href="http://www.wisebread.com/10-things-you-need-to-know-before-taking-out-a-personal-loan">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/3-easy-ways-to-improve-your-credit-score-during-the-holidays">3 Easy Ways to Improve Your Credit Score During the Holidays</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/how-a-surprise-credit-limit-increase-can-harm-you">How a Surprise Credit Limit Increase Can Harm You</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/8-credit-repair-mistakes-that-will-cost-you">8 Credit Repair Mistakes That Will Cost You</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/should-you-buy-a-car-with-a-credit-card">Should You Buy a Car With a Credit Card?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Banking APR balance transfer credit score fees interest rates lenders personal loans unsecured loan Fri, 20 Oct 2017 08:30:10 +0000 Carrie Kirby 2037745 at http://www.wisebread.com 10 Ways to Tidy Up Your Finances Before the Holidays http://www.wisebread.com/10-ways-to-tidy-up-your-finances-before-the-holidays <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/10-ways-to-tidy-up-your-finances-before-the-holidays" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/happy_young_woman_depositing_money_into_her_piggy_bank.jpg" alt="Happy young woman depositing money into her piggy bank" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Summer is over. This fall, fortify your finances to take the end of the year in stride. These helpful tips will get you back on track (and help you stay on track) budget-wise.</p> <h2>1. Start your holiday shopping now</h2> <p>Instead of making a mad rush for last-minute deals, spread out your gift buying over the course of the next couple months. Watch your local circulars and emails for discounts and promo codes, and strike while the proverbial iron seems hot.</p> <p>For instance, I just purchased several packs of Calvin Klein undies as a Christmas gift for my boo because I received an email for 25 percent off, plus I had an additional 15 percent off coupon with free shipping. Will there be steeper discounts in the near future? I can't be sure, but I had enough savings stacked up to feel like I made a smart choice, and now I can check one more gift off my list.</p> <h2>2. Max out retirement plan contributions</h2> <p>If you haven't already &mdash; and your budget can tolerate it &mdash; try to max out your 401(k) and 403(b) contributions at work. The employee contribution limit for 2017 is $18,000, and if you haven't reached that, it's time to come as close as you can. Those over age 50 can contribute an additional $6,000 as a catch-up contribution. If your employer offers matching funds, this should be a top financial priority, lest you fail to claim thousands of dollars in free money.</p> <h2>3. Take advantage of layaway</h2> <p>Layaway has had its up and downs over the years. What was once a common practice during the Great Depression started to fall out of favor by the 1980s thanks to the rising popularity of credit cards. Walmart all but left the service for dead in 2006 when it announced it would stop offering it, but by 2012, many retailers were back on the layaway bandwagon to make buying easier on customers in a tumultuous economy. (See also: <a href="http://www.wisebread.com/is-layaway-still-worth-it?ref=seealso" target="_blank">Is Layaway Still Worth It?</a>)</p> <p>Personally, I loved layaway in my early 20s when I was on a shoestring budget. It allowed me to plan ahead and make scheduled payments so everything would be ready to go by Christmas. It's certainly a helpful buying tactic to look into if your finances are tight but you still want to participate in gift giving.</p> <h2>3. Use or lose flexible spending dollars</h2> <p>If you're lucky enough to have a flexible spending account through your employer, your FSA may need to be spent by year's end. Try to use up the balance so you're not losing cash. In doing so, you'll free up funds elsewhere that you don't have to use on medical needs.</p> <p>&quot;Since 2013, your employer may offer one of two carry-over options,&quot; says Ryan McPherson, founder of the financial planning firm Intelligent Worth in Atlanta, Georgia. &quot;One &mdash; roll up to $500 of unused funds into the following year or two, offer a two-and-a-half month grace period during which you may use your unspent FSA balance. Check with your employer, because offering one of these options is not a requirement. If you don't have either of these carry-over options and expect to have money left in your FSA, try to move appointments and medical/dental-related purchases (i.e., eye glasses or contacts) into 2017.&quot;</p> <p>If you're unsure where your FSA funds apply, IRS publication 502 offers guidance on what counts as a &quot;<a href="https://www.irs.gov/pub/irs-prior/p502--2016.pdf" target="_blank">qualified medical expense</a>.&quot; (See also: <a href="http://www.wisebread.com/8-ways-to-spend-your-last-minute-health-care-fsa-funds?ref=seealso" target="_blank">8 Ways to Spend Your Last-Minute Health Care FSA Funds</a>)</p> <h2>4. Make a gift list and check it twice</h2> <p>I use to get in this mindset &mdash; especially when I started making a little more money &mdash; that everybody needed a gift. That logic is false. Everybody doesn't need a gift for the sake of giving them a gift. Now, I make a list of the usual suspects with whom I exchange &mdash; immediate family, boyfriend, a few friends &mdash; but even then I give it a second glance to see where I can make cuts. Will I see this aunt or that buddy this year? If the answer is no, decide whether a gift is necessary at all to put some more money back in your pocket. (See also: <a href="http://www.wisebread.com/9-gifts-that-wont-become-clutter?ref=seealso" target="_blank">9 Gifts That Won't Become Clutter</a>)</p> <h2>5. Revise your winter budget</h2> <p>Everything about winter costs more than other times of the year, and you should prepare by revising your budget to make sure all bases are covered.</p> <p>&quot;In addition to holiday expenses, as the weather gets colder, heating costs also increase,&quot; says Roslyn Lash, an accredited financial counselor. &quot;It's imperative that you also set some money aside for inclement weather expenses. Unfortunately, when ice/snow is the forecast, schools typically close, and this could mean paying someone to baby-sit the kiddos. It could also prevent you from going to work, which means lost revenue.&quot; (See also: <a href="http://www.wisebread.com/5-big-winter-expenses-that-could-freeze-your-budget?ref=seealso" target="_blank">5 Big Winter Expenses That Could Freeze Your Budget</a>)</p> <h2>6. Determine what's necessary for the holidays and cut back from there</h2> <p>I love all things holiday &mdash; the decorations, the parties, the gifts, the endless array of baked goods &mdash; and if I'm not participating in someone else's festivities, I'm hosting my own. Of course that can get expensive, so I take a one-year-on, one-year-off approach to the latter part of that equation. Two years ago I hosted a holiday party in my home, but last year I didn't. I bought more holiday decorations for the house last year, but this year I won't. This practice not only helps me save money, but it also lets me cycle through things that I need to get rid of in a timely manner (like half-full bottles of liquor, for instance) and cut down on overall holiday clutter. (See also: <a href="http://www.wisebread.com/avoid-these-5-common-holiday-budget-pitfalls?ref=seealso" target="_blank">Avoid These 5 Common Holiday Budget Pitfalls</a>)</p> <h2>7. Get into a cash back state of mind</h2> <p>Upfront coupons and savings are great, but there's plenty more to be had on the back end if you know where to look. Apps like <a href="https://ibotta.com/r/jcsgjbv" target="_blank">Ibotta</a> and Fetch Rewards provide cash back on purchases made on preset items or at selected retailers. Last month I scored more than $50 cash back (which was on top of other savings I received on the front end) by shopping through Ibotta.</p> <p>If you're responsible at managing credit, now's also a great time to take advantage of a <a href="http://www.wisebread.com/5-best-cash-back-credit-cards?ref=internal" target="_blank">cash back credit card</a> on your day to day purchases. By using a cash back card on necessities like groceries or gas, you'll earn cash to bolster your budget. Just be sure to pay off your balance in full every month, or else this method isn't worth it. (See also: <a href="http://www.wisebread.com/11-ways-your-credit-card-will-save-you-money-while-holiday-shopping?ref=seealso" target="_blank">11 Ways Your Credit Card Will Save You Money While Holiday Shopping</a>)</p> <h2>8. Rebid your insurance policies</h2> <p>You may be able to shave some money off your bills this fall by reviewing your insurance coverage.</p> <p>Michael Landsberg, CFP and founder of Landsberg Bennett Private Wealth Management in Punta Gorda, Florida, recommends rebidding your auto and home insurance policies to at least three independent agents (but not the online ones that are all owned by the same companies).</p> <p>&quot;Often times, this rebidding process puts hundreds if not thousands back in people's pockets right before the holidays,&quot; he explains. &quot;It's very easy. Just take your current policy declaration page and send that to an independent agent and let them do the work. The worst that can happen is you find out you've got a good program in place already.&quot;</p> <h2>9. Book travel before demand pricing kicks in</h2> <p>If you're traveling this fall or holiday season, book your mode of transportation and accommodations as soon as possible so you're not looking at ultra expensive rates at the last minute. Hotels and rental cars in particular go fast, and they're subject to on-demand pricing, which means your wallet could end up getting walloped if you're not shut out altogether. (See also: <a href="http://www.wisebread.com/do-these-9-things-now-to-make-holiday-air-travel-easier?ref=seealso" target="_blank">Do These 9 Things Now to Make Holiday Air Travel Easier</a>)</p> <h2>10. Investigate a balance transfer</h2> <p>If you're carrying a high balance on a credit card, now is a great time to give yourself a credit card checkup.</p> <p>&quot;Explore what's out there,&quot; advises Han Chang, co-founder of InvestmentZen. &quot;Many lenders are beginning to offer deals now to get a jump on the holidays. Consolidating credit card debt via a balance transfer can be pretty enticing, especially with those 0 percent introductory APR offers, which usually last for six to 12 months. If you can find a good offer, you could potentially pay down a significant amount of debt before November and December.&quot;</p> <p>But nothing is ever free; offers like this often come with a one-time balance transfer fee ranging from 3 percent to 10 percent of the total balance transfer. That can really add up and, if you're not careful, completely negate any savings that 0 percent APR offers. Be sure to make your payments on time. (See also: <a href="http://www.wisebread.com/is-a-balance-transfer-offer-a-good-deal?ref=seealso" target="_blank">Is a Balance Transfer Offer a Good Deal?</a>)</p> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"><a data-pin-do="buttonPin" data-pin-count="above" data-pin-tall="true" href="https://www.pinterest.com/pin/create/button/?url=http%3A%2F%2Fwww.wisebread.com%2F10-ways-to-tidy-up-your-finances-before-the-holidays&amp;media=http%3A%2F%2Fwww.wisebread.com%2Ffiles%2Ffruganomics%2Fu5180%2F10%2520Ways%2520to%2520Tidy%2520Up%2520Your%2520Finances%2520Before%2520the%2520Holidays.jpg&amp;description=10%20Ways%20to%20Tidy%20Up%20Your%20Finances%20Before%20the%20Holidays"></a></p> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/10%20Ways%20to%20Tidy%20Up%20Your%20Finances%20Before%20the%20Holidays.jpg" alt="10 Ways to Tidy Up Your Finances Before the Holidays" width="250" height="374" /></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/10-ways-to-tidy-up-your-finances-before-the-holidays">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/10-money-goals-you-should-set-for-the-holidays">10 Money Goals You Should Set for the Holidays</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/9-smart-reasons-to-last-minute-holiday-shop">9 Smart Reasons to Last-Minute Holiday Shop</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/teach-your-kids-about-money-with-their-holiday-gift-lists">Teach Your Kids About Money With Their Holiday Gift Lists</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/8-secrets-to-a-debt-free-holiday-season">8 Secrets to a Debt-Free Holiday Season</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/11-ways-to-prepare-for-your-best-black-friday">11 Ways to Prepare for Your Best Black Friday</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Frugal Living balance transfer budgeting cash back checkup Christmas gifts Holidays layaway planning savings shopping winter Wed, 04 Oct 2017 08:30:12 +0000 Mikey Rox 2030770 at http://www.wisebread.com 8 Most Common Mistakes When Doing a Balance Transfer to Eliminate Debt http://www.wisebread.com/8-most-common-mistakes-when-doing-a-balance-transfer-to-eliminate-debt <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/8-most-common-mistakes-when-doing-a-balance-transfer-to-eliminate-debt" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock-497316392.jpg" alt="Learning common mistakes when doing a balance transfer" title="" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>Many credit cards offer 0% APR promotional financing on balance transfers, allowing you to <a href="http://www.wisebread.com/when-to-do-a-balance-transfer-to-pay-off-credit-card-debt?ref=internal" target="_blank">move debt from high-interest cards</a> onto one that offers zero interest for an introductory promotional period. These promo periods are nothing to sneeze at. They can last as long 21 months.</p> <p>So what's the catch? The truth is that <a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards?ref=internal" target="_blank">balance transfer offers</a> can be incredibly valuable, but only when you use them properly and avoid making some common mistakes.</p> <h2>1. Assuming You'll Get the Best Balance Transfer Deal<strong> </strong></h2> <p>You might not always be approved for the balance transfer card you want. For example, the best 0% APR deals are only given to those with <a href="http://www.wisebread.com/5-best-credit-cards-for-people-with-excellent-credit?ref=internal" target="_blank">excellent credit</a>. While you may have had excellent credit in the past, having a large balance for a long time might have caused your credit score to slip. (See also: <a href="http://www.wisebread.com/this-one-ratio-is-the-key-to-a-good-credit-score?ref=seealso" target="_blank">One Ratio Is Key to a Good Credit Score</a>)</p> <p>Even if you are approved for the card, it may come with a credit line that's substantially lower than you need. If that's the case, you may want to consider applying for a second balance transfer card.</p> <h2>2. Trying to Transfer a Balance From the Wrong Card</h2> <p>Consumers sometimes don't realize that you can't transfer a balance between two cards issued by the same bank. So if you have an outstanding balance on your <a href="http://www.wisebread.com/get-cash-back-for-every-purchase-chase-freedom-unlimited-review?ref=internal" target="_blank">Chase Freedom Unlimited card</a>, you can't open up a new <a href="http://www.wisebread.com/chase-slate-visa-review?ref=internal" target="_blank">Chase Slate card</a> and expect to transfer your balance to it.</p> <p>Keep this in mind before you apply for a balance transfer card. Every time you apply for a credit card your credit score takes a little hit. It can usually recover fairly quickly, but there's no need to ding it unnecessarily for a card that doesn't even serve your needs. (See also: <a href="http://www.wisebread.com/which-balance-transfer-credit-card-is-the-best-for-you?ref=seealso" target="_blank">How to Choose a Balance Transfer Card</a>)</p> <h2>3. Overlooking Balance Transfer Fees</h2> <p>Almost all credit cards charge a fee when you make a transfer, except for a few notable cards that <a href="http://www.wisebread.com/5-best-credit-cards-with-no-balance-transfer-fees?ref=internal" target="_blank">don't charge balance transfer fees</a>. Typically the fee is 3% of the transfer amount, but it could be as high as 5%. If your balance is small enough that you can pay it off within a few months, you're probably better off not transferring it to a new card.</p> <h2>4. Delaying Your Balance Transfer</h2> <p>You'll usually have 60 or 90 days to transfer your balance to the new card. After that the deal expires. Transfer the balance as soon as you can to get the most use of the promotional 0% period and cut down on the number of days your balance is accruing interest on your old card. Transferring your balance early will also ensure you don't forget about the deal and miss it altogether.</p> <h2>5. Misunderstanding How New Purchases Are Treated</h2> <p>If you make a new purchase on a balance transfer card, it will be subject to the card's regular interest rate unless the card specifically offers <a href="http://www.wisebread.com/5-best-credit-cards-with-0-apr-for-purchases?ref=internal" target="_blank">0% interest on purchases</a>, too. That means you've got two balances on the card: the interest-free transferred balance and the new purchase balance.</p> <p>By law, credit card issuers must apply any payments above the minimum to the balance with the highest interest rate first. But they can apply your <em>minimum payment</em> to whichever balance they choose, which of course will be the one with no interest charges. As a result, you'll still incur interest on your new purchases.</p> <p>Bottom line: It's best not make new charges on the balance transfer card unless it offers interest-free financing on new purchases as well.</p> <h2>6. Paying Late</h2> <p>It's always important to pay your bills on time, but it's even more so with promotional balance transfer offers. Pay late and you may find your 0% offer revoked, subjecting you to the card's regular higher interest rate way before you're ready for it. Add to that late fees the card may impose, and you've got an expensive mistake.</p> <h2>7. Stopping Payments on Your Old Card Too Soon</h2> <p>What some cardholders don't realize is that your balance transfer may not be completed immediately. It can take up to two weeks to process the transfer. Even if you've initiated a balance transfer, you will still need to make payments on your old card until you've confirmed that it's been paid off. Don't worry about overpaying &mdash; credit cards are very good about refunding you any overage you might have submitted during the transition.</p> <h2>8. Using a Balance Transfer Offer to Rack Up More Debt</h2> <p>Those 0% APR balance transfer offers are your chance to <a href="http://www.wisebread.com/fastest-way-to-pay-off-10000-in-credit-card-debt?ref=internal" target="_blank">get out of debt</a>, but unfortunately, many people squander that chance and continue to rack up debt. They can't resist the temptation of having an empty balance on their old card, so they keep making charges on it that they can't pay off right away.</p> <p>Instead, use balance transfer deals as part of a <a href="http://www.wisebread.com/5-day-debt-reduction-plan-pay-it-off?ref=internal" target="_blank">comprehensive debt repayment plan</a>. You should view the end of these limited time offers as a deadline for paying off your entire balance, knowing that 100% of each payment you make during this time will go toward your principle.</p> <p>See also: <a href="http://www.wisebread.com/5-ways-to-pay-off-high-interest-credit-card-debt?ref=seealso" target="_blank">5 Ways to Pay Off High Interest Credit Card Debt</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/8-most-common-mistakes-when-doing-a-balance-transfer-to-eliminate-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-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/everything-you-didn-t-understand-about-credit-card-interest-grace-periods-and-penalty-aprs">Everything You Didn’t Understand About Credit Card Interest, Grace Periods, and Penalty APRs</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/6-things-you-might-miss-in-your-credit-cards-fine-print">6 Things You Might Miss in Your Credit Card&#039;s Fine Print</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/i-dont-love-capital-one-how-to-get-a-lower-apr-or-possibly-not">How to Get a Lower APR, or Possibly Not</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/how-a-credit-card-cash-advance-costs-you-more-than-a-purchase">How a Credit Card Cash Advance Costs You More Than a Purchase</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Credit Cards APR balance transfer debt eliminate debt financing grace period promotional period Fri, 24 Feb 2017 10:30:36 +0000 Jason Steele 1896814 at http://www.wisebread.com 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-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/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/8-signs-you-desperately-need-a-new-credit-card">8 Signs You Desperately Need a New Credit 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/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/6-things-you-might-miss-in-your-credit-cards-fine-print">6 Things You Might Miss in Your Credit Card&#039;s Fine Print</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/debunking-8-common-credit-score-myths">Debunking 8 Common Credit Score Myths</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" width="200" height="177" 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" width="500" height="308" /></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" width="500" height="253" /></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> <h2>BankAmericard&reg; Credit Card</h2> <p><img src="http://www.awltovhc.com/image-2822544-13022271-1505921574000" alt="credit card" class="img-exempt" style="float:right;margin:0 5px 5px 10px;" width="154" height="98" /><a style="border:none;float:right;clear:right;margin: 0 5px 5px 10px;" href="http://ct.wisebread.com/click.php?pg=214&amp;pid=107&amp;pp=2&amp;uv=xcardbutton" rel="nofollow" target="_blank"><img alt="" class="img-exempt img-button" src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/apply-now.png" /></a>If you need a long payment period, the <a href="http://ct.wisebread.com/click.php?pg=214&amp;pid=107&amp;pp=2&amp;uv=xname">BankAmericard&reg; Credit Card</a> is the card for you. It offers 0% intro APR on balance transfers for 15 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. There is also a $0 Intro balance transfer fee during the first 60 days of account opening. After that, the fee for future balance transfers is 3% (min. $10). If you can't pay off the whole balance in 15 months, the regular APR is the lowest available on this list at 12.99%-22.99% 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=2&amp;uv=xend"><strong>Click here to learn more and apply for the BankAmericard&reg; Credit Card today!</strong></a></p> <h2>Bank of America&reg; Cash Rewards Credit Card</h2> <p><img style="float:right;margin:0 5px 5px 10px;" class="img-exempt" alt="" src="http://www.yceml.net/0835/12994371-1501687529206" width="154" height="97" 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">Bank of America&reg; Cash Rewards Credit Card</a> is good for people who have less than $5,000 in credit card debt and would like to earn cashback rewards. First, it offers 0% Introductory APR for 12 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 13.99% - 23.99% Variable APR. A 3% fee (min $10) applies to balance transfers. 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&reg; customers get can a 10% bonus if you redeem your cash back into a Bank of America&reg; 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 Bank of America&reg; Cash Rewards 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" width="154" height="97" 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. After the intro period, a regular APR of 15.99%-24.74% variable applies. 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. Plus, receive your Monthly FICO&reg; Score for free.</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> <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" width="154" height="97" 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 14.49%-24.49%, 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> <h2 style="text-align: center;">Like this article? Pin it!</h2> <div align="center"> <script async defer src="//assets.pinterest.com/js/pinit.js"></script></div> <p style="text-align: center;"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/u5180/The%20Fastest%20Way%20to%20Pay%20Off%2010%2C000%20Dollars%20in%20Credit%20Card%20Debt.jpg" alt="The Fastest Way to Pay Off $10,000 in Credit Card Debt" width="250" height="374" /></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-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 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">The 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/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 regular variable APR of 13.99% after that. The card also has no balance transfer fees and no annual fee.</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/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 regular variable APR of 13.99% after that. The card also has no balance transfer fees and no annual fee.</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> from our partner Citi feature an industry leading offer 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. There is no annual fee.</p> <h2>No Balance Transfer Fee</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 0% intro APR for 15 billing cycles on purchases and on balance transfers made in the first 60 days of account opening, then a competitive 12.99%-22.99% variable APR applies. There is no annual fee.</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?ref=internal">Barclaycard Arrival Plus&reg; World Elite MasterCard&reg;</a>. It offers 40,000 bonus miles, worth $400 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 16.99%, 20.99% or 23.99% will apply). There is a 3% balance transfer fee and a $89 annual fee that is waived for the first year.</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>Barclaycard</h2> <p>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 15.99%, 20.99% or 23.99% will apply after). There is a 3% balance transfer fee and no annual fee.</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 13.99%-23.99% 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&reg; card is simply the best card for balance transfers</a>, period.</p> <h2>Citi<strong> </strong></h2> <p>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 14.99%-24.99% variable APR). There is a 3% or $5 balance transfer fee, whichever is greater, and no annual fee.</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-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/8-signs-you-desperately-need-a-new-credit-card">8 Signs You Desperately Need a New Credit Card</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/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-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">The 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/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-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 The 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?ref=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 lower APR (less interest) or even a <a href="http://www.wisebread.com/the-best-0-balance-transfer-credit-cards?ref=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>.</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 <a href="http://www.wisebread.com/fastest-way-to-pay-off-10000-in-credit-card-debt?ref=5x">pay off your debt faster</a>. These are the best credit cards with no balance transfer fee.</p> <h3>BankAmericard&reg; Credit Card</h3> <p><img src="http://www.awltovhc.com/image-2822544-13022271-1505921574000" alt="credit card" class="img-exempt" style="float:right;margin:0 5px 5px 10px;" width="154" height="98" /><a style="border:none;float:right;clear:right;margin: 0 5px 5px 10px;" href="http://ct.wisebread.com/click.php?pg=44&amp;pid=107&amp;pp=1&amp;uv=xcardbutton" rel="nofollow" target="_blank"><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=44&amp;pid=107&amp;pp=1&amp;uv=xname" target="_blank">BankAmericard&reg; Credit Card</a> offers 0% intro balance transfer fee during the first 60 days of account opening, and you can enjoy an intro APR of 0% for 15 billing cycles on balance transfers made during the same 60-day period. After the intro period, a balance transfer fee of 3% (min. $10) applies. The standard APR for both purchases and balance transfers is 12.99%-22.99% variable. There is no annual fee.</p> <p><a href="http://ct.wisebread.com/click.php?pg=44&amp;pid=107&amp;pp=1&amp;uv=xend" 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 src="http://imgsynergy.com/product_creatives/4470d7d236c1b456ae7828402033efb2.png" class="img-exempt" style="float:right;margin:0 5px 5px 10px;" width="154" border="0" height="97" alt="" /><a href=" http://ct.wisebread.com/click.php?pg=44&amp;pid=39&amp;pp=2&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=2&amp;uv=xname">Chase Slate&reg;</a> card is another great balance transfer option, since it offers 0% introductory APR on balance transfers, an intro balance transfer fee of $0, and 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 15.99%-24.74% 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.&nbsp;</p> <p><a href="http://ct.wisebread.com/click.php?pg=44&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> <!--<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;" border="0" height="97" width="154" /><a href="http://ct.wisebread.com/click.php?pg=44&amp;pid=23&amp;pp=3&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=3&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 for 15 months on purchases and qualifying balance transfers for 15 months (after that, a variable 13.99% APR applies). Balance transfers must be made within 45 days of account opening to qualify. 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.&nbsp;</p> <p><a rel="nofollow" target="_blank" href="http://ct.wisebread.com/click.php?pg=44&amp;pid=23&amp;pp=3&amp;uv=xend"><strong>Click here to learn more and apply for the Barclaycard Ring&trade; Mastercard&reg; 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;" border="0" height="97" width="154" /><a href="http://ct.wisebread.com/click.php?pg=44&amp;pid=23&amp;pp=3&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=3&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 for 15 months on purchases and qualifying balance transfers for 15 months (after that, a variable 13.99% APR applies). Balance transfers must be made within 45 days of account opening to qualify. 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.&nbsp;</p> <p><a rel="nofollow" target="_blank" href="http://ct.wisebread.com/click.php?pg=44&amp;pid=23&amp;pp=3&amp;uv=xend"><strong>Click here to learn more and apply for the Barclaycard Ring&trade; Mastercard&reg; today!</strong></a></p>--><h3>Capital One&reg; VentureOne&reg; Rewards Credit Card</h3> <p><img src="http://imgsynergy.com/product_creatives/8d827e50e648247b0a6906327928357a.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=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>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. The 0% intro APR only applies to purchases for 12 months. The standard variable APR is 12.99%-22.99%. You can use this card to 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>Capital One&reg; Venture&reg; Rewards Credit Card</h3> <p><img src="http://imgsynergy.com/product_creatives/9cac7606371ffe30a1bd49c860235e9c.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=26&amp;pp=5&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>The <a target="_blank" rel="nofollow" href="http://ct.wisebread.com/click.php?pg=44&amp;pid=26&amp;pp=5&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 13.99% (up to 23.99%). Earn unlimited 2x miles per dollar on every purchase. There is an annual fee of $95, 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=5&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> <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-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/the-best-0-balance-transfer-credit-cards">The 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">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/now-is-the-best-time-in-years-to-do-a-credit-card-balance-transfer">Now Is the Best Time in Years to Do a Credit Card Balance Transfer</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-rewards-card-pays-you-to-pay-off-your-debt-or-does-it <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/citi-double-cash-rewards-card-pays-you-to-pay-off-your-debt-or-does-it" 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.&nbsp;</p> <h2>Other Benefits</h2> <p><strong>Travel benefits</strong>. This card features plenty of valuable travel benefits and protections. Get trip cancellation and interruption protection, worldwide travel accident insurance, and worldwide car rental insurance.</p> <p><strong>Citi Price Rewind</strong>. Citi's Price Rewind service automatically refunds customers 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 a&nbsp;<a href="http://www.wisebread.com/how-to-take-advantage-of-free-extended-warranty-from-your-credit-card-issuer?ref=review">extended warranty coverage</a> 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> which covers items damaged or stolen up to 120 days of purchase.</p> <h2>Costs</h2> <ul> <li>$0 Annual Fee</li> <li>14.49% - 24.49% variable APR (0% introductory APR for 18 months on balance transfers 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. 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=review">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=review">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-rewards-card-pays-you-to-pay-off-your-debt-or-does-it">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/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-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/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-4 views-row-even"> <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-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-reasons-cash-back-is-better-than-travel-rewards">6 Reasons Cash Back Is Better Than Travel Rewards</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-6"> <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">The 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/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-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/is-a-balance-transfer-offer-a-good-deal">Is a Balance Transfer Offer a Good Deal?</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 target="_blank" rel="nofollow" href="http://ct.wisebread.com/click.php?pg=93&amp;pid=39&amp;pp=0&amp;uv=sname">Chase Slate&reg; Card</a> offers 0% intro APR for 15 months on both new purchases and balance transfers. With no balance transfer fees for transfers made within 60 days, and no annual fee, the card can be a powerful tool for eliminating debt.</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>Most cards require an additional 3% balance transfer fee. So this is clearly one of the best balance transfer offer on the market since it offers a 0% intro period, $0 balance transfer fee, and $0 annual fee. 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>Credit Score and Credit Dashboard for Free</h2> <p>This card includes access to your FICO&reg; Score, 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?ref=review">Credit Cards With Free Credit Scores</a>)</p> <h2>Costs</h2> <ul> <li>$0 Annual Fee</li> <li>0% Intro APR for 15 months for purchases and balance transfers. After that, a variable APR of 15.99%-24.74%</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"><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?ref=review">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>No annual fee</strong>. Don't add unneccessary expenses when you're trying to pay down debt.</p> <h2>Cons</h2> <p><strong>No rewards.</strong> There is no sign-up bonus offer, and there are no spending rewards for this card.&nbsp;(See also: <a href="http://www.wisebread.com/5-best-cash-back-credit-cards?ref=review">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?ref=review">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 months on both new purchase and balance transfers with no balance transfer fee for transfers made within the first 60 days of opening the account. With these features, 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> <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-7"> <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-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-2 views-row-even"> <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-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/southwest-airlines-just-got-even-better-with-the-southwest-rapid-rewards-plus-card">Southwest Airlines Just Got Even Better with the Southwest Rapid Rewards&amp;reg; Plus 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/best-domestic-frequent-flyer-program-southwest-airlines-rapid-rewards-premier-credit-card">Best Domestic Frequent Flyer Program: Southwest Rapid Rewards® Premier Credit Card</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/8-signs-you-desperately-need-a-new-credit-card">8 Signs You Desperately Need a New Credit Card</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-dirty-secrets-of-credit-cards">The Dirty Secrets of 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/10-things-you-need-to-know-before-taking-out-a-personal-loan">10 Things You Need to Know Before Taking Out a Personal Loan</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-might-miss-in-your-credit-cards-fine-print">6 Things You Might Miss in Your Credit Card&#039;s Fine Print</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 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