Cristmas, month after

Credit cards and Christmas

So what are you to do when your liquid cash refuses to flow beyond its financial frontiers? Take heart and donт•—t worry because now is the time to review and obtain good credit card deals.

The media, be it the internet, television, radio, newspaper or magazine, have a surfeit of advertisements offering various kinds of credit card deals. Many of these credit card deals come with either 0% APR which can last from any period between six to fifteen months or a higher lifetime APR (for example 4.9%). More often than not, credit card issuers rely on their potential customersт•— lack of awareness in reviewing all the credit card options available on the market. So, if you are not already on a 0% APR or a higher lifetime APR credit card deal, and you want to obtain, say, a credit card for the first time or wish to transfer an outstanding balance from your current credit card, then it would be prudent to shop around first before deciding on a credit card deal.

So, with Christmas round the corner, it would be wise for the Father Christmas in you to hunt for that 0% APR credit card deal where you do not have to pay any interest during the currency of that credit card deal. All payments made by you during this period will go to the reducing of your outstanding balance. But if you want to transfer the outstanding balance from your current credit card to a new credit card offering the 0% APR deal, do remember you will be charged a balance transfer fee which will be typically between 2% and 3% of the amount transferred. But if by the end of the 0% APR credit card deal you have not managed to clear the outstanding balance transferred and now wish to transfer the remaining balance to a new 0% credit card deal, then it is likely you will incur yet another balance transfer fee.

Alternatively, you could think of considering the lifetime APR credit card deal on balance transfers. Although you will have to pay a higher APR, this very APR will remain the same percentage throughout the life of the balance transfer i.e. until the amount has been repaid in full. You will also be charged a balance transfer fee which is usually between 2% to 3% of the amount transferred. The good news is that, unlike the 0% APR credit card deal, you will not incur any more balance transfer fee after this transfer.

So now you can go ahead and be Father Christmas by spreading the good cheer around! A big Ho-Ho-Ho to you and Merry Christmas!

Secure Credit

Got Credit?

Getting a credit card is very important set for most adults, however not everyone knows what to look for especially if your credit is blemished. Look for APRs or the annual percentage rate this is the amount of interest that you will pay if you carry a balance. APRs are stated in yearly interest rates.

Because with multiple interest rates, for example you may think that you have a low interest rate of 8% and if you take out a cash advance your interest rate may jump to 19%. Sometimes you have a tired interest rate, meaning that your rate changes depending on the amount of your balance.

Penalty APRs are in effect when you miss a payment, some banks will penalize you if your payment arrives late by increasing the interest rate. For example if your payment is 10 days late your APR may go up from 12% to 16%. Introductory APRs are very common, you may receive an offer that sates a 5% APR for the first 6 months, after that it my rise to 18%.

If your credit card is lost or stolen and used without your authorization, you do not have to pay more than $50 of those charges. This is a protection provide by the Truth in Lending Act. You do not need credit card insurance to cover amounts over the initial $50.