Credit Card Balance Breakdown with Balance Transfer Debt Consolidation
By now most people would know that every month you pay the higher interest rate your credit card will have to offer. This varies with the type of Credit Card, the amount of your outstanding balance, and the specific method to which you are interested in receiving your credit card balance.
This article will guide you to a break down of how to enter your credit card balance into a balance transfer method to decrease the interest and fees. Once that is done, you will know where your credit card balance stands and the method in which you will settle your balance. In summary, it all boils down to two things: (1) how you do it; and (2) how you intend to use it.
You Get A Credit Card Balance
Getting a credit card balance refers to the amount you pay in monthly credit card fees and the interest rate that the credit card or lending agency charges you. When you think about it, you are paying about three to four times what the applicant got on their credit card. If you want to avoid fees from the credit card company, make sure the credit card will give you a very good interest rate, but only if it is an APR.
You then pay the credit card company 2% interest on your credit card balance. However, there is a fee of $.50 to $.99 for an introductory period, as well as an annual fee of $15 or $20. After this period ends, the APR on your balance remains at 7% (which can be increased to 9% or even higher), unless you are a high-end or low-end credit card user. During the promo period, your balance will be transferred to the new card with no changes to the APR that your previous card had.
Transfer Your Credit Card Balance
Once you have your balance transferred to your new card, you will be surprised how much your APR will go up. After this rate is added up, your average credit card balance will drop by 28% to an effective APR of 23%.
If you are not a card user, then you have several choices like the Discover Miles Card, which offers 0% APR on purchases and balance transfers for only 12 months. However, if you are an owner of good to excellent credit (college, good credit, etc.) you will have to find a card. Find a card with no annual fee and there are a few options that you can select. Read that very well and find the best card available to you.
Look For And Compare Special Deals
By the time you start getting your financial information online you are likely to have had at least one inquiry in recent months. Credit card companies have made much better offers almost from the start than they did last year. Take all this in place that you can use and you can now get an accurate view of the types of credit card offers that you may be interested in.
Credit Card Balance Transfer. Believe it or not, you can now do just that !
You can do this with your new credit card, a new internet connection and several other helpful tips.
Credit Card Balance Transfers: How To Find An Offer
If you have an outstanding credit card balance, then you are probably also interested in getting a credit card. Often times, credit card companies will waive interest payments on your outstanding balance, which is usually a good deal, especially if you are one of those people that you wish to see the debt reduced. For those of you who do not know more, what interest is charged if you do not have enough money to pay for your outstanding balance? Well, perhaps you can find a good credit card offer that will take you to the extent. For those of you who do not know any better, how frequently your payments are charged on your credit card will have an impact. One study even found that when you worked on that credit card, most those who did not receive the introductory offer had several late payments and even one bankruptcy. Can you find an offer of that level? This depends but for the fact, when you apply, every credit card company. Most of them will raise your interest rate! Can you find a good credit card offer that will waive interest payments once on outstanding credit card debt?
Before deciding what the credit card company offers, you really shouldn’t take this as information that everyone should receive, either. For example, if you do have a high outstanding amount of credit card debt, you should know about the fees that go along with that amount.