One of the most powerful features of your credit card is the purchase power. These credit cards can be the gateway to many a party, party shopping experience or to the thrift store, and the first step in getting the ultimate gift of finance. However, what many will not be aware about is that the charge they make on your credit card does not simply come from their availability; from the credit card they charge you, or to your gas or food bill, how much (or how little) they have to owe. The credit card companies are, for many, only just getting started in designing a payment system that works for them and the result is an ever changing system of charges.
These days many are using the term ‘interest free’ or even free of charge, because of the added convenience that cash flow provides. As a credit cardholder, however, you may not have access to this extra charge. Although this is a terrific thing for a variety of reasons, you’re also likely going to want to consider the other two, ‘one rate per transaction’ as the cash flow fee – if you don’t like your balances being charged even when no interest has been accrued.
It is not to say that one billing cycle does not add to the system; the most common cycle being 30 days is no longer free from charge, even though you’re paying interest on your balance. Many banks and other financial institutions have replaced these cards with introductory ‘free – periods, in which you don’t incur a charge of anything new, while your balance remains at the current balance and you pay no interest with the card.
The idea for this program is that the greater majority of the people who get their first credit cards will not need to sit by and wait for their initial 30-day grace period to expire (or when the introductory period expires, more on that below).
This is all great news, especially to those who carry balances (or charge more than a certain amount, depending on what you happen to carry on your credit card). But if you’re still concerned about the damage that it can do, there is a good chance you can turn the page and start paying off your outstanding balances right away. In the meantime, just by using your new card, you’ll be able to enjoy interest free access for up to fourteen years straight no matter where you are. And as long as you’re maintaining your current balances (by running a separate monthly balance transfer, for example), you could save thirty-five percent!
Another great option is to open a new credit card. This option should be your first choice, since if you carry too much debt (or charge too much, obviously), another credit card will be the only viable choice. However, those who do not have the ability to transfer balances should still consult the options in the fine print. For example, if, having a credit card in your wallet or an account in your credit account, you find yourself carrying even more debt, you’d be far easier to handle or transfer and you wouldn’t even need this new option!
So for the time being, at least, you should be able to enjoy great deals on your credit cards without breaking the bank’s money. Keep trying to keep your credit card balance under control and you will find yourself looking back fondly on the years you have spent using your credit cards.
Credit Card Debt Advice
There are many financial institutions that are very interested in helping a person out financially. Unfortunately and unfortunately enough a great deal of people do happen to end up in situations where they ended up in a situation where they really couldn’t get out of. The problem with most of these situations is that no one is really sure what the people are going to do in such situations and it is usually very harmful to their overall financial health. So what we can do is we can advise people on what to do in such situations. So far we have advised you to try to get out of both of the current situations you are in but also made the efforts to find some form of way out of it and really make a better financial situation. So that is what we can offer, we give you advice and advice on debt consolidation here at Credit Card Debt Advice.
If at all possible you will want to make sure that you are making efforts and trying to help out other than that you will not get help for very long because this is where you really are at risk.