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Gold credit card – what you need to know

High-risk credit cards are becoming a preferred element in most consumers’ lives. These credit cards, with several attractive benefits, make it easy for small business owners and small to mid-size business owners to build their credit standing. When you want to establish or upgrade an account with a particular credit card, you need to make sure that you are aware of its restrictions for a specific program or period of time, as well as its minimum credit payment.

First, look at the big picture. If the low or zero percent interest rate isn’t necessary to enable you to deposit money directly into your account initially, why not tie-up some other techniques, such as transfer accounts, into the credit limit or fee-paying balance on your credit card? Transferring the balance of one card to another credit card can give you more flexibility with which cards you may use and at lower interest rates.

Why use a credit card when you can purchase just about anything and never have to worry about costly finance charges? Transferring your funds to an account at a department store or online store is simpler than making your payments through cash or cheques. You don’t have to wait until you have spent a certain amount to place funds on the card, especially if you are a frequent shopper and shop online. The lowest interest rates will fit right into those categories.

Keep in mind your entire credit life revolves around paying your entire credit card obligations and paying off your entire mortgage, car and medical bills if that’s what you’re going to do. With the minimum required amount on the card, you can pay off a large portion of the credit card faster than an extra dime. And that’s how this whole credit world is made possible.

Now, if you’re looking for a high-quality credit card deal, look no further! Some of the many reasons why card companies go through huge financial turmoil are:

Finance – If no other card offers the same interest rate and penalties as the card, card companies pay for finance charges that are related to your balances in addition to your deposits.

Short term solution – Once you or your partner puts off putting money into your account for a certain period of time, the additional fees associated with this extra period of time can add up and make it much worse. Just like when you go shopping for a pair of jeans, paying for finance costs will get you nowhere fast.
If you can find the card that does allow you the convenience of transfer processing, with instant credit, you don’t have to make those extra costly finance charges. Take care not to go with a company that may charge fees that take years to pay off. Some card companies get away with charging up to three times the amount of your lowest rate.

Pay your credit card bills on time – Even though the minimum monthly payment is the same as above, you do have to pay an additional fee up front, which usually runs about $30.00. If you pay your credit card monthly, you’re assured of minimal expenses, that include the delay in paying your cards, late fees, accrued interest, etc.

Keep your balance low – If, after you pay your credit card bills on time, the interest rate on your card never rises above the discount rate, which may be a big hassle. And you certainly pay no interest on your credit limit. If you plan to transfer your card balance to a higher-interest card, you may want to restructure your payment on two cards for a lower interest rate.

Transfer your card debt from one financial institution to another – Once, once’s the magic–and then you have to pay each debt off as your other non-credit card accounts are paid off.

Understand Credit Card Debt Consolidation

Credit card interest rates can be as much as one rate per thousand borrowers. Not only are interest rates much higher than would ever be the minimum payment for a typical student, but the interest rates on loans are also much higher than the federal Stafford loan for college tuition.

Basically, a credit card is a huge amount of money that can be used for almost anything, provided you have the ability to pay it off at a regular time. A credit card even has its own website that allows its users to make order forms and find out the interest rates on credit card balance transfers. Even the average cost of groceries in the U.S. is charged in almost real-time, according to a study by Fair Dollars for Doing Business.

If you’re looking for a way to pay off your credit card debt in no time at all, there really isn’t a single best solution.