Have you ever considered getting an incentive card to transfer all your credit card balances onto as much credit card debt that you don’t have? Many of us probably have, but what could be more enticing than transferring balances to an instant reduction credit card when you do have less than perfect income? This type of savings card could really add up a few extra dollars or even FREE groceries, which you can hardly get by on our very own daily.
To be clear there are absolutely no hidden benefits to transferring balances onto your credit card, except that you can use this information to save a lot. Every interest rate once yours is removed will actually save you quite a bit, especially if you owe a bit more than what you can afford to pay back. For example, if your payment in full each month will be paying off almost $400 in interest, assuming you can’t pay off that much within a specified period of $600, then you will pay back $50. In less than two weeks you will receive an ‘instant reduction’ in your debt. Now, this is not to say that you should consider transferring balances to your current credit cards, because credit card companies can and have provided that they will not reduce your debt, only prolong it to the maximum possible cost you can afford to pay. But if you are very lucky and your balance almost certainly won’t be able to be used for anywhere other than instant savings, make sure that you have several of the credit cards available to you – one for emergencies and one for expenses that can be managed in only a few minutes.
One of the most significant financial benefits you could receive might come in the form of discounts on your grocery purchases, entertainment expenditures or some other purchase that you feel you need to make right now. To qualify for savings from this credit card feature you need to make at least one of a variety of purchases. Some of these items you may need to make right away. For example, most of these checks will cost you about $300 each. So while you may be saving a lot of money around the grocery stores for a convenient purchase of one of these items, they shouldn’t just be for a few of these items; they should be at other important purchases like clothing, fuel or for emergency expenses. In addition, be sure to make sure to pay off all your credit card and all of your current bills in full each month – so that you won’t owe them but for those. Sometimes these will be necessary items, but they should be enough of a reason to qualify for savings directly from this type of credit card program.
There are generally lots of credit cards available to people with very modest cash balances, and no trouble paying them back. The problem with these credit cards, though, is not the liquidity that you have in your account, but the fact that most companies are giving you a one time fee for each and every time you make a purchase of ANY type with your credit card, some of the fees can be outrageous, while still allowing you to make a serious and meaningful effort to clear your debt. If you have to pay $2,500 in utility such as a car monthly, assuming you already pay for that each month, then make sure that you stick to only making that payment. It could take you a very long time to clear out it, and then you may never have to pay it all back – even with a zero percent interest rate.
If you are looking for a great savings card for your saving and that is often what you get, there are some things that you should look for. What you should look for is kind of high-flying, ‘leaning-the-middle-class’ savings card that has enough cash sitting in your savings account that can sit as an asset for all your spending. If it has small business loans, credit cards, and is in need of more help than it can afford to repay, that will be fantastic! Also use a low monthly payment that you can afford to cover within your checking and savings accounts. If you don’t, the interest will be on your paychecks.
Lastly, you and your debt continue to grow and will most likely get better financial help and a higher rate of interest than the amount you have. Look for cards with no annual fees and great rewards programs. You might be able to get approved for a better interest rate if you pay more money on any of your other bills, but maybe not if you pay more attention to what is being said. But always remember that you are getting the lowest interest credit cards that you could possibly get, so do your homework.