Long Term Balance Credit Cards

Published on 10 July 2012 by Raffick Marday

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Balance Transfers – 0% Introductory Rates

Some of the most popular credit cards people apply for are credit cards that offer long term introductory rates on balance transfers. By taking a card which offers this feature, you can transfer an existing balance off another credit card you have, and benefit from either a low rate or a 0% rate for a set introductory period. There are permanently low balance transfer rate cards which will soon be available, the permanently low cards applies until you have cleared the balance.

Although fewer cards are offering this kind of deal recently, as they cost the credit card companies huge amounts of money to operate, there are still some good deals to be had. Note that almost all cards now charge a balance transfer ‘handling’ fee

Do you have credit card balances outstanding?

If you have large credit card balance outstanding and you do not have the capacity to pay it back anytime soon then consider getting a new credit card with a long term balance card this way when you transfer the balance you will not be paying the high interest rate on your existing card plus with the money you are saving use this to keep up the payments and help reduce your balance. Once the intro period has ended then do the same process again and again until you clear it in total.

The only other thing to consider is the balance transfer fee which ranges from 2.5% to 3% work out how much this is going to cost you before you consider getting one.

How to Increase Credit Card Scores? Have A Brief Idea On This  

In today’s world many people face problem of bad credit card scores. If planned properly with care one can have fewer expenses paid on credit card like car loans etc. The credit card holder needs to analyze where he stands to start with. By following these simple steps one can increase the credit card scores:

•  Timely Payments : Always try to pay the credit card bills in time. Paying installment loans like mortgage, student, auto, personal loans will help to score better. If possible by accumulating some funds if one can close down certain loans nothing better than that.

•  Less Usage of Credit Limits : Lesser the credit betters the scores. Lenders acknowledge the gap between the credit limit and actual credit. If credit is managed below 30% of the credit limit, it results in good credit scores. Rather than paying off the highest rate card, for higher scores, cards nearer to their credit limits must be paid off first.

•  Light Use of Credit Card : Try avoiding buying in huge amounts with credit card. Use the card for lighter purchases. Even if the card holder pays the monthly bill on right time, higher purchase amounts may lead to lesser scores.

•  Maintain Track Register: To lower the burden of keeping the track of expenses and payments, track register must be used. Logging into the card issuer’s website for regular checks is the best option. There are many personal finance options like Microsoft Money etc that can also be easily downloaded and used as track register.

•  Check Limits: Keep a track of actual limit provided to you and that is displayed in the track register, at times the limits mentioned are lower than initially agreed on. Issuer can be requested to change the limit and most of them respond quickly.

•  Old Card Usage: If you are using an old credit card with good history, then that’s a good thing to do. But if you plan to use a new card you must close down the old one as the issuer will not update the older accounts and that may even affect the credit scores of the existing accounts with the issuer. If you don’t want to close the old cards try using it for small purchases to keep the issuer updates active.

•  Create Goodwill: Be a good customer, this might help you to wave off some defaults from your credit history.

•  Old Negatives: Remember the negatives in history of the card issuer. This will at times help you to fight back over the phone for any unfair bill.  

Apart from this rather than using too many cards try to have less and good credit cards.

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