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The 7 Rules of Credit Card Balance Transfer
credit card balance transfer is a great way of consolidating your credit card debt, and also finding a way of avoiding the terrible burden that debt can bring. transfer offers are in high demand and many credit card issuers highlight their balance transfer features up front as part of their overall advertising package. these days the credit card companies are in heavy competition with each other to get your business.
but have you ever considered the dream ticket of always having an interest free credit card at all times, no matter what the circumstances? well here is a check list of seven things you must do in order to get the best out of it.
1. always make sure that your credit card balance transfers are carried out on time and with no overlap periods from one card to the next, which will cost you money in nasty interest charges. make allowances for delays in the post when notifying banks and credit card companies by mail, and also note that different banks will move at different speeds when responding to requests.
2. make sure that 0 balance transfer credit card offers are always current and available at the time you apply. theres no point in making a mental note of an offer and then applying for it after it has expired.
3. interest free balance transfer credit cards must be exactly that; be careful and look out for any hidden charges in the small print. a 0 apr credit card should be exactly what it says it is.
4. the type of card to transfer balances from is crucial. store cards tend to have a higher rate of apr than normal credit cards, so consider transferring all these balances on one or more low interest card. you can end up saving a substantial amount of money. proper use of the credit card balance transfer feature can be useful and convenient, and a vital way of avoiding credit card debt.
5. trust your source. a low interest credit card or 0 interest credit card should be easy to identify, preferably from a source where you are able to make comparisons between different types of card. ideally you should deal with a source which is impartial and which does not promote one credit card or bank over another. also, your source should provide easy to read and understand comparative charts to help you make such decisions swiftly, without undue pressure, and without any fear of being misled.
6. keep a note of the exact date of when your 0 interest period finishes, and apply for your new credit card balance transfer at least two weeks before that date.
7. try and ensure that your interest free credit card balance transfer facility is flexible and quick. at present it is the norm to put details of your credit balance transfers in writing at the time of application. bear in mind that both parties need to know what is going on at the same time. make it easy for everyone, including yourself.
gordon goodfellow is an internet technologist who lives and works in london. his credit card sites automatically alert customers when their interest free credit card period is up. http://www.credit-card-transfers.com
article source: http://ezinearticles.com/?expert=gordon_goodfellow
Credit Card Processing: How to Legally Beat the System by Passing Processing Fees to Customers
imposing surcharges on credit card transactions is illegal, and it will only lead to problems. the secret to beating the credit card processing system is not charging more for credit card sales, but instead is charging less for cash sales. it may sound like the same thing, but there is a big difference.
the increasing costs associated with accepting credit cards are leaving many merchants searching for ways to pass along at least a portion of processing expenses to their customers. card originators such as visa and mastercard are becoming wary of this new trend and are enforcing strict regulations specifically designed to hinder any such efforts by merchants to impose surcharges on credit card purchases.
discount fees, transaction costs, and other expenses associated with the acceptance of electronic bank cards (credit and debit cards) are putting a strangle hold on to the net profits of businesses of all sizes. to help minimize the impact that processing costs are having on profits, many businesses are charging a surcharge to customers that choose to pay for products or services using a credit or debit card.
card originators such as visa, mastercard, american express, and discover have a lot to lose if the practice of imposing surcharges on credit card transactions becomes popular among merchants. when merchants impose surcharges on credit transactions, they make purchasing on credit a less appealing option to consumers, and many consumers choose to avoid the additional cost by simply paying with cash or a check. a decrease in the use of credit cards by consumers translates directly into lost revenue for processing banks. not only do banks lose out on the processing fees that they would have collected from the merchant, but they lose any finance charges that would have been incurred by the customer as well.
you may wonder why so many businesses still choose to place a surcharge on credit transactions, even though it is strictly forbidden in the processing agreement they had to sign when opening their merchant account. quite frankly, many business people choose to ignore this clause in their processing agreement and impose a surcharge anyway. this approach is not recommended. when and if these businesses are discovered, their merchant accounts will be terminated, and they may even be placed on the terminated merchant file (tmf) which will make it nearly impossible for them to acquire another merchant account.
card originators and banks have control over credit card (bankcard) transactions, and they can legally ban a merchant from imposing surcharges. however, they do not have any legal control over other forms of payment such as cash and checks. the largest card originator (visa) has even published information stating that, you may, however, offer a discount for cash transactions, provided that the offer is clearly disclosed to customers and the cash piece is presented as a discount from the standard price charged for all other forms of payment.1
most merchant accounts operate on a tiered discount pricing grid and, ironically, the secret to beating credit card processing fees is to impose tiered pricing on your products and services as well. the old saying, if you can?t beat em, join em? applies perfectly.
while you can?t charge extra for credit card sales, you can charge less for cash as long as all prices are clearly stated to customers, and the cash price is reflected as a discount from the original purchase price. for example: if the price tag on an item states that the item costs $10, the cash price must be represented as a discount from that price. the price tag for this particular item should look something like this:
price: $10.00
5% discount for cash payment @ $9.50
5% discount for check payment @ $9.50
by utilizing a tiered pricing grid, merchants can alleviate the cost of accepting credit cards, while still providing their customers with the freedom to choose their preferred method of payment.
1. published by visa in the card acceptance and chargeback management guide for visa merchants, ?2004
copyright 2005 jack lang
about the author:jack lang is the senior contributor member at http://www.freeroller.net/mbs.cgi/mb774316. the merchant council is a free resource dedicated to assisting businesses obtain and manage credit card processing and merchant account services. a wealth of merchant account information can be found at merchantcouncil.org.
article source: http://ezinearticles.com/?expert=jack_lang
Why Pay For Credit Repair Services - Do It Yourself
advertisements for credit repair services are everywhere, but what do you get when you purchase one of these services. actually you get very little and possibly nothing because according to consumer reports many of these offers are scams. many credit repair services charge you money to give you ideas about how you can repair the credit yourself. it is impossible for a company to repair your bad credit. that is something you have to do for yourself.
a credit repair company advertises that it will clear up all your bad credit problems and make it easier for you to get a loan for a car or a credit card. many of these companies charge you hundreds of dollars, which you can use to pay your monthly bills and so nothing for you. you can provide you own credit repair services by starting with a request for your credit report. this is free, whether you make the request online or from one of the credit reporting agencies. you are entitled to one free report per year.
when you want to use credit repair services, you can avail of a debt reduction loan from your bank. lenders are quite eager to help you in this regard because they know that you are making a conscientious effort to repair your bad credit. you might need to sit down with a counsellor to determine the amount of money you need to borrow. the lender will pay off your creditors leaving you with a manageable monthly payment, which more than likely is less than the total you currently have.
you need to be wary about paying any money to credit repair companies that want you to pay upfront before receiving any credit repair services. if you do contact a credit repair company, you need to make sure the person you speak with tells you what you can do on your own for free. if you do not receive this information from the company, then you should run as fast as possible.
if a credit repair company advises you to dispute the information regarding your credit history and you follow this advice, then you could be committing fraud. it is important for you to review your credit report to make sure that all the information is correct. there have been cases where some of the information is incorrect, but the chances of all of it being in need of dispute are highly unlikely.
no credit repair services can remove any unfavourable items from your credit report. what you need to do is start working on paying your bills on time or making arrangements with your creditors to take smaller amounts. all of this reflects favourably on your credit report, but no matter what credit repair services you use, the only way items can be removed is if you can prove they are incorrect. your credit history is very important and you need to protect it.
looking for credit repair services? be careful.
to download a free copy of peters credit repair book visit peters website credit repair answers and find out about credit bureaus and more, including credit repair services, free credit reports and online credit repair.
article source: http://ezinearticles.com/?expert=peter_crump
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