Balance Transfer Disasters

Balance Transfer Disasters

there has been a rapid growth in the availability of zero per cent rates in the credit card industry. these have been caused by the combination of very low national interest rates, and the injection of fierce competition from american lenders such as capital one. the uk credit card industry is now recognised as one of the most sophisticated and competitive credit card markets in the world.

one of the most popular innovations in the past number of years has been the introduction of the zero per cent balance transfer. this has revolutionised the finances for many indebted customers. how it works is if you have very high interest charges on one of you?re out standing credit card balances, then you can transfer it to a new credit card. in exchange for getting your business in this way, the new credit card provider will give you a zero per cent interest rate on the sum transferred for a period of usually, six to nine months.

while taking advantage of these zero per cent offers is highly advisable, as it can save you literally hundreds on interest charges, there are still precautions that you should take if you wish to avoid some costly mistakes. the first thing to realise is that there are different types of zero percent. what you will most likely come into contact with is zero per cent on balance transfers or zero per cent on purchases. you must not confuse the two.

if you have zero per cent on balance transfers then that will not mean you have zero per cent on purchases, so any purchases you make during your zero per cent period will not be at zero per cent but at your standard rate. this can be very important if we look at the situation using an example.

supposing you have five thousand pounds on a credit card a 15%. if you transfer this to a card that gives you 0% on balance transfers for nine months you will save hundreds on interest. however, supposing the new card has a standard rate of 15% also. now, if you have your five thousand on it safely at 0%, but suppose you make one hundred pounds worth of purchases. and then you pay back one hundred pounds; the one hundred you pay back will be applied to the first one hundred of the five thousand-balance transfers. this will leave you with 4,900 left at zero per cent on the balance transfer, and 100 as a purchase that attracts the standard 15%.

in this way you can quickly see how a zero per cent balance transfer can become a 15% purchases balance.

peter kenny is a writer for creditcards-gb

for additional articles and an extensive resource for everything about credit cards, please visit us at http://www.freeroller.net/messageboard/mbs.cgi/mb116885 and http://www.creditcards2go4.com

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Free Insider Secrets About Homeloans and Credit

whether you have excellent credit, good credit or poor credit; make a great income, middle income or low income; have too much debt - are self-employed - have a loan with a pre-payment penalty - or need to rebuild or renew your credit...you must take a look at: answers to the most frequently asked questions about home loans (and the top ten most common mistakes that can cost you big money)

you, as a homeowner or homebuyer, are about to make a decision that will effect you immediately and into the future (sometimes for years to come). by financing a new home or by refinacing an existing home, you will be joining literally thousands of others homeowner or homebuyers. you will be faced with one of the most important financial commitments you will ever undertake. even the veteran homeowner faces challenges everytime he or she looks for a new mortgage. it is amazing how much the mortgage industry changes even monthly (not to mention yearly).

during the application process, youll be exposed to perhaps hundreds of mortgage options (from reputable and not so reputable mortgage companies).

who do you trust? who understands your particular credit, whether it may be excellent, good or poor? who would possibly know how to solve your particular problems..one-on-one? who is offering you the best mortgage options? who has your best interest at heart?

these are critical decisions that thousands of borrowers, both homeowners and homebuyers have to make each and every day. this can make finding the perfect mortgage loan for you and your family (or even an investment property) very difficult .

with each wrong decision you make, youre literally risking the chance of loosing thousands of dollars (like throwing it right into the trash) and making taking a big hit on your personal credit! this may leave you with a financial burden that can drain you for many months or years to come.

fortunately, we have the solution you need. we have put together an absolutely must-have online report for all borrowers from excellent, good or poor credit. homeowners and homebuyers looking to get the perfect loan or an investor wishing to make his or her first, second or third investment purchase or investment refinance. this free online report is not limited to just those who have credit issues, but also will help homeowners and homebuyers who have too much debt, who are self-employed, and who have pre-payment penalty loans or who need to renew or rebuild their credit.

this information will give you the knowledge you need to make educated decisions throughout your entire loan process. it will allow you to find and decide on the perfect loan for you and your family.

so, get yourself a copy of this must-have free online report now! use the information to educate and protect yourself. visit our website and download your free report today!

whether you have excellent credit, good credit or poor credit; make a great income, middle income or low income; have too much debt - are self-employed - have a loan with a pre-payment penalty - or need to rebuild or renew your credit...you must download this free report: answers to the most frequently asked questions about home loans (and the top ten most common mistakes that can cost you big money) mortgage books online

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American Express Blue Cards: Which Blue Is For You?

times certainly have changed for american express. gone are the days where the american express card was simply a charge card that had to be paid off in full every month. yes, the old workhorse ? the green card ? is still available and popular too. however, american express decided to take mastercard and visa on directly by offering its own line of credit cards. these ?blue? cards have been such a hit with consumers that the admired financial giant is now offering four different blue cards from which consumers can choose. each american express blue card is different, so let?s take a look at just what makes each one so special.

american express sky blue, the ultimate travel rewards card

sky blue ? if you are tired of all those rewards cards that promise you a weekend in las vegas, but can only deliver you an overnight stay in providence, then the sky blue card should appeal to you. touted by american express as putting an end to travel reward card restrictions, sky blue goes where no other american express blue card has gone before it. with absolutely no black out dates and no travel restrictions, the sky blue card allows for card holders to travel where they want, when they want. but, it even gets better: 0% introductory apr and no annual fee; discounts on airline tickets, hotel stays, and car rentals. you even get free coverage on rental car insurance and travel accident insurance with sky blue.

blue cash for cold, hard cash

blue cash ? if it is cold, hard cash that you want, then there isn?t a card that matches the american express blue cash card. this is no 1% or 2% cash back card; the blue cash card is one that really works for card holders as it gives back 5% cash on just about everything you buy. save 5% on gas. save 5% on drugstore visits, on the bills you pay, and on so much more. best of all, you don?t have to worry about redeeming your points as every year american express will give you your earnings back to you in the form of a big fat credit to your account!

the original blue: the american express blue card

blue ? the american express blue card was the card that got the whole blue movement rolling. although it isn?t as power packed with the features found in sky blue or blue cash, the blue card is still a worthy choice. if you select ?blue? you get 0% apr for up to 15 months, 4.99% apr on balance transfers for the life of the loan, and you will earn points toward the american express free rewards program. yes, there is no annual fee with the blue card either!

jet blue: the airline and the card

jet blue ? named for the airline it represents, the american express jet blue card allows card holders to accumulate points toward free jet blue airways flights. using the card the very first time nets users a cool 5,000 points right off the bat. you can also get double points at many places where you like to shop or eat.

as you have read, the competition for credit card carrying customers is heating up. with an american express blue card you can receive benefits not available to customers of competing card companies. what are you waiting for? put an american express blue card in your wallet today and reap all of the rewards!

please click here to find american express blue credit cards.

ed vegliante runs the website http://www.credit-card-surplus.com, a well organized credit card directory enabling the consumer to compare and apply for a variety of credit card offers.

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