Fighting Credit Interest Rate Increases

With the struggles in the banking industry, many financial institutions are looking to their credit card branches to help them recoup losses. Traditionally, credit cards are the most profitable venture a bank or lending institution offers. With the high rates they charge both consumers in interest and the merchants in fees, this is usually a win-win for the company. Unfortunately, consumers are being hurt by this crunch. Many credit card companies are now increasing interest rates to help drive up the profits. Even good customers, with strong credit scores and payment history, are receiving letters notifying them their interest rates … Continue reading →

Tired of High Credit Interest?

Want to start the New Year off right? Make a few phone calls to your credit card companies. Most people don’t realize that both your interest rates and your credit limit can be negotiable. From a credit score standpoint, keeping the same credit cards with the same accounts for a long time helps your score. Credit history is a key component of both your credit report and the scoring system lenders use to evaluate your credit risk. When you get all these great offers in the mail to switch for a lower rate or even a 0% APR for a … Continue reading →

Be Careful When Transfering Credit Card Balances

If you are considering transferring you credit card balance to new zero percent interest card, you need to approach this move with caution. You need to be very careful of the steps that you take as you do this, or you may end up costing yourself more money in the long run. There are many different variables you need to consider before you transfer the balance over. The first thing you should consider is if the card charges a balance transfer fee. This fee is usually around two percent of your balance, but it may be higher than that. You … Continue reading →

Using 0% Balance Offers to Pay Down Debt

Chances are you’re receiving weekly offers for credit cards, some with 0% balance offers. While that can be a good deal if you’re carrying a balance at a higher rate, there are some things to be aware of. Here is what you’ll need to look out for in the fine print: Is there a balance transfer fee? Many cards charge a fee for transferring your balance to their card. While some are a fixed amount, some are a percentage of the balance. If you’re transferring a large balance and the card issuer is charging a percentage of that balance as … Continue reading →