For single people and couples, finding the ideal credit card can be a challenge. Nevertheless, parents face an even more daunting task as they manage a growing household and its financal needs. Fortunately, several banks have stepped up to offer credit cards that can appeal to the specific needs of parents.
What do parents require of their credit cards?
Parents who carry a balance should always focus on receive the lowest interest rates and the best balance transfer offers. read the rest of this entry… »
We all want to help friends and loved ones to get out of debt. In many cases, just offering good advice is not enough. For example, skilled credit card users have known that they can pay off their balance more quickly, and with less interest, by using a 0% APR promotional balance transfer. But what if the person you suggest that strategy to does not qualify for one of these offers? It is a little known fact that people can take advantage of these 0% APR balance transfer offers by paying of the balance of another person.
How this works
If someone is willing to incur debt on someone else’s behalf, it can be done without incurring interest. read the rest of this entry… »
Banks are in the habit of advertising their 0% APR promotional balance transfers by highlighting the 0% part. Less conspicuous is the asterisk and the small footnote explaining that a balance transfer fee will apply. And while 0% is pretty self explanatory, many cardholders are unfamiliar with the concept of a balance transfer fee.
What is a balance transfer fee?
This is a fee assessed by the card offering the promotional balance transfer. The fee imposed is a percentage of the amount being transferred and that fee is simply added to the new balance. read the rest of this entry… »
Arbitrage is a way of making a profit by exploiting the difference between the purchase price and the sale price of a commodity. This is how most businesses make money, including banks. In fact, some savvy consumers have even attempted to use arbitrage to exploit 0% promotional financing offers.
But while that may have been profitable in years past, it is unlikely to be a worthwhile endeavor any time soon.
How this used to work
Before the CARD Act of 2009, there were many offers for 0% APR promotional balance transfers with no balance transfer fee. At the same time, interest rates on savings accounts were as high as 4-5%. read the rest of this entry… »
There is an incredible variety of reward credit cards available to Americans. And while many of these products return rewards as cash back, points and miles are also very popular. But the problem with points and miles is that their value can be hard to deduce. Some miles may be the ticket to first class travel and return a reward on spending valued in excess of five cents per dollar, while other points may returns less than a penny in value towards overpriced merchandise. Yet in the entire world of points and miles, three different credit card point systems stand out for their exceptional value. read the rest of this entry… »
