0% balance transfer credit card offers were at one time quite popular among consumers looking to save money on high interest credit card debt.  Prior to the recent economic downturn, balance transfer offers were plentiful with many consumers looking no farther than their mailbox to find a great deal.  Then the economy took a nose dive and many consumers found themselves facing growing credit card balances with little or no resources to pay the bill.  As the default rate grew, lenders began the mad scramble to mitigate their losses.  The lending environment went through a major adjustment period with one of the changes being the end of 0% APR credit card offers.  Mailboxes that once held one or more offers per week, no longer provided options for struggling consumers.

The end of balance transfer offers

Many experts predicted that this change may be permanent, however it appears that is not the case.  In 2010, consumers still wary from the recession, slowly began to emerge from their self imposed financial restraints.  A slowly recovering economy and increase in consumer confidence and spending has resulted in yet another change within the lending industry.  As a result, more and more balance transfer offers are making their way to consumer mailboxes once again.  (more…)

If a vacation or business travel sends you overseas, credit cards can be an extremely convenient finance option to bring along.  When you use credit cards as your primary method of payment while traveling, you won’t need to worry about traveler’s checks or get overly concerned about having your money stolen, or wonder if you have enough cash on you. Here are some tips for traveling abroad with credit cards:

1. You Still Need Some Cash: As convenient as credit cards are when traveling, remember to keep some cash on you.  How credit cards are processed is changing in some companies, with Canada, Australia and parts of Europe changing to Chip and PIN cards.  American credit cards will not always be accepted in areas using Chip and PIN cards, particularly when paying tolls on roads, at gas pumps or in subway stations.  Keep some cash on you to avoid problems with areas that won’t accept an American card.

2. Get a Credit Card with No Foreign Transaction Fees: When you use your credit card abroad, chances are you’ll be charged a two to three percent foreign transaction fee. These charges are even levied on purchases you make from home with a foreign company, like hotel reservations.

The easiest way to avoid these credit card charges is to get a no foreign fee credit card. Capital one credit cards, including their popular no hassle rewards cards, all charge no transaction fees when you make purchases in foreign currencies.  Having a Capital One credit card is the best way to protect yourself from foreign fees when travelling. (more…)

Many people have more than one credit card in their wallet, for one reason or another.  Maybe you have a cash back credit card used specifically  to earn rewards – or you had a bunch of credit cards with high interest rates that you later consolidated onto a 0% balance transfer credit card you don’t use for purchases.  Whatever the reason for having multiple credit cards, if you’re in get-out-of-debt mode, you may be hurting your credit score by having so many cards, especially if most of them are not being used.

The Problem With Unused Credit Cards

Having multiple credit cards might mean you’re paying multiple fees.  You might have annual fees associated with one or more of your credit cards, and you may even get charged an inactivity fee from credit cards that don’t get used for a long period of time.  While these fees may seem minor, when you add them up over the course of a year, you may be paying more than you expected.

Accounts Closed for Inactivity

When you have multiple credit cards that aren’t being used, you may also find your cards get closed for inactivity.  Closing credit card accounts can have a negative impact on your FICO credit score, because it reduces the amount of available credit you have.  When your available credit is reduced, you have a higher percentage of debt in relation to available credit, which is taken into consideration in the calculation of your credit score. (more…)

Studies have shown that the majority of credit card students graduate with at least one credit card in their name, and graduate with more than $2,800 in credit card debt according to Nellie Mae.  Whether the card was used to pay tuition and books, or more frivolously for a night on the town doesn’t matter – you’ll be paying for these purchases for years to come if you only pay the minimum payment each month.

When you graduate from college, it’s time to take a look at your financial situation and for many this means taking a closer look at credit card debt.  This debt is the last thing you want to be dealing with as you are looking to start your career and “adult” life.

Transfer Your High Interest Balances

Student credit cards are known for having some of the highest interest rates in the industry.  The cards you carried in your wallet as you walked around campus may not be the kind of credit cards you use as a college graduate.  It’s time to graduate your student credit cards to grown-up versions, and you can often do this through a credit card balance transfer offer.

Move your high interest credit card debt to a 0% credit card and make paying it off a priority.   You’ll probably save hundreds of dollars in interest compared to paying the minimum payment on a high interest credit card. (more…)