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…)

Each day we are inundated with credit card offers. Whether we see ads on line or they come in the mail, there are numerous options for us to choose from. Many credit card offers come with some type of introductory offer, whether it be a balance transfer deal or a low introductory interest rate or more. The question is, are these introductory offers worth it? Or will you actually be paying more in the end?

What You Need To Look For in 0% Introductory Offer

When it comes to introductory balance transfer credit cards, the buyer needs to beware, or at least be cautious. Never go on the face value of what is in bold print. Instead, you will have to dig deeper and read the fine print in order to find out what the credit offer really entails.

Many cards will offer a balance transfer introductory deal with 0% interest, for example. On these 0% APR credit cards you will need to find out exactly how long the low rate will last. Next, when the intro rate has expired, what will you be paying then? While that introductory time period might have been great, it will eventually expire and on some cards your interest will return to a level similar to what you are currently paying. (more…)

Given all the turmoil in the credit card market this year, finding the best credit card applications has become a significantly more difficult process.  For starters, many credit card companies have shortened 0% interest rate periods and, despite an historically low Prime Rate, continue to increase long term interest rates.  Because of these two factors, it is more important than ever to closely look at the terms offered on any credit card applications you are considering.

The most important factor to look at is the long term interest rate.  (more…)

After months of 0% rate decreases and interest rate increases, major credit card companies are beginning to advertise good credit card offers again.  For many of us, its hard to trust any credit card company.  Loyal customers of 20 or more years recently saw their Citibank interest rates increased to 29.99% and just about everyone has endured a credit limit decrease or interest rate increase over the past twelve months.

Fortunately, credit card companies are looking to replace the customers they chased away with rate hikes and credit limit cuts and replace them with new customers.  Unfortunately, getting approved for the best credit card offers will require much better credit than it did a year ago.  Nevertheless, consumers seeking to take advantage of 0% APR credit card offers will find more than a few credit cards offering these rates on purchases and balance transfers for up to 12 months. (more…)

A recent post on high limit credit cards has led to a lot of questions, so we though a clarification would be helpful.  As stated in the original article, no company we are aware of offers even the slightest insight into what your credit limit will be until you have submitted a credit card application.  Whether you apply online or by phone, the situation is the same.  We called three major credit card companies and asked if an estimate of credit limit could be given.  The response was the same from every company:  no.