If you have a number of credit cards, or are looking to get another card, then it pays to know about the ins and outs of balance transfers. If you use balance transfers correctly you can save yourself a lot of money in interest payments on your debts. If you are uncertain about how to use balance transfers properly, then here is some advice on the ins and outs of balance transfer?

What is a balance transfer?

A balance transfer is simply where you transfer part or all of one credit card balance to another credit card. You are effectively using one credit card to pay off another one. For example, if you have one credit card with a £1000 balance and another card with no balance, you could transfer some or all of that £1000 onto the card with no balance.

How do I make a balance transfer?

Making a balance transfer is extremely easy, especially if you have online banking. IF you have just got a new card then it is likely that you will asked if you want to make any balance transfers straight away. If you do then you simply give your other card details to the new card issuer along with the amount you want to transfer and they will sort it out for you. Also, on most online banking systems there is a feature to allow you to make balance transfers at any time.

Costs of a balance transfer

Unless you have a special rate for balance transfers, there is usually a cost involved in making a balance transfer. These rates can vary, but are usually either a fixed fee or about 2% of the amount to be transferred. When transferring a balance it is important to take these charges into consideration, because it may cost you more than the money you are saving if you have to pay a variety of fees.

0% balance transfer offers

One good way to make balance transfers work for you is to get a card with 0% on balance transfers. These cards usually charge a fixed fee for transferring your balance, but offer 0% interest on the amount you transfer. This 0% rate usually lasts for around 6 to 9 months, during which time you will not pay interest on your transferred balance. This is especially good for people who are currently struggling to keep up with their credit card payments due to high interest rates. However, you must remember that new purchases on these cards will be charged at the standard APR, and that after the 6 or 9-month period you will have to start paying interest.

Consolidating balances

Perhaps the best way to use balance transfers to your advantage is to consolidate your credit card debts. If you have a number of credit cards with different interest rates and balances, then try and transfer as much as you can to the cards with the lower interest rates. This will save on your interest, and as you pay off the debt you card start to transfer more and more onto the lower interest cards. If you use balance transfers wisely then you can really reduce the interest that you pay and keep up with your credit card repayments.

Take a quick look through your wallet. How many credit cards do you have? Are you one of those credit card fanatics? Are you like one of those individuals who get hold of as many credit cards as possible? Firstly you better make sure you understand that this may get you into a serious financial bind. Sure, credit cards are a great way to deal with unforeseen expenses, and at times can save your butt. On the other hand, these tricky little plastic cards can also trick you into spending carelessly. We all know their typical spiel. Every credit card company knows exactly what you want to hear. Hence that’s the reason why your mailbox is constantly filled with offers for 0 apr credit cards. They simply love to pitch that; don't they? The truth is we all light up at the number 0. It instantly tells us that we have nothing to lose. Ha! Now that’s a good one. But, while these 0 apr credit cards start out benign, they soon turn sinister. All of a sudden the apr hits the roof, and you're shelling out loads of cash for interest rates each month.

Have you checked your mailbox today, did you notice any pitches for 0 apr credit cards? I’m sure my guess is there was at least one in the box. Now, the question is; are you going to slit it open and read the whole deal, or simply tear it apart and toss it away? Now don't get me wrong, sure we all fancy a credit card or two in our wallets and purses. At times those 0 apr credit cards can be helpful if we get in a bind. The trick is using it wisely. In other words, it basically implies not using it unless you really have to. And I mean have to! You don’t need to simply stick something on your 0 apr credit cards if have the cash to pay for. No need to constantly fight the monthly credit card payment? Or perhaps, you are one of those exceptional folks who pay their credit cards off completely every single month. If you are, then hats off to you. You're one of few. Though a lot of us, or probably the majority of us claims that this is how we will do it, we actually don't. Trust me, the credit card companies’ depend on this.

After a while, you'll probably want one of the 0 apr credit cards for some emergencies. The trick is staying strong and not using it for casual shopping. There are loads of online resources for those seeking current deals on 0 apr credit cards. It’s simple to pop open Google and do a quick search regarding 0 apr credit cards. Nevertheless, be prepared, because loads of them are about to pitch to you.

If you have a number of credit cards, or are looking to get another card, then it pays to know about the ins and outs of balance transfers. If you use balance transfers correctly you can save yourself a lot of money in interest payments on your debts. If you are uncertain about how to use balance transfers properly, then here is some advice on the ins and outs of balance transfer?

What is a balance transfer?

A balance transfer is simply where you transfer part or all of one credit card balance to another credit card. You are effectively using one credit card to pay off another one. For example, if you have one credit card with a £1000 balance and another card with no balance, you could transfer some or all of that £1000 onto the card with no balance.

How do I make a balance transfer?

Making a balance transfer is extremely easy, especially if you have online banking. IF you have just got a new card then it is likely that you will asked if you want to make any balance transfers straight away. If you do then you simply give your other card details to the new card issuer along with the amount you want to transfer and they will sort it out for you. Also, on most online banking systems there is a feature to allow you to make balance transfers at any time.

Costs of a balance transfer

Unless you have a special rate for balance transfers, there is usually a cost involved in making a balance transfer. These rates can vary, but are usually either a fixed fee or about 2% of the amount to be transferred. When transferring a balance it is important to take these charges into consideration, because it may cost you more than the money you are saving if you have to pay a variety of fees.

0% balance transfer offers

One good way to make balance transfers work for you is to get a card with 0% on balance transfers. These cards usually charge a fixed fee for transferring your balance, but offer 0% interest on the amount you transfer. This 0% rate usually lasts for around 6 to 9 months, during which time you will not pay interest on your transferred balance. This is especially good for people who are currently struggling to keep up with their credit card payments due to high interest rates. However, you must remember that new purchases on these cards will be charged at the standard APR, and that after the 6 or 9-month period you will have to start paying interest.

Consolidating balances

Perhaps the best way to use balance transfers to your advantage is to consolidate your credit card debts. If you have a number of credit cards with different interest rates and balances, then try and transfer as much as you can to the cards with the lower interest rates. This will save on your interest, and as you pay off the debt you card start to transfer more and more onto the lower interest cards. If you use balance transfers wisely then you can really reduce the interest that you pay and keep up with your credit card repayments

College student credit cards are intended specifically for students who normally would not qualify for regular credit cards, as they do not have a steady income or a credit history. As a student, it is a good idea to establish a first-rate sound credit history at an early age, which would help you get a regular credit card in the future, regardless of your employment status.

College Credit Cards Versus Generic Credit Cards

In theory, college credit cards are identical to regular credit cards. However, a college credit card is meant for college students who do not have previous credit history. Hence, these cards have more restrictions or conditions than the generic cards. The top three restrictions include:

- Co-signature from the parent or guardian at the time of application
- Lower credit limit (Example: $500 to $1000)
- Higher interest rates than traditional credit cards: Normal interest rates on these cards are 16-18%

Advantages of a College Credit Card

A college credit card has become a necessity for most students. The advantages are many provided you understand how the credit card works and use it with caution. Students, especially in United States, are prolific users of these college credit cards. This is primarily because it gives them great flexibility to manage their credit.

Students can use college student credit cards to pay their tuition fees, to rent a car, or to fill gas. In fact, there are certain college credit cards that offer low interest rates to students who maintain good grades. These cards are also packed with rewards and benefits. These cards help students to learn and manage their finance at a young age.

A college credit card can also be a pre-paid one, with a ceiling on the credit limit. This ensures that the student does not overspend and it also helps parents keep an eye on their children’s spending behavior.

Characteristic Features of College Student Credit Cards:

There are many college credit card options from Citi, Discover, and Chase. Apart from these, there are many pre-paid card options. Most of these student cards have many of similar features including:

- 0% APR for the initial period of usually 6 months on both purchases and balance transfers (typically)
- No annual fee, at least for the first year
- Online account management at no extra cost

While many of the above characteristics are also applicable to many traditional more generic credit cards, there are certain distinctive features that make the college student credit card stand apart including:

- 0% liability for any unauthorized charges on the account
- A good GPA helps earns points for the cards
- Theft and fraud alerts

It is a good thought for students to have their own college student credit card. However, it is important to understand that, at an early age, bad credit could have horrible consequences. Parents can assist their kids in choosing the best college credit card based on their child’s spending behavior and repaying capability. College credit cards promise financial freedom at a young age if they are used judiciously.

Careers, job, debts and credit counseling are all things that you need to so to consider if you are seeking employment. Believe it or not any debts or credit counseling that you may have can definitely affect your future prospects and your career.

Many job seekers are not aware of this but more and more employers are checking into your credit reports before they will hire you. This is because your credit report reflects information like careers, job, debts and credit counseling and tells the potential employer how trustworthy and credible you are.

For instance you might not realize this but an attempt to get out of debt by getting credit counseling as opposed to declaring bankruptcy does not look that hot on a credit report. In fact for the duration of your counseling, this activity will show up as a negative comment and a black mark on your report that often also plunges a personal credit rating to its very depths.

As landlords, insurance companies and mortgage lenders also report to your credit report the future employer can tell a lot about your general stability by looking at your rating and how many comments and negative marks are there. A potential employer can also tell how many times you were turned down for mortgages, loans or credits by looking at your report.

Checking into a credit report before you hire someone is a huge trend for human resources types and an increasingly popular one so when it comes to careers, jobs debts and credit counseling overall. To avoid being blindsided for a good job by your own credit history it is best to keep on your toes and be aware of what is going on in your life when it comes to these very important matters. The best way to do this is to order your free credit report from any of the three main credit-reporting companies - Equifax, Experian or TransUnion.

Before signing up to work with a consumer credit counseling business you should really be asking yourself a few pertinent questions. This is because the consumer credit counseling business industry is just full of scam artists, identity thieves and incompetent types who will either take your money and run (while ruining your credit rating in the process) or steal your identity after asking for your financial information.

The first thing you should look for is whether or not the consumer credit counseling business is accredited. If it isn't don't bother with it. It should be affiliated with the National Foundation for Credit Counseling or the Association of Independent Consumer Credit Counseling Agencies or you can't trust it.

The second thing you need to not is whether or not it is a business that is regulated in your state or province. If not you need to be more wary about it. To find out all you need to do is make one call to your Better Business Bureau and the other to your state attorney. Ask how many consumer complaints have been leveled against the particular consumer credit counseling business that you are thinking of dealing with. This should clear up any mysteries about the company's reputation fast.

The third thing you need to determine is how fast and how much of your money will be directly paid out to your credits once your loan is consolidated. If the company is vague about this in anyway you can also forget about dealing with them.

Another way to tell if a consumer credit counseling business is legitimate is to see how much they charge. Legitimate credit counselors charge about $50 to help you set up a repayment plan and to explain how you can restructure your own. If you are asked to pay any more you are probably dealing with some kind of rip off artist.

Most background check services search public records that may include such information as your phone number, address and criminal background. However, they can also process the information they receive from public record and build associations or perhaps even false information. For example, some ‘people searches’ look for aliases that may lead some to think that you are someone else. If you have ever received a bill addressed to someone else, with a similar name, a collection agency may have ran a search and sent the bill to possible aliases in an attempt to locate a debtor.

So why background check yourself? Two reasons: one, to verify if information is correct and two, to see if someone else is using your identity.

Verifying Information

Who might check your background?

• Employers
If you submit an application or a resume to a company, they can run a background check to verify your resume information such as past employment, professional licenses or degrees. It is a good idea to check your personal information before someone else does to find out if everything that comes back is accurate. For example, if your degree does not show up you can obtain the information directly from the school to give to the employer.
• Loan Processors
When you apply for a line of credit, you can assume a credit check will be conducted. Unfortunately, often credit reports come back with inaccurate information. Make sure to keep your own records, if you pay off a bill keep receipts and payment in full letters from creditors. They can also run asset checks to look for things such as home value.
• Collection Agencies
This is a common tool used by collection agencies when they are looking for a debtor. Sometimes they may get false information, or they may think you are someone else. Keep all of your own records to prove to agencies that you do not owe the debt. If you run a search on yourself, you may find other names that come up with your name, as aliases or as associations. These other people may be the ones that actually owe the debt. For example, if John M. Smith owes a debt and your name is J. Mark Smith, collection agencies may send you a bill, thinking that or hoping that you might be the debtor.

Identity

Someone may be using your personal information for credit applications or for other uses. Also, unintentional misuse may occur, for example if someone enters a SSN incorrectly.

• Credit Monitors or Credit Watchers

This type of service offered by many background search services, helps you monitor your credit. You can use a credit monitor service to watch your credit over a period of time to look for inaccuracies, credit score changes or to see if some is trying to use your information. For example, you can run a search using your SSN to find out if any other names are associated with your number.

So what do you do if reported information is incorrect? Unfortunately, changing inaccurate information can be a confusing, complicated process. Nevertheless, there are a few ways to change report information:

• State, County, National Information: You have to contact appropriate public agencies to correct public record. These types of records include criminal, court, tax, liens, judgments, small claims, driving and bankruptcy records, as well as birth/death and marriage/divorce records. Public record also manages information regarding property including real estate and motorized vehicles.
• Credit Reporting Agencies: The three main credit reporting agencies include Experian, TransUnion and TRW. Current law provides that you can receive a free copy of your credit report once every twelve months, see www.annualcreditreport.com. To change information on your report begin by writing a letter to all reporting agencies disputing the claim, include copies of supporting documents if you can, wait for them to analyze and investigate your claim and make appropriate changes. If changes are made you can request another free report to verify.

There are different brands of credit cards in the market today. One popular brand is the Visa credit card. However, there are also visa cards that are offered as a debit card, this is a different matter altogether. It is the shortened name of the company VISA or Visa International Service Association based in San Francisco, California. It is a joint economic venture of twenty one thousand financial institutions. They are issuing and marketing Visa products.

The launching of the visa card happened in 1976. It was named after BankAmericacard. The Bank of America is the issuer of BankAmericacard which also have other international names. It was before the Visa brand introduction. In fact, Visa cards also incorporated the motif of the BankAmericacard in their designs. The gold and blue logos of Visa cards represent the golden color of California hills and the blue color of the sky.

The alliance of various banks in Canada such as Canadian Imperial Bank of Commerce, Bank of Nova, Royal Bank of Canada, and Toronto-Dominion Bank issued Visa cards in the name of Chargex. French Visa which is currently issued is still using the BankAmericacard logo. It was called Carte Bleue in France which means blue card. The only issuer of BankAmericacard in United Kingdom was Barclaycard.

There are three types of Visa cards. The debit cards which is paid through a savings or checking accounts. The Credit cards which is paid monthly with appropriate interest's rates. The prepaid cards which is paid through cash accounts and without check writing privileges.

There are two protocols that were developed to standardize consumer services. Visa International Association created the debit and credit protocols basing from the type of Visa cards they marketed.

Visa Credit cards uses credit protocols. The cards can be used at banking centers or POS (point-of-sale terminal) after showing the Visa logo. It contains the signature of the card holder for identification. Credit protocol may be utilized by Visa card holders even if it is being marketed as prepaid cards or debit cards. The reason is the imprinted Visa logo on the card's front surface.

The users are sometimes confused by the word credit and debit. Well, the words do not necessarily depend on what the dictionary said about it. It is because debit card may still be used for credit transactions. In this case, misnomer occurs that credit cards are only used for loans while debit protocols are used for checking accounts only. The banks actually select several backend methods to handle the accounts. They make "debit" as the generic synonym of Plus/interlink, while "credit" as the generic synonym of Visa and other cards having similar systems including American Express, MasterCard, and Discover Card.

The associations include the following rules regarding the development of Visa Credit cards.

- For security purposes upon every transactions. The cardholders are identified through their signatures upon using their Visa credit cards.

- It will explain how a bank denies a transaction and how cooperation takes place in a bank to prevent fraud.

- It will ensure a standard protection from fraud and false identification that are not discriminatory.

The founder of the VISA Company, Dee Hock believed that using the word Visa will be recognized instantly in various languages and countries. Besides, it also denotes universal acceptance. However, the consumers must know the rules to avoid conflicts in end when using their Visa Credit cards.

It is a right that you have to know what different credit agencies know about you. So you might want to know beforehand, what is a good credit score? The number where a credit score can be considered good is 700.

When looking at your credit score you need to look into the factors which determine your credit score. Credit scores can be in the range of 300 to 900 and the higher the number the better the score. Peoples credit is determined by history of late payments, no payments, types of credit accounts, level of debt, length of credit history, and bad credit behavior. So by determining all of these factors you can see the number associated with your credit score. When determining ones credit score things such as race and gender have nothing to do with it. It all depends on your past financial activity. Each major credit bureau has different methods for evaluating ones credit score. Generally the models for credit scoring are pretty well standardized so that a score of 600 is basically the same between different credit agencies.

Finding out your personal credit will then let you answer the question of, what is a good credit score?

It is considered that any credit score of 650 points or higher is a sign of decent credit. Generally individuals who have over 650 points will have a good chance of receiving quality loans at the best interest rates. Even if you have what is considered to be somewhat good credit with a score of under 620-650 points you can still qualify for a loan but creditors will look more closely to your past activity. You still might need to provide additional documentation if you want to receive a loan.

Try to stay on top of credit payments as to not take care of payments mean your credit and credit score will suffer. If you pay on time and do not have any bad credit history than you should stay over 700 which is a good credit score. If you have a low credit score you can improve it by making your payments on time and paying off your debt.

Is your financial reputation tarnished by a bad credit score? Perhaps you need to take a look at the main factors involved when creditors are crunching numbers to determine weather or not they want to lend you money.

Your credit score is a reflection of how responsible you are with your finances. It is a number assigned to you based upon your track record of how well you handle credit responsibilities. Having a bad credit score means that your credit reports have shown some negative credit history activities.

Negative credit activities will lower your overall credit score. If a creditor sees that you have a bad credit score, you will not qualify for the lowest interest rates because you are looked upon as a high risk. If you have a really low or bad credit score, you may not qualify for the loan you were hoping to qualify for at all.

Credit scores range from 300 to 850, the closer you’re score is to 850, the more money you will save. There are predetermined credit score levels consumers must reach in order to qualify for these money saving, low interest rate loans. The higher you can raise your bad credit score, the more money you will be able to put into the bank rather than pay high interest rates.

If you can raise your bad credit score up to at least 760 before applying for that big loan, you will qualify for the absolute best rates possible. This is considered to be an excellent credit rating.

If your credit score is between 660 and 759, you are at the second highest level. You will most likely qualify for a sizeable loan with interest rates about .24% higher than consumers with the best credit rating.

If you can raise your bad credit score up to 580 - 659 you will be in the fair credit rating category. Monthly payments will be about 1.5% higher than the average consumer with the best credit score.

Having a bad credit score below 579 will cost you, it is in the high risk category and you will most likely pay a full 3% more in annual interest rate fees.

But having a bad credit score is not the end of the world. Your credit score is constantly changing based on your current credit activities. If you know exactly what factors are involved when creditors calculate credit scores, you can take the necessary steps to raise your credit score considerably and qualify for the lowest rates possible.

Choosing the right credit card that is most suitable for your needs will take a little work, but it certainly will prove to be worthwhile in the long run. Whether you want it so that you don't have to carry cash with you, or you are a businessperson who is looking to have an accurate record of all business-related expenses, there will usually be one card that is a little more beneficial to your situation than others. Here are some things to look for to help you get that perfect credit card.

Determine Your Primary Use of The Credit Card

Probably the most important question to ask up front is what do you want to use your credit card for most? This should largely determine what kind of card you need to look for. For instance, if you are in business for yourself, or if you travel a lot for your business, then there are a couple of cards that will really help you save some money.

If you fly a lot, then go for a credit card that will give you a lot of air miles up front, and will also give you a lot of options that you can use the points for. It should also have an option of allowing your points to be used for hotel rooms and possibly car rentals.

If you drive a lot, then go for a gas card that gives you rebates on your gasoline, and make sure your points can go toward car rentals, or towards a new car. There are also business credit cards that will not only help you with these things, but will also allow you to use your points toward the purchase of new office equipment and other similar things that every business needs.

On the other hand, if you are a student, or a mother just wanting to use it for more simple expenditures, like gas, food, prescriptions, and some pizza money, then you just want a regular card that will reward you for these type of expenditures. On these items, you can expect to get up to 3% rebate, possibly more on other types of purchases. Many cards may only give you 1% of a rebate, but by looking around, you can get the 3%.

Needs For Debt Consolidation?

If you have found yourself getting in debt pretty deeply from credit cards, then you can use a new credit card to actually help you eliminate some of the debt. Here's how. Get a 0% APR interest credit card that will give you the opportunity to have balances transferred to it - but make sure that there is not any balance transfer fees.

Many credit cards have these fees, but there are just as many that do not have them. Why pay for it when you can get this option for free from someone else? You also want to be sure that the introductory benefits last for at least one year - some only last for three months. Then, if you still have debt on this card, be sure to get yourself another card before the year expires, and give yourself another year of 0% APR interest on it.

Getting The Most Benefits From Your Credit Card

No matter what benefits you have attached to your credit card, you will not enjoy much of them unless you do two things. The first thing that you need to be sure to do is to pay your credit card bills on time so that you do not pay the monthly late fees. Being late even once with some credit card companies is all the excuse they need to charge you the full amount of interest - from that point on. A second thing is to pay off the bill in full each month - in order to avoid the interest charges – after the introductory period expires.

Credit cards are one of the best financial tools you can have, but they can also be dangerous and leave you with lots of debt. If you are thinking about getting a credit card, then it important that you know the downsides as well as the benefits. This will help you to use your credit card more wisely and avoid getting into debt. Here is some advice what a credit card cannot do for you.

It cannot make you richer

Although having a credit card will improve your cash flow and financial independence, it does not make you richer. Many people who get into credit card debt do so because they see their credit limit as their own money. In fact, that credit limit is simply the amount that you can borrow from your card issuer. Instead of making you richer, every time you spend on your card you are pushing yourself into debt. The only way to stay out of this debt is to make sure you can afford to pay back what you spend.

It cannot stop your debt problems

Many people get hold of credit cards because they think a credit card will help them solve their current debt problems. If you are spending more than your income then using a credit card is not a good idea. Credit cards are an expensive form of borrowing, and charging things to a card will delay your problems and put you further into debt. If you are having problems with debt then consult a debt counsellor who can help you find the best way to manage your problems.

It cannot save you money

Although credit cards are a great convenience and can help you to buy purchases beyond your immediate means, credit cards don’t usually save you money. For example, if you decide to buy something on credit in the sale and pay for it over time, the interest payments will usually cost you more than the saving you made on the item. Credit cards usually cost you money rather than save you money. Also, the interest that you pay and the fees that you are subject to outweigh the rewards that you are usually offered on credit cards.

So why get credit cards?

Although credit cards can put you into debt and can be dangerous, if you are sensible and know about the risks they can be of great use. Credit cards are much more secure than using cash or cheques, and allow you to shop online where you really can save money. Also, carrying around a card is a lot more convenient than carrying around large sums of money, especially if you are travelling abroad. Furthermore, a credit card allows you to buy items that you can afford, just not all in one go. Although saving up for expensive items is more sensible, this is not always possible and credit cards allow you more freedom to spend. If you can try and pay the balance off in full each month, then you will get the most out of your credit card and avoid the things that credit cards cannot help you with

If you enjoy sport, did you know you could get a credit card that will help you get the most from your favorite pastime?

Sports credit cards work just like any other credit card, but every time you use them you collect reward points. These can be exchanged for sporting merchandise, tickets, and even VIP passes to events in your chosen sport.

There are credit cards available for a wide range of sports and pastimes. They include NFL, NASCAR, Major League Baseball, World Series of Poker (WSOP), and even fishing. A typical example is the Major League Baseball "Extra Bases" credit card. Card holders earn one point for every net retail dollar spent, which is redeemable for MLB autographed memorabilia, once-in-a-lifetime MLB experiences, cash rewards and travel with no blackout dates. New holders get an official MLB licensed jersey after their first qualifying transaction. The card also offers a 0% introductory Annual Percentage Rate (APR) on balance transfers and cash advance checks for your first 12 billing cycles.

Of course, before applying for any credit card, you should study the terms and conditions carefully and ensure it is suitable for your needs. Reward cards are great for people who pay off their entire balance every month. If you will not be doing this, however, it is more important to look for a card with a low APR. Otherwise there is a risk that the value of any rewards you receive will be outweighed by the extra interest you are paying.

Naturally, I do not recommend that you spend more than you normally would on your credit card just to get your mitts on the rewards. If you're a sports fan, however, you may as well put your normal spending on your sports credit card, to enjoy the free benefits in your favorite sport.