Zero Interest CreditCard

How to get rid of credit card payments

2007-08-15T02:38:00.000-07:00

This is a very common problem when a credit card is not properly used. Definitely you end up asking these questions. But, for every problem there is a solution. Its better explain some others experience with the same issue.

A simple solution is to have more than one credit card. When you make any transaction you do that after the billing date. Suppose your creditcard billing date is 9th of Every month, you can start doing transactions after 9th then generally the payment due date will be 45 or 50 days after that, i.e. End of the next month, so that you get more time for payment.

In this case, 10 days before the due date you can ask your other creditcard company to issue a check for balance transfer. By doing so, the balance transfer check will arrive in 7 days after processing. So, you can drop the check just before the due date. At the same time, you save the payment time for the other creditcard company who issues the balance transfer. This is a facility provided by creditcard companies. Most of the banks issue balance transfer checks on 2% processing fee for 3 months interest free. Thus how you can postpone your creditcard payment for the first card.

Balance Transfer Facility in creditcards

2007-08-15T02:36:00.000-07:00

We can say that this is a nice opportunity provided by the bankers; the benefit of the bankers on this is to retain the customer for long time.

The features of Balance transfer.

When your credit card payment is due and unable to pay big amounts, you can go for balance transfers. That means, a credit card company X will issue a check for the payment for another creditcard company Y, by charging processing fee and 0% interest for 3 months.

When you go for this option, you are not suggested to do the transactions after issuing the check, in this case, the interest for other transactions will be charges on the day of transactions, once your payment for balance transfer is completed after or before 3 months you can go for the transactions with the 45 or 50 days interest free mode.

For example, if you have 1, 00,000 USD limits on a credit card, you are eligible for 75% of the amount i.e. 75, 000 USD. You can ask for balance transfer up to that amount.

So, having multiple creditcards is benefit for such facilities, but usage of those cards in proper way is in your hands. There are some creditcard companies who offers this balance transfer. Bank of America, ICICI, HSBC, SBI (SBI is offering fixed 199 Rupees as processing fee) for balance transfer in India.

Tips To Prevent Credit Card Fraud

2007-01-10T08:11:00.000-08:00

Imagine opening your credit card statement one morning and
discovering to your horror that you suddenly owe thousands
of dollars - on purchases that you never made.

Impossible?

Credit card fraud on the rise, so you need to treat your
card and its information with extreme care.

Here are 10 tips to help insure you're not the victim of
thieves and fraudsters:

1. Sign new and replacement cards immediately.

2. Destroy the old cards by cutting them into pieces and
shred all old receipts and bills.

3. Don't fax your credit-card number, if possible. Remember,
the faxed document could remain in sight at the other end
for long periods of time.

4. Don't give your card number over the phone unless you
have initiated the call.

5. Destroy any carbon paper if it's used as part of the
credit card transaction. Somebody can grab it and forge
your signature.

6. Don't respond to any "scam" e-mails requesting your
credit card number.

7. Never send your credit card number in an e-mail to
anyone!

8. A good option for discouraging theft is to choose a
credit card that includes your photo and signature on the
card.

9. If you have questions about mistakes or unauthorized
items on your statement, you have the right to challenge
them.

10. If your card is lost, stolen, or you suspect fraudulent
use, call your company's 24-hour hotline immediately to
prevent your card from being used as little as possible. The
company will block its use, and you won't be responsible for
any charges made by thieves.

You'll never deter fraudsters completely. But you can
certainly make life as difficult as possible for them.

About the Author

Paul Davis is financial writer and contributor to 'Debt Elimination 4U'. Visit the site now and learn how to get
out of debt forever.
==> http://Debt-Elimination-4U.com

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0% Credit Cards

2006-12-30T07:13:00.001-08:00

These days, credit cards in the UK are competing with each other on two very attractive offers with a headline rate of 0%. These 0% credit cards will be either balance transfers; introductory purchases offers or a combination of the two. This article looks at how to get the best out these types of card and the things to that the credit card companies want you to do and therefore the things to avoid. There is a school of thought that believes that these types of card will soon be a thing of the past as they cost the credit card companies too much profit, as consumers get wiser to the pitfalls.

A balance transfer credit card is basically an offer of either a zero interest rate or very low interest rate for a set period. The typical period is 6 months although there are variations on this and there have even been some low rates set for the lifetime of the balance. However, these are becoming rare. Once, the offer period expires then the outstanding balance reverts to the standard rate on purchases. This is very important, as at this point the credit card company will hope the consumer will not take any action and so the company can begin to earn money on the balance.

A 0% purchase offer credit card has many similarities to the balance transfer offers. The introductory rate and period are usually 0% and 6 months in the same way as the balance transfer. Also, once the period expires the outstanding balance is subject to the standard rate on purchases. It is an important point to note that the introductory rate does not apply indefinitely on purchases made in the period, but only applies for the duration of the introductory period.

It is often the case that credit card companies will offer both the balance transfer and 0% on purchases on the same card. When this is not the case it is wise to keep balance transfers and purchases separate. This is because the balance transfer portion of an outstanding balance will be paid off quicker than the standard rate purchases. Therefore an increasing portion of the balance will be subject to the standard rate and the balance transfer portion will decrease at a faster rate. There is nothing to stop a consumer obtaining a credit card with a balance transfer and a separate low interest credit card for any purchases to be made. That way the benefits of the offers are maximised.

In summary the balance transfer and 0% purchase offers can be of great benefit to the consumer provided that the consumer understands how to use the offers to their advantage. A degree of discipline is required in managing repayments. Also, the cardholder should be aware of any penalties that may cause the offer to be cancelled. Armed with this knowledge then these cards can be made to work for the consumer, but remember that when comparing credit cards to pay close attention to the typical APR, which is, always stated where UK credit cards are promoted.

About the Author

Neil Brown has contributed to many financial sites including business banking and personal loans.

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GET A VISA/MASTERCARD WITH NO CREDIT CHECK

2006-12-30T07:03:00.000-08:00

SHAPING YOUR APPLICATION TO FIT THE RIGHT PROFILE

Creditors approve credit to those people who most closely match the right profile. They arrive at those conclusions by assigning point values to various items of information that are included either on your credit application or in a credit report.

Credit card companies like scoring systems because as a large volume creditor, they can replace trained credit personnel with a relatively few employees who can quickly total number columns and determine if an applicant’s point values add up to the right score.

Scoring, of course, is done for one reason. A creditor just wants to know that the odds are high he will get his money back. Scoring systems are fine for those people who fit right into the right profile, but what about those who don’t but could pay off their monthly obligations just as easily and reliably as the next person? If you are one of those people who just doesn’t 'fit the mold,' you’ll simply have to make a few adjustments in your application so that you do fit the scoring profile of what a creditor is looking for in a final total.

HOW CREDITORS RATE AN APPLICATION

The first thing you should know is that every system is different. That in itself can work to your advantage. You could be rejected by one company’s scoring system and approved by another. One creditor’s system will give you many points for a good ancwer, and totally ignore a question that gives a negative answer. Another creditor can simply reverse the process.

Keeping in mind that creditors use different scoring systems, we will list only the most important questions and briefly review how a response can affect your total score. The following categories are listed from the highest to lowest points awarded each response.

RESIDENCE - The longer you have lived in one place the better. Stability is given high points.

HOME OWNERSHIP - The best possible housing situation is to own your own home, even if itt is mortgaged. The worst is: renting an unfurnished apartment, living with parents, living in a trailer or motel.

FHA ASSUMABLE HOME LOANS

President Bush signed legislation making credit checks for home mortgages mandatory after December 1989. Prior to that date however, all loans are fully assumable without a mandatory credit check. There are four important factors that will allow you to purchase a home without a credit check and with a minimal down payment:

1) As a home buyer, your application can be pre-approved and your loan without a credit check provided: a) The original VA loan was granted March 1988, or b) The original FHA loan was granted prior to December 2) If the original home buyer made a small down payment on the sale price which was used primarily for closing costs and consequently did not buy any equity at that time. 3) If most of the payments made by the original owner were applied to interest during the first 4-5 years and very little went towards the principal. In that event, very little equity would result from making payments. Or, if there was any equity it would probably have been reduced by depreciation or other home market conditions. 4) The last factor would be low- or no-equity conditions that resulted from low inflation and other economic conditions that can decrease the value of property.

UNDERSTANDING WHAT EQUITY MEANS AS A BUYING FACTOR

In order to understand the buying significance of equity you must understand what it means. Equity is the difference between what real estate sells for (market value), and the payoff amount of the loan to a lender on that property. In other words, if you own a home with a market value or $100,000, but you owe the bank $99,000, your eequity is $1,000. In tens of thousands of cases, VA and FHA homes can be purchased with little or no down payment because no equity has been built up.

TENS OF THOUSANDS OF HOMES ARE AVAILABLE - INCLUDING YOURSS!

If you have been dreaming about owning your own home someday, Dream No More! Right now at this very moment there are tens of thousands of homes for you to choose from that can be purchased with no credit check and no down payment. or with a very modest down payment.

Sounds incredible doesn’t it? But remember, the only reason any seller requires a down payment in the first place is usually to recover the equity in their home. A small amount of equity requires a small down payment. No equity means no down payment!

DEAL WITH MOTIVATED SELLERS

Your objective as a smart buyer should always be to buy real estate with little or nothing down. Even if a seller has equity, you can work out an arrangement that is to your benefit. For example, a seller may agree to carry all the paper on the transaction. This doesn’t mean that the seller will receive no down payment where there is an equity consideration. What it does mean is that you shouldn’t have to come up with cold cash out of your pocket.

Extending credit to customers is the way creditors make money. If you convince them you are a good risk they will give you what you want. Basically, there are two ways you can achieve that goal.

1) You can bypass the normal scoring methods that are used by impressing the person processing your application that you are sincerek reliable, stable, and have the ability to make monthly payments on a loan or credit card account. 2) You can tailor your answers to the application’s questions and in that manner fit into the right scoring mold of what a good credit risk is, according to the formula they are using.

That doesn’t mean you should lie on your application. It simply means you should be aware that being compatible with certian sterotypes will work in your favor. Remember, a creditor can still verify the information you list in an application. Still, many people will twist the truth to put themselves in a favorable position. For example:

1) Some applicants will list their parent’s, a friend’s, or a relative’s address as their own residence and indicate they have lived there for years, knowing it probably won’t be checked. 2) Provided an applicant has a friend or employer who will go along with them, they can list a position and salary they don’t really receive. Then when the creditor calls to verify employment the friend will support what the applicant has claimed to be true. 3) Another way applicants instantly increase their salary is to set up their own corporation. After issuing themselves private stock with an inflated value, they list the stock as part of their salary.

MORE HOT TIPS ON HOW YOU CAN STACK THE ODDS IN YOUR FAVOR!

1) If you don’t have a telephone get one installed. The alternative is to make an arrangement with the telephone company and a friend or relative, to have your name listed with their phone. 2) If you have more than one job, list the one that provides you with the greatest income. 3) Add up your income from all sources and place the total in your gross income listing. Be prepared to submit a supplement to your application if they want to verify your income with your employer.

4) Many banks will have a list of 'good' and 'bad' reasons for borrowing money. Unless you are applying for a secured loan, you don’t have to spend the money for the reason specified. 'Good' reasons include home improvement, education, loan to establish credit, medical treatment for you or your family, and secured loans for a home, car, boat, and other properties. 'Bad' reasons include loans that create another obligation such as that created when you borrow money for a down payment and then have two payments to make; money to pay aa fine or penaltly; money to consolidate debts, unless you are doing it to get lower interest rates; an unnecessary luxury item; money to finance politics; and money that you will loan to someone else. Use a little common sense in determining what type of loan a creditor may consider bad.

5) Banks use dependent figures to determine what your living costs are. If you have more than two dependents you should indicate how they earn their own way or are self-supporting.

6) If you don’t own your own home, counteract this by showing how stable you are. For example, even though you have only rented in a new location for a relatively short time, you lived at your last residence for many years. You moved to improve yourself in some way.

7) Even job changes can be counteracted if each change increased your salary and improved your position.

8) Don’t ever let a creditor guess as to whether or not you can afford the extra obligation you are asking for. Make it obvious by the amount of your income. If you have more income sources than just your salary, include those amounts.

ALWAYS BE PERSISTENT AND NEVER GIVE UP!

If you complete an application and are still rejected, the very first thing you should do is be persistent and never give up. There are many reasons why a person may be turned down for credit, but whatever the reason, you have a legal right to ask a creditor what their reason was.

By knowing what some of the main reasons are for denying credit you can put yourself in a position whereby you can make necessary adjustments and avoid negative effects in advance. If you are turned down, you can then of course concentrate on those points when you reapply.

When you are dealing with creditors you will know who is the cooperative sort, and who is not. If an unsecured loan does not appear imminent, turn the conversation to a secured loan. Then all you do is deposit an amount into savings account to serve as collateral for the amount of credit you want to secure. In some cases the creditor may take personal property as security. If you go to one creditor and it’s clear he has no imagination to deal, go to another who is willing.

CONSIDER ASKING SOMEONE YOU KNOW TO CO-SIGN

A co-signer is soneone who generall has better credit than the person he is co-signing for. He is also the person a creditor will go after first in the event you do not pay off you debt. Why? Because the know that co-signers don’t want their credit ratings ruined and will quickly settle the obligation.

If you are trying to establish or rebuild credit, co-signers can help you achieve that goal. Naturally you wouldn’t need a co-signer every time you apply for credit. After paying off one obligation with a co-signer, it should be much easier to acquire more credit on your own.

Co-signers are usually friends or relatives. When you find someone willing to help they should be offered some compensation agreeable to both of you. Your application for credit will be approved primarily on the strength of your co-signer’s credit.

HOW TO GET A VISA OR MASTERCARD

The tips and techniques described in this report are meant to increase the odds for anyone who is absolutely certain they cannot get a Visa/Mastercard through normal channels. You should make every attempt to clean up your credit report by removing negative items and replacing them with positive items. If you have no credit at all, open an account at a local department store. After a few months apply for your bank card. If you are rejected, find out why and correct the problem. If that doesn’t work, cultivate a relationship with your banker. Open other accounts that are easier to obtain. Increase your income. Buy a home. Make yourself a better credit risk on your credit report. Ask a friend or relative to co-sign. After paying off that debt, reapply on your own. Or, the fastest and easiest way to open a Visa or Mastercard account in your own name, is through a secured account.

SECURED CREDIT CARDS

Secured Visa and Mastercard bank cards are issued by savings and loan associations throughout the U.S. The lender will ask you to open a savings account. The funds placed into the savings account are frozen as long as there is an outstanding balance on the credit card. The savings account acts as security against non-payment of charges made against the credit card. Then, in the event a cardholder doesn’t pay, funds from the frozen account can be used to pay off the debt. This method completely reduces any risk to the lender.

Requirements are often lowered by lending institutions that have this program. So if you couldn’t obtain a card through your regular bank, chances are you will receive one through a secured credit card program without a credit check.

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Student Credit Cards - For Books, Food and Daily expenses

2006-12-15T21:55:00.000-08:00

Students Credit Cards

There are many companies offering credit card for students.

Enquire about the 0% interest credit cards exclusive for students.

These Credit Cards are useful for students to pay the expenses for Books and food. But, students have to plan to pay the creditcard bills in time. Otherwise they get into trouble for paying huge payments.

There is another way for debt is studnet loans. But, the preferred way is to go for Credit Card which we can use in any time needed.

The credit card companies offer free balance transfer. There are credit card which offer balance transfer for 0% interest and gives you the 75 days time to repay the amount. So, ask the credit card company before you go for it and also find are there any hidden charges.

It is suggested that not to go for long term payment mode.

In case if they charge any processing fee or interest charges, you are suggested to ask the agent(representative) to waive off those charges, they certainly do that as they dont want to lose the profitablecustomer.

All the best and get a student credit card for your studies.

Have a better career!!!!

Regarding Interest Rates of Credit Cards

2006-12-15T20:38:00.000-08:00

How to free yourself from credit card interests

The right and best way to avoid paying interest on your credit card is to pay your credit card bills on time every month. Credit cards all come with an interest free period on purchases.

Grab an interest free credit card

Some credit card companies offer interest free introductory periods on purchases to the new customers. You may get up to one year at 0% interest. But, make sure that, you check out the standard interest rate after the offer period.

0 APR on balance transfer :

If you want to transfer the balance you can take advantage of 0% introductory rates by credit cards.

The Advantages of Credit Cards

2006-12-13T20:41:00.000-08:00

Using creditcards helps you to build a possible credit history like loans. This helps you to receive a student loans. Rent an apartment, buying a vehicle, find a job, and eventually, to buy a house.

Other advantages to having a credit card:

Security in emergency
Reduced need to carry cash or checks
Enhanced personal Independence and responsibility

However, only VISA or a MasterCard is necessary to receive the above benefits.

Credit Card Tips

2006-12-13T20:33:00.000-08:00

CREDIT CARDS

I have heard many for her stories involving people traveling with their credit cards. But with all the stories and I've heard, many of them might have been resolved with minor disruption, if the travelers would have done these simple things.

Number 1:
Anytime you travel you should make photo copies of all of your credit cards airline tickets and documents, both front and back. You should leave these photocopies with a friend, and had a copy of these Xeroxes in your luggage. That way if you ever lose a credit card you can get it canceled right away. The majority of problems with the cancellation of credit cards occur when you travel internationally. Many travelers forget who the credit card is with, it's then many wasted hours calling United States and trying to find out which bank or institution the credit card was with. That's where the photocopies come in handy.

Number 2:
If you travel with someone, especially a husband or wife, I would make sure you travel with individual credit cards in separate names. The reason for this is simple. Many families have one credit card issued to them. Many families have one credit card account number one have individual cards issued to each person. The problem with this is if one person were lose their credit card, the others person's credit card would be canceled also, and you would have to wait until card was sent to you and three to five days. By each traveler having his or her own separate credit card, if one was lost, you could survive on the other credit card for a few days until the other is replaced.

Number 3:
Automatic Credit card deactivation can spoil a vacation. Some banks and credit unions cut off credit cards that are used 6 or more times in one day, to try and stop thieves from using stolen cards. If this happens to you overseas, you may find it difficult or impossible to have your card reactivated. Before going on an overseas trip on which you will use your credit cards, notify your credit card companies that you will be away overseas. This will let then know that your card has not been compromised.

Number 4:
You always read tips about making photocopies of your credit cards when traveling and placing these copies in the bottom of your luggage. This tips is given by individuals in the proper spirit, however this can actually put you at greater risk of experiencing credit card fraud. Anyone who winds up with your luggage will have access to your credit card numbers and expiration dates. Anyone rifling your suitcases can take the copies or make copies of your copies for their use, ordering merchandise via the telephone.

Instead, if you want to keep a copy of your credit card numbers, do so of the front and back so you have the phone numbers to call your bank if needed but most importantly, block out (making sure it cannot be read) or cut out the expiration dates and names on the face of the cards. This will make it harder if the copies fall into the wrong hands.
While your liability in stolen credit card cases is limited to $50/card, this can quickly add up if multiple cards are involved.

Number 5:
When traveling abroad and using a credit card, watch out for the conversion fee that many banks charge to convert charges in foreign currencies to dollars. As with traveler's check- some banks do and some banks don't charge a fee, generally 1% of the purchase amount. So if you have several cards, it's worth checking with the issuers to see which one offers the best deal on foreign currency con- version. Then weigh this against other factors. Note: The conversion fee is not included in the legally required disclosure box that appears in credit-card promotional material. Even with the conversion charge, many times ATM machines will have the best possible exchange rates and the lowest fees.

Important:
Have your PIN number converted to four digits before departing on a trip,
as most foreign ATMs will not respond to six-digit PINS.

Many foreign ATMs only accept four-digit PIN numbers. If your PIN is longer, check with your financial institution about changing it before you leave the country. Sometimes it's as simple as going to your own bank's ATM and changing it yourself.

Apart from ATMs, the best locations for exchanging U.S. into foreign currency are banks, the biggest ones you can find. They offer fairly decent rates and low fees, and do much better for you than the commercial money-changing kiosks and storefront establishments. Never use the latter

Article Taken from: http://www.kevincoffee.com/money/shopping_overseas_with_credit_cards.htm

Use of Credit Cards

2006-12-13T20:20:00.000-08:00

CreditCards are great,if you use them perfectly.

Basic rules for credit cards.

* Do not pay an Annual Fee
* Pay your dues on time.
* Pay your dues in full each month
* Do not charge anything that you won't be able to pay at the end of the month.
* Do not pay an Annual Fee

Credit Cards

2006-12-13T20:18:00.000-08:00

Credit card is a plastic card issued to individuals for purchasing goods and services. Credit limit is given for each card holder depending on eligibility.

Debit card is different from Credit Card, where money is deducted from the card holders account for every transaction.