Credit Cards With Low Balance Transfer Fees
By: Jeff Weber
The second quarter of 2008 began with bad news for consumers looking to maximize credit card interest and fee savings with 0% APR no fee balance transfers. The last two remaining credit cards that offered 0% interest rates and charged no balance transfer fees changed their offers, leaving consumers with one less way to save money on credit card fees. While this current trend may change, it looks as if consumers will be forced to pay transaction fees for balance transfers during the next few months. This should not be a deterrent. As we will see, 0% balance transfers are still a great way to save substantial amounts of money on credit card interest. However, for the foreseeable future, it will be important to be careful when applying for a new card.What are balance transfer fees? Currently, all credit card companies charge a 3% transaction fee for every balance transferred. A low fee credit card limits the maximum fee to $75 per transaction. A high fee card has no limit on balance transfer fees. If you wish to save the most money, avoiding high fee cards is key.
Example Let's say we have a $5000 balance to transfer. If we transfer that amount to a credit card with no fee limits, the total fees will be $150. However, that fee would be only $75 if we use a credit card with fee limits. Clearly, the fees can add up.
Should I even bother? The answer to this question is a resounding yes. Balance transfer fees are a nuisance, not a deal breaker. For example, if we were to pay 14% interest on debt of $5000, interest expenses would be close to $750, or ten times the amount of the transaction fee. Even with the fee, total savings will still be $675. That's a lot of money to waste on interest. And fortunately, you don't have to.
Now is the time to stop paying absurd interest rates on your credit card debt and take advantage of a 0% APR balance transfer. Even though you will have to pay a pesky fee, you will ultimately save hundreds of dollars on interest.
About: To learn more or apply online for a balance transfer credit card, visit SmartBalanceTransfers.com. You can also learn more about current credit card news at our blog.About the AuthorThe author has written extensively on the subject of credit cards since 2004. He is the President of Credit Card Depot Inc, an online credit card information company. Source: Ezinearticles.com
Prepaid Debit Card Offers - Are They Right For You?
By: Ed Vegliante
If you have less-than-perfect credit, you may find it hard to get approved for a regular credit card. You still have some credit options, however. One of these is the prepaid debit card. Following is information on how this type of card works, its advantages and disadvantages, and two to consider applying for.About Prepaid Debit Cards
Prepaid debit cards entered the market in the 1990s. They are similar, in some ways, to a prepaid phone card. You place money into your account, and then are able to make purchases. Once the balance runs out, you have to load more money into the account.
Loading money onto the card is fairly easy. Some cards let you call in and transfer money from one account to another. You can also load money by accessing your account online. The amount of money you put on the card becomes your credit limit.
Advantages of Prepaid Debit Cards
There are several advantages to this type of card. First of all, it is available for just about anyone over the age of 18. So if you have a history of poor credit, this may be a smart choice for you. You can use the card instead of carrying around cash. Paying with plastic is sometimes safer and easier when it comes time to check out.
Most prepaid debit cards are issued through Visa or MasterCard, which means they are widely accepted around the world. Since the credit limit is determined by the balance on the card, you do not have to make monthly payments. This saves you the hassle of bills and potential late fees.
Disadvantages of Prepaid Debit Cards
Many prepaid debit cards come with a number of attached fees. You might be charged an application fee, as well as a fee for monthly maintenance. Some also include a charge every time that you make a purchase.
These costs may seem steep; however, it is important to remember that this card is an option for you if you're having trouble getting approved for different forms of credit. By understanding the fees involved, you can make sure you use the card in a way to get the most out of it as possible.
Two to Consider
There are a variety of options available if you want a prepaid debit card. One of these is the READYdebit card issued by Visa. This card has a minimum amount of fees. You can load money for free through direct deposit and bank account transfers. Also, it advertises that all who apply will be approved.
Another option to look into is the Bank Freedom Prepaid MasterCard. No credit check is performed when you apply for this card. There are also very few fees involved. With both of these options, you can enjoy many of the benefits of a credit card without having to worry about having good credit in order to get approved.
If you decide to get a prepaid debit card, do some research before you apply for one. Look online at the different choices available. When you find one that fits your needs, fill out the application. The card will arrive in just a few days.
About: Click Here to Find Prepaid Debit Cards.Ed Vegliante runs the website http://www.Credit-Card-Surplus.com , a well organized credit card directory enabling the consumer to compare and apply for a variety of credit card offers. View more Credit Card Articles. Source: Ezinearticles.com
