It’s hard to imagine that you earn money with a credit card if you manage your debt correctly, but ever since Egg got the jump on its competitors with the 0% Egg Card on Christmas Day in 2000, you can actually make money with credit cards – balance transfers is how you do it!
Of course, today nearly all of Egg Card’s competitors have had to follow the lead of Egg and not only offer introductory 0% interest rates, but also offer cardholders of other cards 0% interest periods if they agree to transfer their outstanding balances to the new card provider. As a result, if you take advantage of one card’s introductory offer of 0% for the duration of the offer and then transfer the balance to another card provider, and there are a lot of card issuers, you should be able to shuffle your debt management around so as to be able to make money with credit cards – balance transfers can save you a fortune.
Having said that, some credit card issuers have now cottoned on to the fact that holders have become debt management savvy and are transferring their balances around several difference providers to maximise their 0% interest period and have introduced certain counter measures; some of which include:
The Balance Transfer Fee
This is imposed if you transfer your credit card balance to another issuer. Currently balance transfer rates can be as high as 2% of the transfer balance, with a minimum fee of five pounds and a maximum fee of fifty pounds. So, although you won’t pay interest for the introductory period, you’ll have to pay a rather high fee (comparable to the interest you could have been charged) if you then try and transfer to another issuer. As such, watch out for this one before you agree to transfer your balance.
The 0% Offer
Credit card issuers are now murkying the water as to what the 0% applies to. With some card issuers the 0% applies to the balance transfer, but if you use your new card to purchase anything you’ll be charged the standard interest rate on that purchase from Day 1; others charge the standard interest rate from Day 1 on the balance transfer, but 0% on any new purchases during the promotional period; and still others will charge you 0% from Day 1 on both the balance transfer and new purchases made during the promotional period. Obviously, if possible, you really only want to be interested in the third type of promotion if you are serious about making money with credit cards due to your astute balance transfers!
Late Payment
the small print of a number of card issuers now states that if you miss a payment or make a late payment on your credit card you automatically forfeit your promotional rights!
So, to make money with credit cards – balance transfers must be timely and to friendly issuers. Lastly, keep an eye on your balance and repayment dates and if you have not yet managed to repay the balance in full, give yourself a month to get ready from your next 0% interest rate jump!
Joseph Kenny writes for the Loans Store and offer more information on personal loans and other loan topics available on site.
Visit today: http://www.ukpersonalloanstore.co.uk/
Credit Report Repair is Easy Once You Know - Which Came First the Chicken Or the Egg?
Looking for credit report repair probably means you have some problems with your credit and need to clean up the "credit reporting agencies act" because about 80% of their information is incorrect. Do they care if your information is incorrect? No way! They are in it for the money!
Equifax, Experian and TransUnion generate huge profits by selling information to companies or individuals that require a credit score to determine if they are going to do business with you. So if you are renting, buying or seeking employment someone wants to know if you are reliable at paying the bills.
Congress passed the present version of the Fair Debt Reporting Act in July of 2004 in an effort to keep the reporting agencies in line and set some types of standards so that individuals do not get run over by the moneymaking trains that sell information from some credit card company.
Dealing with the reporting agencies can be a time-consuming, frustrating and endless task unless you know the rules of their game. Anyone can type "Fair Debt Reporting Act" into a search engine and immediately see exactly what the Federal law says. Pay special attention to section 609.
It does not matter if you had bad credit and the reporting agency recorded it correctly or if your credit was okay and reporting errors made your credit look bad. It is a question of law! If the reporting agencies cannot "prove" their information is valid, then it must be removed!
Once a year you can ask for and receive a free copy of your credit report and see what these agencies are telling the world. You can remove "any" item on your credit report by "demanding proof" that an item on your report is valid.
While most credit cleanup companies give you a series of letters "disputing" a particular item, none seem to have any knowledge of how the "game" really works. If they cannot prove it then they must remove it! There is a fine of $100 to $1000 if they do not comply.
Credit report repair involves a bit more than sending a few dispute letters about an entry. It involves getting your entire financial life in order from beginning to the end. The depression has caused many financial difficulties for many people.
Begin with the credit problems that got you into the situation and end with a new financial life for yourself and your family. It is not difficult using the rules of law when everything is working in your favor. The American Spirit is alive and it lives within YOU!
Visit http://creditcarddebtprotection.com/ and down load the free e book Control Your Creditors to begin educating yourself with the wisdom to stop any debt collector in his tracks. Find out why collectors will gladly accept 10% of what you owe just to get rid of you or go away altogether. Learn the secrets to improve your credit score 60 to 120 points after you stop paying and learn money mastery for life to stay out of the debt trap forever.
Equifax, Experian and TransUnion generate huge profits by selling information to companies or individuals that require a credit score to determine if they are going to do business with you. So if you are renting, buying or seeking employment someone wants to know if you are reliable at paying the bills.
Congress passed the present version of the Fair Debt Reporting Act in July of 2004 in an effort to keep the reporting agencies in line and set some types of standards so that individuals do not get run over by the moneymaking trains that sell information from some credit card company.
Dealing with the reporting agencies can be a time-consuming, frustrating and endless task unless you know the rules of their game. Anyone can type "Fair Debt Reporting Act" into a search engine and immediately see exactly what the Federal law says. Pay special attention to section 609.
It does not matter if you had bad credit and the reporting agency recorded it correctly or if your credit was okay and reporting errors made your credit look bad. It is a question of law! If the reporting agencies cannot "prove" their information is valid, then it must be removed!
Once a year you can ask for and receive a free copy of your credit report and see what these agencies are telling the world. You can remove "any" item on your credit report by "demanding proof" that an item on your report is valid.
While most credit cleanup companies give you a series of letters "disputing" a particular item, none seem to have any knowledge of how the "game" really works. If they cannot prove it then they must remove it! There is a fine of $100 to $1000 if they do not comply.
Credit report repair involves a bit more than sending a few dispute letters about an entry. It involves getting your entire financial life in order from beginning to the end. The depression has caused many financial difficulties for many people.
Begin with the credit problems that got you into the situation and end with a new financial life for yourself and your family. It is not difficult using the rules of law when everything is working in your favor. The American Spirit is alive and it lives within YOU!
Visit http://creditcarddebtprotection.com/ and down load the free e book Control Your Creditors to begin educating yourself with the wisdom to stop any debt collector in his tracks. Find out why collectors will gladly accept 10% of what you owe just to get rid of you or go away altogether. Learn the secrets to improve your credit score 60 to 120 points after you stop paying and learn money mastery for life to stay out of the debt trap forever.
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