Credit Card Advice - Fast and Easy Solutions

User Name:
Jeremy

Date:
November 21, 2008, 8:55 am

Hi, I'm a small business owner. I want to transfer a balance of $12,000. I want to pay this debt down. I have a good credit in the low 700. I need a deal will no or low BT fee and 0% APR on balance transfers. I'm not going to make purchases with it. It would be great if the intro period will be 12 to 15 months. Could you point me the right direction?

Solution:

Hello, Jeremy. Thank you for addressing our Fast-and-Easy solutions center. Actually, there is an offer that perfectly fit your requirements. Advanta Platinum Business Card with Unlimited Rewards. It is a balance transfer card for small business owners. It comes with 0% intro ARP on BTs and purchases for 15 months. Though, as you said, you are not going to make purchases with it, you can keep the card after you eliminate your debt and shop with it. Besides interest-free introductory period on purchases, the deal offers a rewards program. You get 1 rewards point for every dollar spent on all types of purchases and redeem them for travel rewards, merchandise, cash rebates. Moreover, the ongoing APR is as low as $7.99, and it is fixed. You can have all this at no annual fee. As for a BT fee, there is one. And this could be the only downside to this offer. But in fact nearly all balance transfer cards charge this fee. This offer comes with a regular fee of 3% of the amount transferred. 3% of your $12,000 balance will make up $360. But you won't pay that much, since Advanta Platinum Business Card has a cap of $90 on BT charges. And this is less than 1% of your balance. So, this card looks like the right direction.

User Name:
Judith Valdes

Date:
November 25, 2008, 1:53 am

Hi! I have excellent credit score. It is about 780. I'm using 2 cards – from American Express and from Visa. But I pay pretty high interest on them – 14.99% on Visa, and 11.99% on AmEx. I believe I could get lower rates. But I don't want to cancel the accounts. Racking my brains over it. Would appreciate your advice.

Solution:

Thanks for addressing our customer support, Brenda. You know, with a score of 780, you should really have more favorable terms. But, it depends. Since nearly 15% and 12% do not look like low interest rate offers, I believe, both of your cards came with some lucrative rewards program. You see, if a bank offers really generous incentives and perks, it has to compensate for the losses somehow. And charging higher interest is the best way to make up for the negative profits. Anyway, if you still believe that the benefits you get are not good and valuable enough to pay this high APR for them, here is what you can do. By the way, you are right in your decision to keep the accounts active. Closing them can damage your credit history and score. What you should try to lower your rates is negotiation. Contact your issuers and ask them to lower your interest rates. Remind them about your credit rating and your loyalty. Talk respectfully, but be persistent. As a rule, banks make such concessions for loyal, reliable clients with high credit score. So, you have good chances.

User Name:
Brito

Date:
November 25, 2008, 5:02 am

If I apply and qualify for a credit card today, how long will I have to wait for to get the card?

Solution:

Thank you for your question, Mitchell. As a rule, it takes 2-3 weeks (after you qualify) to get your credit in the mail. No matter if you apply online for a card, or you go directly to a bank. It also rarely depends on a certain bank's terms. So, if you badly need to borrow money and you need it as soon as possible, remember that you will have to wait or at least half of a month. You can consider taking out a cash advance (mind sky-high interest) or a pay-day loan (in case you do not pay it back on time, you will pay even a higher interest), for instance. But it is better to have a checking account, a debit card, an emergency credit card in store, or just some savings in cash at hand. When it comes to a credit card, you should better choose and apply for a deal in no rush. It is good to devote some time to comparing offers' features and terms, analyze, what kind of a deal will be more beneficial for you – low APR on balance transfer or low APR on purchases, for instance. But if it happened so that you really need the card you got approved for right away, you actually can speed up the process. Call the bank and ask them to do a rush processing, if possible. If the card hasn't been sent out to you yet, they can charge you extra $20-$50 and you will get the card in 2-3 days. So if you are ready to pay for this express service, you know, where there's a will, there's a way.

User Name:
Stephanie

Date:
December 3, 2008, 8:28 am

Hi! I've heard something about family credit cards. What are those? Could you throw some daylight upon this issue?

Solution:

Thank you for the question, Stephanie. Family credit cards are just regular consumer cards. This kind of cards was designed to meet family needs. Most of such cards are rewards deals. Let's take a plastic with gasoline rebates, for instance. Say, you and your husband have 3 kids. Both of you have cars and you drive a lot. You take kids to school and back. You get to work by car. Shopping tours, entertainment and many other outdoor activities involve using a car. So, you drive a lot, which means you spend a good deal of money buying gas. A consumer deal with gasoline rewards will be a perfect choice for your family. The same with airline miles or hotel rewards. If you often get a chance to spend vacation or at least a week-end all together away from home, a family card with travel-related rewards is just what you need. Or maybe you are fans of some certain retailers, you can find a family card that will grant you good discounts at those merchants. There are family cards that combine some rewards. So you can choose the one that is better for you.

User Name:
George

Date:
December 4, 2008, 3:51 am

I'm up to transferring a balance of $3,880. Not interested in any rewards programs. Neither going to make purchases with this card. Just want to do away with my debt, as soon as possible. What type of cards to look for?

Solution:

George, you should find a good balance transfer card with favorable terms. The most important and even necessary feature you should look for is 0% on balance transfers. Balance transfer card market is loaded with offers. So, you will not have any serious problems with finding a deal with 0% APR on balance transfer (BT). Find the longest introductory period – for 12 or 15 months. Then pay attention to balance transfer fee. Most BT offers come with a 3% fee. It means you will pay 3% of the amount you shift from your old account to a new one for the transfer. There are offers that charge 5% balance transfer fee. Stay away from them. What you should look for is either a 3% BT fee with a cap ($75 is a usual maximum), or no balance transfer fee at all. But hitting upon and qualifying for such a deal is like finding a gold mine. So, an ongoing APR seems to be of little importance to you, but still apply for a deal with lowest rate. Just in case you do not eliminate your debt before your intro period is over.

User Name:
marshadae

Date:
December 9, 2008, 11:49 pm

I wonder why they do not issue 0% apr balance transfer cards to bad credit owners?

Solution:

Thanks for asking this question, Dewey. You see, BT cards cannot be called some kind of deals giving exclusive opportunities and perks. They just do not charge interest on existing balance shifted from the previous old account. So, balance transfer cards were not designed specifically for good and excellent credit owners. They are very rarely issued to limited credit owners for one simple reason. If every bad debtor could get a deal with 0% or low APR on balance transfers, banks and credit companied would incur losses. They would stop getting profit from borrowers. Besides, millions of cardholders would start shifting balances from one account to another after the introductory period is over. That is the reason. So, before you can have a balance transfer card you will have to prove lenders that you are a reliable and creditworthy customer. And then you will be eligible for this privilege of enjoying interest-free period on balance transfers.

User Name:
df

Date:
December 16, 2008, 8:50 am

Hi! I wonder if there are some Christmas sales with cheap credit cards?

Solution:

Thanks for contacting with us. Getting a couple of credit cards for yourself and a bunch of plastics for your friends and family on a holiday sale would be really nice. But, unfortunately, there is nothing like Christmas sales where you can get 3 credit cards for $10. However, there is something that reminds the sales merchandise. Many credit cards come with introductory offers. They do not have any references to seasons or holidays. Say, you need a balance transfer card. You can look through balance transfer cards and you will see there are cards with 0% intro APR for balance transfers, or for purchases, or both. The same feature can be found on rewards, low interest and other credit card offers. This 0% teaser rate will last for some period of time, for you to maximize your benefits. After the introductory period is over, your 0% APR changes into an ongoing interest rate, which is much higher than teaser rate.

User Name:
Judy

Date:
March 24, 2009, 1:47 am

How to apply online
need a credit card

Solution:

To apply online is quite easy but before you submit your application you need to know for sure what credit score you have in order to choose the right card. If your credit score is good or excellent, you can find a diversity of cards with low APR on purchases or balance transfer. Or get a credit card that offers tempting rewards: gas rebates, cash back, or hotel rewards, etc.
If you have less than perfect credit history, then look for cards designed for people with limited or fair credit.
As soon as you find credit card that corresponds to your FICO score and complies with your needs, you can click the "Apply" button and you will be redirected to the official website of the bank-issuer of the card. Fill in an application form, submit it online and wait for approval. It's worth mentioning that to apply for a credit card you are required to have SSN, stable income, and be at least 18 years old.

User Name:
sonya wallace

Date:
April 6, 2009, 12:12 am

How to get a bad credit credit card with high limit?

Solution:

You can hardly find a card for bad credit that comes with high spending limit. Banks work with people who have bad credit histories but take special measures against the risk of credit debt repayment and therefore offer rather low spending limits and higher interest rates. To qualify for credit cards with higher limits, you need to improve your score rating with a card designed especially for your type of credit history. Make your bill payments regularly on time and never exceed your credit limit - these are simple rules that will help you improve your credit rating. Good Luck!