Existing Customer Deals

A lot of the time you see introductory deals, which are only available to new customers. It is difficult for old consumers to get great deals, even though they have been loyal customers. NatWest and the Royal Bank of Scotland realise that these consumers want to have some breaks too. Consumers with the platinum credit card can get a deal for 15 months of no interest on balance transfers. These consumers must be existing customers. HSBC is also offering a 15 month deal on interest rates. The catch is the consumer must also be part of the bank with a current account.

There are also other catches. For example your credit history will play a role in whether you can actually be awarded the card, even with the current account. Virgin Credit Card offers 16 months free interest on balance transfers, and you do not have to be part of a bank to get it. Lastly Tesco has a club card with 12 months of free interest on purchases which allows existing consumers to pay less and still shop. Other cards are offering cash back options for existing consumers. It helps to ask for deals like this with your current card before you decide to change cards.

Instant Approval Cards

Today’s technology allows you to be able to get an instant response to your credit card application. Online you have access among the best credit card offers available and you won’t wait weeks to see if you get instant approval since you usually receive a reply within a minute.  You can apply to other various card issuers if you are declined by your first application.

Once approved, you will still have to wait for the actual card to arrive in the mail which takes between 5 to 7 business days.  These instant approval credit cards are able to be done so fast because the decision is made by computer and based primarily on your credit score matched to your social security number.  This information is double checked and a credit limit is issued before the card is put in the mail to you. It is possible that you could generate a negative credit score if you apply for to many cards at once, like 2 or3 at a time. Other benefits that do not always give instant approval but have interesting features are balance transfers and cards offering zero% for an introductory period.

Disadvantages of prepaid debit cards

Prepay debit cards have the following demerits:

Ø      Sometimes, the charges imposed on debit cards are too high. You have to make payments initially to purchase a prepaid debit card. Also, to reloads funds, to increase the limit, to withdraw cash and to cancel the card, you need to pay fees.

Ø      If the PIN is not frequently changed or if you reveal it to someone by mistake, it may be misused. Hence, it is risky to own a prepaid debit card if not kept carefully.

Ø      Prepaid debit cards must be used wisely. As it is not burdensome to reload funds, you may lose track of how much you have spent and may overuse it. You should keep in mind that you can use it only until you have cash to reload funds.

Ø      It costs approximately $5 to refill your debit card. Hence, initial funding and the amount of money you use to reload should be high enough.

Ø      Since different debit card issuing companies demand different amounts of fees, a lot of ground work should be done before signing up for a prepay debit card.

Ø      The security protection for debit card holders is less than that for credit card users in many countries.

Ending Credit Agreements

Confused about an impending payment you thought you were done and over with? A minor detail you got wrong when ending credit agreements? Or an invoice from your credit card company, demanding payments on a bill which you have already made?

Don’t worry it can be easily verified. The consumer credit act entitles you to demand a copy of the signed agreement from the lender who must surrender one to you within 12 working days or risk losing the right to enforce the debt on you. During this time between the demand and sending of the credit agreement the bank or lender cannot take any action towards collection of the debt.

All you need to do is send a letter to the authorities in question demanding the signed agreement along with a statement of the account and copies of any other documents that were submitted at the time of signing of contract and enclose a fee of 1$ with it as per the CCA guidelines.

Once you receive the documents you can carefully check them for discrepancies. However this should not be used in an attempt to delay making valid payments.

If the lender doesn’t supply you with the necessary documents, he’ll forfeit any claim towards default payments.

0 Credit Card Deals Vary

When researching 0 credit cards it pays to use several places to compare.  The latest offering from Virgin Money has several offers for a 0% credit card.  Where you look for the credit card may keep you from taking advantage of the best one for your situation.

In the instance of Virgin they offer zero per cent for different amounts of time depending on where you enquire.  On one site a new cardholder can get no interest on balance transfers and no transfer fees for nine months.  Then the APR goes up to about sixteen per cent.

The second offer for this card gives cardholders sixteen months of no interest on balance transfers, but they charge a 2.98% transfer fee.  While not paying a transfer fee may seem like the logical choice people must think about the time it will take them to pay off the debt.

If it can’t be paid off in the nine month period it may be wiser to pay a transfer fee for the longer no interest period.  It could in the end work out to be a better way to reduce or eliminate the debt altogether.  Checking many different credit cards that offer no interest will be the best way to make an informed choice.

Business Credit Cards

Having credit cards is not enough, you must know how to use those cards and how much they are charging you. The very first thing that you should notice about your business card is that you do not possess any revolving balance in your business credit card. Your business card should have the facility of reward system like cash back offer, and in this case there is no need to worry about rate of interest. The business card should have the facility of point increase on spending.

Some business card offer point in each purchase which get exchanged annually with your fees. You should calculate your annual spending.

You should be able to pay for each and every purchase by using your card. You should be able to pay all types of bills and legal fees and other utilities. The card must possess the ability of bookkeeping expenses. When you are paying your accountant of your company via credit card then you have too much lower than what you pay your accountant by another method. Always spend within your budget and do not indulge yourself in any overspending.

How To Save Money On A Home Equity Line Of Credit

Taking out a home equity line of credit is an excellent way to pay for home improvements, consolidate bills or other large expenses. But, if you’re not real careful, the loan will end up costing you a lot of money. If you’re required to pay an application fee, make sure it’s refundable at closing.

There shouldn’t be any appraisal fees or closing costs. Most lenders will use your property tax as proof of your homes value. There should never be an account maintenance charge or any fees for writing checks. And, you should also be able to pay down the principal amount without any penalties.

Having the flexibility to make interest only payments is a huge plus. If you suddenly find yourself out of work, sick or injured, being able to pay a smaller interest payment could save you from losing your home. A variable rate that is adjusted quarterly is also much better than one that changes monthly.

If the lending institution that you’re trying to obtain a home equity line of credit through doesn’t offer these things, shop around. While you might not be able to find a lender that offers all of these advantages, you should be able to find one that offers most of them.