June « 2011 « Credit Cards – pay off interest rates

June 29, 2011

Is it more important financially to lock in a good mortgage rate or pay off outstanding credit card debt?

Question by Powderpuff: Is it more important financially to lock in a good mortgage rate or pay off outstanding credit card debt?
Assume $ 8,000 credit card debt. Should I pay off cards first? I have a selfsame high credit score due to paying off II new cars (long story).I’m currently paying them downwards. Just didn’t know whether I should flush try to save for the down payment or put 100% into paying them down. I have about 1200 a month extra to “play” with. I want to fix all this college-time debt in case our economy heads into a recession.

Best answer:

Answer by wendyinmn
Paying off your credit tease debt will aid you to get a better bonding rate by increasing your FICO score. So pay off the credit tease first and continue to save what you can to buy a home sometime in the future.

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June 27, 2011

How many credit cards should I have open for a good credit score?

Filed under: Credit Cards — Tags: cards, Credit, good, Many, open, Score, Should — admin @ 8:32 pm

by Cornell University Library

Question by Tommy G: How many credit cards should I have open for a good credit score?
I have 4 credit cards (limits are 1000, 3300, and two 500s) and was considering getting rid of one 500 credit card. Should I pay the entirely thing off and KEEP it or GET RID of it??

Best answer:

Answer by The Black Jason Bourne
AT LEAST 14 CREDIT CARDS

What do you think? Answer below!

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June 26, 2011

What’s the lowest credit card companies will lower my interest rate?

Filed under: Credit Card Interest Rate — Tags: Card, Companies, Credit, interest, Lower, lowest, rate, What's — admin @ 4:31 am

Question by MamaBear: What’s the lowest credit card companies will lower my interest rate?
I want my credit card interest graded lowered now that I paid it off. What’s the lowest that they would lower it with a credit score of 759? The current APR is 19.53%.

Best answer:

Answer by Pugmama
My cards range from 7.99 to 10.99%.

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June 24, 2011

Credit Card Interest Rates – Based On Four Different Factors

Filed under: Credit Card Interest Rate — Tags: Based, Card, Credit, Different, Factors, Four, interest, Rates — admin @ 12:43 pm

Credit Card Interest Rates – Based On Four Different Factors

A few of the banks that received federal government bail out money are raising credit card interest rates and fees, thus, angering some consumer groups and drawing the attention of a Congressional Oversight Panel. If your credit card interest rates have been recently increased, debt management can help you manage your re-payments.

Credit card interest rates are usually based on four different factors- your credit rating, your debt to income ratio, your employment history, and re-payment history. Interest rates are usually tied to the US Prime Rate, that is the interest rate set nationwide by the Federal Reserve Board (FRB). Credit Card Interest is usually calculated at the end of your statement period, and then charged to the consumers account on the last day of each statement period. Good management of your credit will have a definite impact on the credit card interest rates you qualify for.

Credit

Credit card issuers have been drawing fire for raising up interest rates on card holders who aren’t even behind on payments, but whose credit scores might have fallen for different reasons. Debt counseling, or signing up for a credit management plan, is becoming very common in today’s economy. Lenders usually will grant lower interest rates on the condition that you have been making payments on time and continue to make the fixed monthly payment until the debt is paid in full. Companies have also been affected by the down-turn in the economy and because of this they are tightening restrictions to get credit and are even raising interest rates for a lot of card holders.

Debt

If you’re currently carrying a balance on your credit cards, even occasionally, the interest rate is the main key to controlling your debt. If you’re already behind on payments or have already been sent to collections, it is imperative that you contact a debt settlement company. Late or missed monthly payments can lower your credit score, which in turn can, affect the interest rate you pay on credit cards. One of the benefits of a debt settlement plan, other than the lower interest, is the willingness of many lenders to accept a lower pay off.

Now you should have a better understanding about credit card interest rates, it’s still wise to pay the total outstanding balance every month. However, financial experts recommend, cutting credit card spending. A tragic number of consumers are unaware that they have some control over their rates.

There are reasons which make credit card interest rates so high. High credit card interest rates make having this kind of debt a bad idea especially if it compounds very quickly after we bought things that quickly lose their value.

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June 22, 2011

Gas Credit Cards Promise (A Little) Relief to Consumers Struggling with High Gas Prices

Filed under: Pay Off Credit Card — Tags: cards, Consumers, Credit, High, Little, Prices, Promise, Relief, Struggling — admin @ 8:41 pm

Gas Credit Cards Promise (A Little) Relief to Consumers Struggling with High Gas Prices

Cleveland, OH (PRWEB) January 26, 2006

When trends develop, you can be sure credit card issuers will find a way to capitalize on them. The rise of gas credit cards in response to skyrocketing fuel costs is the latest example.

With the cost of gas currently over $ 2.30 a gallon (about 50 cents higher than at this time last year), consumers are looking for relief. Credit card companies are promising it, or at least a little. Today, most of the major credit card issuers are offering specific gas rebate credit cards or have added special gas rebates into their existing rewards programs. Many of these programs have been introduced within the last year.

“The rebates can be very generous,” says Justin McHenry, Research Director of IndexCreditCards.com. “Many general market credit cards offer 5% rebates on purchases at gas stations, while many specific gas retailers have cards offering even higher rebates.”

(IndexCreditCards.com offer a list of gas cards with rebates at http://www.indexcreditcards.com/gascreditcards.html.)

McHenry stresses to read the card agreements nearly, as some cards curtail rebates to gas purchases at standalone stations — purchases at sweeping clubs, supermarkets or other non-traditional retailers may not apply. He adds that any credit card offering rewards should be avoided if you don’t pay away your card’s balance each month.

“Getting a 5% gas rebate doesn’t do you much good if you’re paying 13% interest on your purchases.”

About IndexCreditCards.com

IndexCreditCards.com offers credit card news, research, and perhaps the most comprehensive index of credit cards available on the Internet today, with a master listing of over 700 credit cards as well as categorized named based on interest rates, reward programs, business credit cards, student credit cards and credit cards for those with poor credit histories.

Information provided in this release may be reproduced free of charge, provided imputed is given to http://www.IndexCreditCards.com.

Contact: Justin McHenry, 216.221.0312

Website: http://www.IndexCreditCards.com

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June 21, 2011

Putting Off Paying for Holiday Gifts? Try These Credit Cards

Filed under: Pay Off Credit Card — Tags: cards, Credit, Gifts, Holiday, Paying, Putting, These — admin @ 4:55 am

Putting Off Paying for Holiday Gifts? Try These Credit Cards

CLEVELAND (PRWEB) December 7, 2005 -–

Will you be willing and able to pay off your holiday credit card bills when the new year rolls around? If not, a number of credit cards will let you carry a balance interest-free for a full year or more. Here are a handful of such cards, based on information from credit card research organization IndexCreditCards.com:

Blue from American Express offers unexampled cardholders a zero percent interest rate on purchases for up to 15 months. The interest rate after this period is presently as low-toned as 10.99%. The Citi Simplicity Card offers zero percent interest for 12 months, with a subsequent rate presently at 9.99%. The Discover Platinum Card besides offers 12 months interest-gratis, with an ongoing rate as low-toned as 9.99%. The Chase Platinum Visa offers 12 months interest-costless, with an ongoing rate presently as low-toned as 10.99%. The GM Card offers 12 months interest-gratuitous, with an ongoing rate as low-toned as 11.99%.

While it’s not “too good to be true,” consumers who want a year-long free ride should think carefully before applying for any of these cards.

“Two questions come to mind with zero-percent offers,” says Justin McHenry, Research Director at IndexCreditCards.com. “First, does the promise of zero interest make you spend more, especially more than you can currently afford? Second, will you pay off the balance before the free period is ended?”

McHenry recommends that consumers go for zero-absorb offers only if the “permanent” rate on the new card is less than on the cards they are already using.

“If you’ll be paying a lower rate even after the introductory period, you win all the way around. But if the ongoing rate is higher and you won’t pay off the balance early, you could pay more in the long run. The ongoing rates for the cards shown here are the lowest rates the companies offer – you could be approved for these same cards but at higher rates. If that’s the case, check the new card rate against your current card before accepting the offer.

“Also, recollect that these are variable-rate credit cards, and the current environment is one of rising rates. The ongoing grading you see today may be significantly higher by the time your zero-interest period is over.”

About IndexCreditCards.com

IndexCreditCards.com offers credit card news, research, and perhaps the most comprehensive index of credit cards available on the Internet today, with a master listing of over 600 credit cards as well as categorized lists based on interest rates, reward programs, business credit cards, student credit cards and credit cards for those with poor credit histories.

Information provided in this release may be reproduced free of charge, provided credit is given to http://www.IndexCreditCards.com.

CONTACT: Justin McHenry, 216.221.0312

WEBSITE: http://www.IndexCreditCards.com

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June 19, 2011

How are credit card interest rates determined, and how can I find out the interest rate ..?

Filed under: Credit Card Interest Rate — Tags: Card, Credit, determined, Find, interest, rate, Rates — admin @ 12:42 pm

Question by regal hadee: How are credit card interest rates determined, and how can I find out the interest rate ..?
How are credit card interest ratted determined, and how can I find out the interest rate currently being charged on a particular card?

Best answer:

Answer by Flixy
All credit tease providers will offer several dissimilar cards with different interest rates – which it will advertise when trying to sell that card to you.A lower rate usually means that you will have a shorter amount of time to pay the card off or less loyalty points will be on offer. Which card you get including which interest rate depends on what your specific needs are, just market around to find what one is best for you.

What do you think? Answer below!

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June 17, 2011

How can one use their credit cards to invest without the investment qualifying as a cash advance?

Filed under: Credit Cards — Tags: advance, cards, Cash, Credit, Invest, investment, qualifying, their, without — admin @ 8:43 pm

Question by Michael P: How can one use their credit cards to invest without the investment qualifying as a cash advance?
Everybody knowing using a credit card at the ATM or bank will qualify the transaction as a cash advance and cash progress carry a rather high rate. However today I heard a bit on the news;how to make money off of the credit card companies rather than them making it off of you. It featured some investment guru who talked about using available balances on credit cards for investments that have a higher rate of return than the credit card carries. I have a % until July 2007 with plenty to invest if I decided to do this, but how would I avoid the cash advance rate if it would be regarded as cash? Are there any investments that would list the transaction as a purchase? Please help, I am confused.

Best answer:

Answer by hdsok
Use your credit card to pay for normal household expenses and use the cash you would have used for groceries, utility bills etc to invest. Net result, you used the credit card balances to invest.

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June 16, 2011

Q&A: How many credit cards should you have to rebuild credit?

Filed under: Credit Cards — Tags: cards, Credit, Many, rebuild, Should — admin @ 4:31 am

Question by Nikita: How many credit cards should you have to rebuild credit?
I am trying to rebuild my credit after ID theft, a couple of problems that were mine and years of basically not having any assigned reported. (I primarily use my debit card and pay cash for everything). I make good money now and am trying to rebuild in order to purchase a condo in the next couple of years. My good accounts (rental, club, cable, cell, etc.) have not reported my good credit. So how many cards should I take out that will help boost my credit score but not hinder my impute. Thank you!

Best answer:

Answer by bstonge
You only need one to do that. Don;t let anyone sucker you into debt.

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June 14, 2011

Can I pay off credit card debt with a Student Loan Refund?

Filed under: Pay Off Credit Card — Tags: Card, Credit, Debt, loan, Refund, Student — admin @ 12:36 pm

Question by jaycrazy: Can I pay off credit card debt with a Student Loan Refund?
I am expecting a student loan refund within the next couple of weeks. It is a Federal Stafford Loan. I am wondering if it would be okay to use it to pay off credit card debt. I would be able to completely eliminate my credit card debt with it, and it would really aid lift some extremely high interest rates off my shoulders.Any input would greatly appreciated!

Best answer:

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