Louis Zee asked:




We have all gotten them, the unsolicited mail from a random credit company telling us that we have been pre-approved for a credit card with a limit up to a certain amount (this depends on the current promotion the credit card company is running as well as the strength of your credit score), but that we need to act fast or the offer will expire within a limited time frame. These offers, while many consider junk mail, can actually provide you with you a great line of credit with a very reasonable APR (annual percentage rate) and by taking a few minutes of your time to fill out the instant approval credit card application online, you may just find yourself with a brand new line of credit that you can use right away — this is often helpful if you have high interest cards with balances that you would like to transfer to your new credit card.

Highly secure, the benefits of using an instant approval credit card application include the fact that you have been pre-screened for the credit offer and the chances of you being approved are very high; often times these credit cards come with a fantastic introductory rate that will last 6 to 12 months and include any balance transfers you may want to complete at the time of application; instant approval takes a relatively short amount of time and once you have filled in all the necessary information, you can have your decision as quick as a couple of minutes. These benefits are very attractive in this fast paced world we have created and live in, not to mention in these trying economic times, having a ready backup to emergency cash is always a good thing to have set aside.

So, you see, receiving a pre-approval letter for credit in the mail can often lead to the good things mentioned above, especially the peace of mind knowing that if something ever goes wrong, you have a way to make it better in the short term. So the next time you get an instant approval credit card application offer in the mail, do not automatically assume it is junk mail, open it and take the time to research the offer — you may find that this is the right line of credit for you.

Stacy

Morgan Hamilton asked:




A balance transfer credit card application doesn’t always tell the whole story, unless you read it carefully. People looking to transfer balances are either looking to save money on their current high interest charges or are trying to consolidate their existing debt.

In many cases they can accomplish both of theses goals at the same time. There are, to be sure, many advantages to paying off the current balances you have. Some cardholders are paying 25% or more on their respective cards. That is, for lack of a better word, insane.

You can suffer from vertigo looking at those high APR fees. If you have a good credit rating then your options are many. All the major credit card companies offer balance transfer deals that can save you hundreds, if not thousands of dollars in interest payments.

Do a search on a secure web site such as Find-Cards-Now.com and you will see that banks like Chase Manhattan, Citibank and Bank of America offer some very attractive choices. They will even feature 0% APR balance transfer credit cards that compare favorably with each other.

Discover Card and American Express are also major players in the balance transfer market. They offer great financial incentives to switch credit card issuers. But you must understand that when you see zero percent interest offers they are always introductory offers.

They do not last for the life of the credit card. Credit card companies are not in the habit of lending money for free. These offers will run anywhere from 90 days to one full year. I have seen some that are good for 15 months. The Advanta Platinum Business Card is one such offer.

These introductory rates lead me right into my point about the “secrets” of the balance transfer credit card application. While we all know that the introductory rates will expire in time, many people do not factor in the fees charged by the various credit card companies.

There is no shortage of choices in finding cards with no annual fees, virtually all issuers will charge a fee on balance transfers. There really is no avoiding this charge. It usually runs around 3% and in many cases will be capped at $150.

Meaning that no matter how much you are transferring, you will not have to pay more than the allotted maximum. Using a credit card calculator will give a ballpark figure of what you will be paying in interest.

Simply factor in the transfer fee and you will get a pretty good idea on how much you are saving. Truth be told, there really are no balance transfer credit card application secrets. Read the terms carefully and you will know exactly what kind of savings to expect.

Tim

Julia Cook asked:




Credit cards are useful tools for spending, short-term borrowing and accruing financial rewards. However, when used incorrectly they can begin to accrue monthly interest payments which can quickly snowball, leaving consumers in a pile of debt.

Despite being a form of unsecured credit – meaning that the debt is not tied to a physical asset such as a home – debts accrued on plastic are still a potentially huge financial burden.

If left for a significant amount of time they can also be dangerous to consumers – since there is currently less protection under law for credit and debit cards than for traditional bank loans such as mortgages.

For these reasons, it is vital to transfer high-interest card balances to other cards with a low or 0% interest rate on balance transfers before they become problematic.

With this precaution, the credit card debt can be paid off over time without the interest payments surpassing the original balance of the card borrowing.

Broadly, there are two types of balance transfer credit cards: 0% balance transfers and life of balance transfers.

To transfer a high-interest card balance it is first important to compare the different financial deals available.

In general, 0% interest on transfers cards will be suitable for consumers with smaller credit card debts since the 0% rate tends to restricted to a number of months.

When undertaking a comparison of balance transfer cards the length of the 0% rate is obviously the major factor.

In almost all cases, the longer the 0% rate on the transferred balance lasts for, the better. 0% rates start at 3 months but can be a lot longer.

For example, one of the longest 0% interest rate on transfer deals currently is with the Virgin card which is offering a rate of 0% interest for sixteen months.

When the 0% transfer rate runs out the borrower or card holder’s balance will return – once again – to a higher interest rate so it’s vital that the high-interest balance is paid within the 0% period.

If it will take longer than the length of the 0% rate to pay back the debt on plastic, on the other hand, then a life of balance transfer card would be more suitable.

The interest rates on these credit cards are usually under 10% APR.

Once a comparison has been performed, however, transferring the high-interest credit card balance is a fairly simple process.

In the majority of cases it’s possible to transfer the balance when the credit card application is made.

In most other cases, the lender that provides the card can be contacted by post or phone and instructed to transfer the balance within the first 60 days of the consumer’s application being accepted.

It usually takes three to four working days for the balance to be transferred from the high-interest vehicle to the low or no-interest one so that the consumer can start paying off the debt.

Bernard

Louis Tsui asked:


We have all gotten them, the unsolicited mail from a random credit company telling us that we have been pre-approved for a credit card with a limit up to a certain amount (this depends on the current promotion the credit card company is running as well as the strength of your credit score), but that we need to act fast or the offer will expire within a limited time frame. These offers, while many consider junk mail, can actually provide you with you a great line of credit with a very reasonable APR (annual percentage rate) and by taking a few minutes of your time to fill out the instant approval credit card application online, you may just find yourself with a brand new line of credit that you can use right away — this is often helpful if you have high interest cards with balances that you would like to transfer to your new credit card.

Highly secure, the benefits of using an instant approval credit card application include the fact that you have been pre-screened for the credit offer and the chances of you being approved are very high; often times these credit cards come with a fantastic introductory rate that will last 6 to 12 months and include any balance transfers you may want to complete at the time of application; instant approval takes a relatively short amount of time and once you have filled in all the necessary information, you can have your decision as quick as a couple of minutes. These benefits are very attractive in this fast paced world we have created and live in, not to mention in these trying economic times, having a ready backup to emergency cash is always a good thing to have set aside.

So, you see, receiving a pre-approval letter for credit in the mail can often lead to the good things mentioned above, especially the peace of mind knowing that if something ever goes wrong, you have a way to make it better in the short term. So the next time you get an instant approval credit card application offer in the mail, do not automatically assume it is junk mail, open it and take the time to research the offer — you may find that this is the right line of credit for you.

Article By Louis, CardKudos[dot]com



Yvonne