Poor or bad credit? Major credit card issuers won't approve you for a
0 intro balance transfer credit card if you are considered a high risk. Instead
of shuffling balances from one card to another, take long term action.
Other 0 intro balance transfer credit card offers:
To qualify for a 0 intro balance transfer credit card, you must have excellent credit, as these are offered by platinum credit card issuers. If you have been late paying bills, and not just on credit cards, you may not qualify.
Credit Federal tip: If you transfer balances from a credit card that is over-limit or you've made late payments, credit card companies may void the 0 intro balance transfer offer. Ensure you meet the requirements and read all rate terms before attempting to balance transfer credit cards to any issuer offering a 0 intro balance transfer.
To get some low interest rates, credit card companies may require that balances be paid in full every month. However, even consumers with less than
perfect credit may be able to get a low interest credit card if they shop around. Credit card companies are always offering low intro cards for a limited time
and for a consumer who has other credit cards with balances, this can be a good time to transfer those balances onto one low, introductory credit card and
pay off the balance by the deadline.
Interest rates and fees can add up quickly when we have 3 to 5 credit cards that all have balances due. If this sounds like what you have, try adding up
those monthly fees to determine if you can save money by transferring all those balances onto one, low interest credit card. Having several credit cards can
help when tracking expenses for specific items, so you may want to keep those credit card accounts open.
A low interest credit card can be great to use to get those credit card debts down to one payment each month. This can help you avoid having to shuffle
credit card payments and risk missing one, only to find you have a high late fee added on next month's statement. Credit cards help us manage our lives and
business and having an offer for a low interest credit card is worth considering.
Balance Transfer Credit Cards
When you get that offer in the mail to do a balance transfer, make sure you review all the details. Just because you get an offer through the mail to balance
transfer, does not mean you are automatically approved for the card if you apply. Before you apply for a low interest credit card, you must have good to
excellent credit. If you don't, by applying for it there will be an inquiry placed on your credit report. If you have good credit, you may want to check all your
options to get a low interest card and not take the first choice you get in the mail.
If you owe thousands of dollars in credit card debts on several cards, you may not be able to balance transfer all of them onto one, low interest credit card.
If the terms are right and you can save money, it is a good idea to transfer what you can. Check to see if there are any fees to do the transfer and what they
will be. Sometimes there are incentives to balance transfer without fees. If in six months the card will have higher interest rates than your existing cards, it
may not be worth the effort unless you have the debt paid off by the deadline.
The goal is to save money not have more
debts with higher fees. Another problem can be if you start charging on the old credit cards
that don't have a balance and you end up with more debt. It can be a good idea to only use those cards to make a small purchase each month that can be paid to keep those
cards active. Some credit card companies are closing accounts that don't get used. Using a credit card and making payments on time every month is a great
way to build credit scores.
With the current credit crunch and a tighter
hold on lending, getting credit cards can be difficult if credit is poor or bad. It is a good idea to keep current on
credit card payments, not pay late, and not use more than 30% of the credit limit. Always review statements for any changes in fees or credit limit changes.
If interest rates increase, try calling and asking for a lower rate. When having financial
problems, contact the credit card company to work out a payment plan instead of being months
late and ruining your credit.
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Establish or rebuild bad credit:
Although credit options are limited and more restrictive, there are still ways to establish and rebuild bad credit, including:
