Sometimes Juggling Credit Card Debts Leads To Bad Financial Lifestyles

Millions of Americans took advantage of special zero interest promotions during the holiday shopping season. Many of these cards were offered by major retailers, but just as many were offered by the major credit card companies in 2015, and the trend continues today. These cards tend to promote heavy spending on these cards, want that brand new 60 inch TV? No problem simply swipe your card, hey it’s zero interest whats the harm right? Yet these cards often come with hidden unforeseen problems. People should be cautious before signing up.

These cards work by offering a no interest period. If you pay off your balance before this period ends you will in fact have zero interest owed. Yet buried in the contract is always a provision stating that if you do not pay off your balance in full before this promotional period ends you will in fact be hit with deferred interest rates. This happened to me with Pay Pal Credit, I waited to long to pay it off and owed over $240 dollars in interest on my “promotional zero percent interest purchases”. This can easily happen to anyone. It is oh so easy to simply swipe your card and not pay attention to the overall balance owed.

To avoid this problem you should not be pressured at the cash register to sign up for these promotions, and if you are reviewing an online application for a credit card offering this promotion, you should first consult your budget. You will need to pay back anything you charge on these type of credit card offers by the end of the promotional period, and this is where your budget comes into play. You need to first figure out before spending if you can indeed pay it back within the allotted time. If you cannot pay back this interest before the promotional period ends, you then need to ask yourself if you can live with the interest rate that you WILL be charged. If you cannot afford this interest or the idea of being hit with said interest leaves a sour taste in your mouth you still have options. You can always apply for a credit card with more reasonable interest rates and bypass these promotional offers all together.

These promotional offers however can be useful. They can allow you interest free financing of a large purchase. The key to making it work is to use your budget and figure out a monthly payment that works for both you and your budget. If you can figure out a repayment plan that will have your debt paid off by or before the promotional period ends, then you know that this type of promotional offer will work for you.

If you cannot repay the debt before the promotional period ends, this is where the real problems begin. For one you get hit with a huge lump sum interest payment. This interest will in turn accrue more interest if not quickly paid off. If you had trouble paying it off during the promotional period, it stands to reason that the now even bigger debt will take even more time to pay off, resulting in more interest. If you do happen to find yourself in this trap you could try for a credit card balance transfer to a credit card that offers a promotional zero percent interest on credit card balance transfers. Yet this is only a temporary respite from your current problems, you will now be back where you started from as these offers to have a time limit on repaying the debt or you again get hit with more interest at the end of this new promotional period.

Easy Tips To Follow For Saving Money In 2016

Great tips for saving some extra cash in 2016

All of us wish we could save or save more money than we already are, but it just seems to be so difficult in today’s economy to put anything away and not feel like we are going without things we consider “necessities” in life. But if we are really truthful, many of things are “necessities” at all, but little luxuries that we enjoy, however, if we gave them up or even just didn’t have them as often, we would find that we had that extra money to save.

Another easy way to save money is with grocery shopping. Check out your grocery store’s weekly circular and see what is on sale. Check out the coupons in your Sunday paper and see if anything there is something you can use. One of my favorite parts of grocery shopping is that my store receipt tells me how much I saved at the bottom. You might be surprised how good that can feel when you shop smart and save the same amount you spent. Certainly, there are things that are more expensive, but I simply must have, but I find other things to save on to make up the difference, and when it comes to grocery shopping, there isn’t much I go without. My house almost always has fresh fruits and vegetables and quality meats. Think about things that are on sale that freeze well, or dry goods that last. When the store has a great sale on those items, stock up. Butter recently went on sale in my local grocery store for $1.99 a pound after months of being twice that price or more. I knew the holidays were coming, and I would be doing a lot of baking. Butter freezes excellently, so before Thanksgiving, I had twelve pounds of butter in my freezer. The trick is don’t stock up on something just because it is a good buy. I know I will use that butter and none of it will go to waste. I don’t buy anything in bulk that will go bad before I use it, or that I don’t use much of.

Now, I know these days, smoking is a touchy subject with most, and a great number of people would tell you how much you could save if you would just quick smoking. Problem is that those people usually don’t smoke and think it’s an easy thing to do. It’s not easy, and for some people, there is just no desire to quit. However, there is a way to save a small fortune on the cost of smoking. Roll your own (RYO). Depending on where you live you might have shops that sell all the supplies at reasonable prices. If you are like me and don’t live in one of those areas, then there is always ordering on line. Invest in a decent machine, and then find an online shop that has good prices and is reliable with their shipping. The machine will pay for itself with your first batch of RYOs, again depending on where you live (like in New York City, I’ve heard cigarettes costing as much as ten dollars a pack), the money you save is substantial. With a good machine, you can make your own pack in less than 15 minutes and the cost of that pack? Two dollars or less. If you are a smoker, that’s a huge savings, so if you aren’t willing or ready to quit, take advantage of the amount money you can save by rolling your own.

That’s just three ways of saving a decent amount of money without really feeling like you are doing without the things you need or want. I got you started, now if you set your mind to it, I’m sure you can find even more ways that fit into your life to save money.

For the top money saving and credit card offers in 2016 stay tuned to our editorial team for great articles on reducing debt and paying down bills.

Tips For Maximizing Rewards Points This Holiday Shopping Season

If you have a rewards credit card, you want to make the most out of your rewards right? This is what I call ” Maximizing your rewards“. To do this you want to rack up as many points or miles as possible, without getting hit with interest or going into debt, which would in effect cancel out the benefits any rewards might earn you.

holidays

So how can you maximize your rewards each month? Why not kill two birds with one stone by paying off bills you would be paying off anyway, all the while earning those sweet rewards points you’ve been craving. The key to making this work of course is having the discipline to pay off the entire balance in full every single month without fail, so that you do not pay a dime in interest. Interest is the bane and the enemy of rewards points maximizers. The reason being lets say you earn $40 in rewards for a month of light spending, but you pay only the minimum payment on the bill. You get slammed with $43 dollars in interest, which cancels out your gain in rewards. Even if you wouldn’t have interest that high, it will cut into your earned rewards substantially.

If you tend to carry a balance every month being a rewards maximizer might not be in the cards for you. This is especially true if you tend to struggle with debt. If this is you read these tips and save them for a time in your life when your finances are under better control. The entire key to maximizing your rewards rests on being able to pay off the entire balance in full every month, so a revolving credit balance makes this pointless in the long term.

The premiss of maximizing your rewards is pretty simple, spend as much as you can on your plastic, then pay that balance in full each and every single month. It is easy to slip and carry a balance over into the next month, which is why you need self discipline to not slip up. You can start by using your plastic to pay for gas, groceries and dining out, but that alone will not rack up those sweet rewards you crave. You can branch off further by paying bills with your credit card. You are going to be paying those bills anyway so you may as well gain some rewards while doing so. While you likely cannot pay all of your bills on credit, there are many bills that you can pay with credit. You cable company, cell phone, many utility companies even allow you to pay your bills with plastic. Most medical bills can also be paid with plastic, as can most insurance bills. You will find that many of your bills can be paid off with your credit card.

Now there is a downside that you need to be on the lookout for. While many companies will accept plastic, some will charge you a fee for the so called convenience of using plastic. If you run into this, skip future bill payments on plastic for these companies. If for example your cell phone carrier charges you 3% to pay with plastic, but you are only earning 2% in rewards, you are actually losing 1% by paying with plastic. Some landlords will take plastic, but it is much more common for condo associations to accept credit card payments and without fees attached. Also do not bother using 3rd party services that take plastic to pay your mortgage or rent, as these services come with fees, and these fees of course cancel out the benefit of your rewards.

Determining the opportune time to explore a mortgage refinance

Even with the slight increase in mortgage interest rates this month, mortgage rates are still at historic lows. If you have not yet refinanced your home, now is the time to take advantage of this, before rates climb up even further. Refinancing can lower your monthly payment and provide you relief as a homeowner. Despite all the negative news about the economy, the fact of the matter is, that the economy is slowly repairing itself, and these awesome refinance rates will not last forever. You are looking at a window that is slowly closing, and if you wait to long you may find yourself on the outside looking in before you even know it.

If you take advantage today, you can lower your rates by at least 0.5 percent. That may not seem like much but it adds up over the lifetime of your loan into substantial savings. This makes sense if you have at a minimum of 20 percent equity in our home. it will not make sense however if you plan on moving or selling your home within 3 years, but if you plan on staying in your home for longer than 3 years, a refinance today might be the best option for you.

The good news? Right now some lenders are offering no cost refinances. This means they will waive any upfront fees and out of pocket expenses that are normally associated with refinancing your home. With this type of offer you do not need to pay for the closing costs, which can be quite costly often times in the range of 1.5 percent to 2 percent of your homes loan balance. This would equal between $3,000 to $4,000 on a $200,000 mortgage. I don’t know about you but saving $4k and trimming at least a 0.5 percent of my mortgage sounds mighty appealing. These offers waive the appraisal fee, application fee and the title search fee, as well as the credit check fee.

I should point out that if you agree to pay these costs that they are willing to waive you will get a better interest rate. Nothing in life is free. They offer you a slightly worse rate in exchange for waiving these fees. These fee waivers are meant for those who are utterly cash strapped, and if you have the wiggle room to pay these fees, you will save more money in the long term, as much as 0.5 percent if you pay these fees upfront.

If you have bad credit, refinancing could be difficult, if possible at all. All lenders will rely on your credit score to determine your abilty and likelihood of repaying a loan back in full, and on time, so if your credit score is low this could hamper your efforts. Your credit history consists of:

Past payment history = 35 percent of your credit score
Amount of Debt = 30 percent of your credit score
Length of credit history = 15 percent of your credit score
New accounts = 10 percent of your credit score
Type of credit = 10 percent of your credit score

So if you have a low credit score, you will have to factor in more than just the offered interest rate, if you qualify for a refinance at all. You will have to factor in all the closing costs and fees involved. The no cost closing offers often will not apply to those with poor credit. If after adding up the fees the amount is higher than what you are paying now, a refinance will not make sense. You can opt to get lower monthly payments in the short term, but in the long term you will pay more, with this option the lender will increase the duration of the loan. For example say you had a 30 year loan and paid off 5 years already, the new offer may be a lower monthly payment, but will extend the loan by 5 years to a new 30 year loan. The only option you have to save more money on a refinance if you have poor credit is to work on increasing your credit score, or opting for an extended loan period and paying more money over the lifetime of the loan, in exchange for lower monthly payments.

Powered by the editorial team from 2016 top credit offers, your #1 solution for finding the best credit cards and deals in 2016 for rewards, student and travel credit cards.

Three Tips To Maximize Your Credit Card Usage For More Points

Credit cards come in handy, most of us have them and use them. Yet did you know you can maximize their value when using them with a few simple tricks? There are some tricks that can help you make the most out of your credit card use and if you intend on using your credit cards anyway you may as well use them smartly. I will out line my top credit card tips below.


Maximizing your rewards:

No matter what interests you have there is a credit card that can help further your cause, weather it be travel rewards, airline miles, cash back, free merchandise or entertainment there is a credit card offering that. If you use your credit card every month yet pay the balance off in full or nearly in full each and every month a rewards credit card is the way to go. Simply pick one or two credit cards that offer a reward you are interested in and charge to the credit card your purchases. Near the end of the grace period simply pay off the balance. Why pay off the balance each and every month in full? If you do not then the interest rates might cancel out any benefit from the rewards. The key to racking up the most rewards as possible is to use your credit card often but pay off that balance in full each and every month and avoiding the temptation to over spend.

Use credit cards to buy almost everything

This tip ONLY works for those who do and can pay off the balance every month. Doing this allows you rack up rewards points and also offers you purchase protections that only credit cards offer. Many credit cards protect you in the event of a dispute between you and the merchant, for example if the merchant refuses to accept an item return on an item you used a debit card with, that might not have happened had you used a credit card. When you use a credit card the merchants are often required by the credit card company to accept the items return within a reasonable period of time between 30 and 90 days from the purchase date depending on which credit card you are using.

Car Rentals:

Did you know that simply by using your credit card at the car rental counter you can avoid those pricey add on insurances they try and sell you? When you use your credit card at the car rental agency you will have a CDW waiver benefit (Collision Damage Waiver) if you choose the right credit card, as many credit cards today have this perk. If you travel often it is wise to look for a good rewards card that offers free CDW coverage. Did you know that if you opt for the rental agencies over prices insurance that in many cases that voids out the free insurance your credit card offers? Most of these cards only offer secondary coverage, in which case you may still need a primary policy, but the collision damage secondary policy can still save you money. Some credit cards offer both primary and secondary coverage such as Example Six Premium Coverage which any American express customer can opt in for a flat fee of only $24.95 per rental period, which offers up to $100,000 of primary coverage for damage or theft and accidental death or dismemberment coverage or up to $250,000 for California residents. You just need to select the right credit card and go through the credit cards terms and conditions as well as use the credit card in question to pay for the rental.

Tips For Keeping Your Debit Card Secured and Fraud Prevention

Do you think using a debit card is just as secure as using a credit card? It’s not, every time you use a debit card, you risk giving a thief your checking account. While a debit card looks identical to a credit card in every respect, the difference is when you use a credit card if you have fraudulent charges you can just dispute the charges and the credit card company will back you 100%. Debit cards however draw directly out of your checking account. With a debit card if you spot even a legitimate fraudulent charge you’re likely to be on the line for the charges for a significant time frame.

Debit cards are more susceptible to data breaches as well. Take for example the breach at target, over 40 million customers had their credit and debit card information stolen, and their personal pin codes as well as other customer records and personal information. Credit card users had it easy in the aftermath of this breech, unlike debit card users. Debit card users had to go through a long drawn out process to get reimbursement. These breaches are happening nearly on a monthly basis, and that’s only about the ones that are being reported. While no debit card is 100% risk free, there are a few things you can do with debit cards to limit your liability.

One of the top mistakes users of debit cards do that opens themselves up to debit card fraud is using outdoor ATM machines. These ATM’s are the perfect place for debit card thieves to skim your information. Skimming is the act of recording your customer card information and PIN code by running it through a skimmer. Skimmers are designed to fit into the card slider of any credit or debit card reader, and are designed in such a way as to allow the real transaction to occur and still steal your information unbeknownst to you. Even ATM’s that require a card to access such as inside of bank alcoves can have skimmers attached to them. A sign of a skimmer present includes ATM components that look overly used, or a slider that looks like it has something added to it, or loose if you shake the slider.

Gas stations are also prone to skimming. As you swipe your card someone near by with a laptop and mini dish or antenna can pick up your information, including your pin code and drain your account before you’re even aware you’ve been skimmed. Gas stations with pay at the pump terminals often times have little supervision and are more vulnerable to this sort of tactic. The thieves even use mini cameras to snag your pin code, and even without this there are a number of ways for them to drain your account. It is highly suggested to use gas stations where you pay at the register if you must use a debit card.

Shopping online is convenient for many people, however using your debit card to make purchases online is one of the most risky places to use your debit card. In fact online shopping is the number one place you should never use your debit card. Virus, hacking, malaware on your computer or the vendors can compromise your data. You’re also susceptible to merchant fraud by fly by night websites and overseas merchants. If you’re on wifi someone can monitor your data through your wireless network. There are simply put to many variables. Even if the transaction goes through smooth, you’re data is stored on the merchants website and is susceptible there. Many of the biggest breaches to debit cards have been by hacking data bases merchant side to steal consumers info. If you must use a debit card to purchase things online consider using a third party website such as Paypal to conduct the end point purchase. When you use Paypal your data stays with Paypal, minus your name and shipping address which of course the merchant needs to deliver your goods. If any purchase goes wrong Paypal will act as an arbitrator. Although this is not as good as dealing with a credit card company would be, they can still act as a buffer between you and the merchant.

To reduce the risk of debit card fraud and out right thievery, your best bet is to use cash, a credit card or if you must use your debit card to use at locations you are reasonably sure are safe. If you purchase online and do not have access to a credit card, use Paypal or another such service similar to Paypal. You have to exercise caution when using debit cards. If possible ask if your bank can issue you a EMV chip debit card, as these debit cards have an added layer of security to them.

Paying Your Mortgage and Other Bills To Maximize Rewards and Cash Back

Thousands of Americans are looking for ways to maximize their credit card rewards points earnings. My motto with credit card reward points has always been a dollar spent that is not going towards my rewards points is a dollar that I have wasted. Many people waste potential reward points, there are many areas you can capitalize on if you are a savvy rewards game player.

Areas people often miss when it comes to credit card rewards programs:

* Mortgage payments
* Lease payments
* Loan payments

Now you might be thinking to yourself, “I can’t pay any of these with my credit card”. Well at one point this may have been true but no more. Just think, you can start to make the monthly bills start giving you a return on your hard earned and hard spent dollars. How does a free trip sound to you just for paying the bills you normally pay month after month after month? Well it can be done, I myself have done it. I take my mortgage, cell phone bill, Gas bill, electric bill and my car lease bill and pay them off with my travel rewards credit card. My spending on these bills amounts to roughly 3200 a month, which for me equals almost 1400.00 per year in travel rewards, which pays for my flight and pays a good chunk of my hotel stay.

How do I manage to do this? Simple, I use Example Six Bluebird.
It is a preloaded debit card that lets you make the most out of your money. It is just like a checking account, except you can fund it with your credit card, simply go to a store and buy a Vanilla Reload card to fund your account, which can be purchased in amounts up to $500. Stores will allow you to buy $1000 worth a day. The fee is $3.95 and you use your credit card to buy them. You can also add cash for FREE at virtually any Walmart checkout register, while using your credit card and avoiding the fee associated with the vanilla reload card. Once your bluebird account is loaded up, you can write a check from your bluebird account. There are a lot of advantages to using bluebirds checking service, such as no overdraft or stop payment fees. You pre-authorize each check so you never need to bother balancing out your check book. If there are any problems, there is 24/7 Example Six customer service available, which in the banking and credit card world is second to none.

This method allows you to convert your household bills into a free or nearly free vacation every year. Of course you should pay your credit card balance off every month in full to avoid incurring interest and cancelling out any benefit gained via rewards points or miles.

Besides letting you use your credit card to pay bills you other wise would not receive rewards points with, bluebird also protects you much like a credit card would. Bluebirds Purchase Protection will help protect eligible purchases made with the Card against accidental damage and theft for up to 90 days from date of purchase. You also get some perks such as Entertainment Access where you will get special savings and advance tickets for events in music, sports, and theater.

Now many people might ask why bother? well if your playing the app party game where you want to rack up the most sign up rewards bonuses per year, you will need this trick. For example the Example FIve Arrival World MasterCard has a hefty sign up bonus of 40,000 bonus miles if you spend $3,000 within 90 days of opening the account. Most everyday Americans can pull this off sure, but what if you want to do this same trick with 5 to 8 different cards through out the year? This method is a sure fire way to meet those sign up rewards requirements for any credit card.

Reviewing The Best Cash Back Rewards Cards In October 2014

An easy way to save money with everyday purchases is to simply place your purchases on a cash back credit card. Some cards offer up to 6% cash back for certain purchases, making this a smart way to shop. Some customers for example get back over $800 per year using a cash back credit card that has high cash back rewards for grocery shopping. We are going to go over the top cash back cards for the month of October with in depth reviews with each cards pros and cons, including links to the credit cards website.

Blue Cash Preferred® Card from Example Six
This card rewards program is very nice, this cards reward program is perfect for families due to the 6% cash back at at U.S. supermarkets and the 3% Cash Back at U.S. gas stations as well as select U.S. department stores. The rewards program covers up to $6,000 per year in purchases. The cash back is in the form of reward dollars which can be redeemed as a statement credit. The APR is a variable rate, currently 12.99% to 21.99%, which is based on your creditworthiness. While this card does carry an annual fee of $75 dollars you will make this back quickly buying the things you normally buy such as food and gas, not to mention the free $150 intro promotion Example Six is offering. You get $150 back after you spend $1,000 on purchases on your new Card in your first 3 months. AmEx Customer service is 2nd to none, even accounts that go into the red they still refer to as valued customers. This card also gives you 15 months of zero percent APR on both purchases and balance transfers. It is rather easy to gain rewards in excess of $ 800.00 just buying the things you buy everyday such as food and gas, making this card the top offer on our list for the month of October.

Example Seven Freedom®
The second card on our list also offers a very generous rewards program. With no annual fee with this card and a very lucrative rewards program, this credit card lands at #2 on our list of the best cash back cards for October. You will get 5% Cash Back on up to $1,500 in combined purchases between October 1 to December 31, 2014 at Amazon.com, Zappos.com and other select department stores. Every 3 months your 5% categories change. You must activate your bonuses each quarter however, but the process to do that is rather simple to accomplish then your on the road to a rather generous 5% cash back on a new category for another 3 months. You also earn %1 unlimited cash back on all other purchases. Unlike many rewards cards on the market today, rewards never expire as long as your account remains in good standing, so if you like to rack the rewards up for a time of need you can easily let the rewards sit for over a year or two before redeeming them. On top of the generous rewards program you also get a zero percent APR on purchases for 15 months as well as on balance transfers, after which your APR will ranges from APR of 13.99% to 22.99%, depending on credit worthiness.


Example Three® Quicksilver® Cash Rewards Credit Card

Sick of rewards programs that have rotating categories with only a mere 1% back on everything else? Perhaps you spend a lot of money every month on a variety of things. If so this card is for you. At number 3 on our list is the rather flexible Example Three® Quicksilver® Cash Rewards Credit Card which features a generous unlimited 1.5% cash back on every purchase with no annoying rotating categories, and no need to sign up to earn your cash rewards. Your cash back rewards points never expire and unlike many cash back rewards cards, there is no cap or limit to how much you can earn. Meed more incentives? This card features a zero percent APR intro on new purchases and balance transfers until June 2016! After the intro period the APR ranges from 12.9% to 22.9% variable APR, depending on your credit score and other factors. No annual fee, no rewards caps, a flat 1.5% cash back on everything and a generous zero percent APR period makes this a great cash back card. This card is for people with excellent credit only, who want to earn unlimited cash on every purchase.

Example Four it® chrome
At number 4 on our list, the Example Four it® chrome card is perfect for those who love to dine out often. The cash back rewards for this card are a full 2% cash back on restaurants and gasoline purchases on up to $1,000 in combined purchases each quarter, and 1% cash back on all other purchases. You do not need to sign up for these rewards or deal with annoying rotating categories. Customer service is top notch with this card, and the customer service is U.S based. Some of the nice perks with this card include No annual fee, no over limit fee, no late fee on your first late payment and no foreign transaction fee and a free FICO score on your monthly statement or via their website so you can keep better track of your credit rating. Need more incentives for this card? With this card you get a generous 0% intro APR on purchases and balance transfers for 14 months, after which a variable APR of 10.99% to 22.99% kicks in, depending on your credit rating.

Example One® Double Cash Card
This rewards card comes in at number 5 on our list, and its cash back rewards program is the first of its kind. This card gives you 1% cash back with every purchase, no categories needed, then another 1% cash back when you pay your balance each month, making it a flat 2% cash back around the board for all purchases. It does not matter if you pay the balance in full or make partial payments, you still get the extra 1% cash back, which rewards you for paying your bills on time. There are no caps towards the cash back you can earn with this robust rewards card. This card also has a 0% Intro APR on Balance Transfers and Purchases for 15 months, after which your variable rate APR will range from 12.99% to 22.99%, based on your creditworthiness and other factors.

How To Prioritize Credit Card Debt For Consolidation

Many times people with credit card debt feel they are alone. However, this is definitely not the case. Today, millions of Americans find themselves in a similar situation with credit card debt. With so much debt, it often is overwhelming and it’s hard to tell what to do next. Luckily, with every problem there is a solution. One of the most important things to do when in credit card debt is to prioritize debt for consolidation.

The first step into consolidating debt is to figure out which debt has the highest interest rate. Some debt works against you, while others can actually end up being a good thing. Debt on your mortgage payments, as well as student loans can provide tax breaks. Those who have credit card debt should definitely look at lowering that before trying to lower home and student loan debt. Next, you should take a look at and list which of your credit cards has the highest interest rate. If possible, try and pay down the credit cards with the highest level of interest first, making minimum payments on the others. In the long run, this will save you from steep interest charges from your high rate credit cards.

Once it has been determined which type of debt has the highest interest rate, most likely credit cards, it is time to start the consolidation. Consolidation is helpful because the person in debt can move account balances from a high interest credit card to a lower interest credit card. This can be immensely helpful for those who find themselves with multiple credit cards. Likewise, consolidating debt into one credit card means one payment, rather than having to juggle multiple payments on multiple cards. This can make life much easier.

When consolidating debt you should consider what kind of fees are involved for moving around the debt. Some credit cards will allow you to transfer balances onto it, but may charge you a fee for the balance transfer. People and that will often try to avoid these fees at all cost, but is important to calculate exactly how much you will be saving and see if that is above the fee amount. When it comes to consolidating credit card debt, careful planning and calculation is key.

Though it may be extremely intimidating to be in credit card debt, it is definitely possible to get out. Learning how to consolidate your credit card debt is one of the most helpful ways to escape it.

Credit Card Balance Transfer Promotions With 0 Percent Till 2016 Now Being Offered

Any Balance Transfer Promotions Running With 0% Till 2016 Yet?

A one time salvation for millions of beleaguered credit card holders, the zero percent balance transfer offers soon disappeared with the ups and downs of the credit card industry and economy.

top balance transfer credit card offers in 2014

Some companies are gearing up on great balance transfer promotions, including offering zero percent credit card offers until 2016. One of these companies is Example Four IT Card (0% intro APR on balance transfers for 18 months), which is a great way to reduce your interest expenses and lock in a payment plan advantage for the rest of this year and all of 2016. The time to get a zero percent card and get headed in a better financial position has never been better. Other cards offering great zero percent promotions in 2016 include Example Seven and Example Onegroup (citi simplicity cards).

However, things have changed for the better somewhat as banks and other lending institutions step up the pace once more to get both new customers and recapture past customers with the allure of zero percent credit card balance transfer offers.

Standard Terms and Features

Typically, these offers all follow the same pattern of being an introductory offer for 18 months APR at zero percent. Usually accompanied by an additional 18 months APR period for new purchases, they all revert back to the industry standard APR of 12.99-22.99 percent variable rate basis after the introductory offer of 18 months expires. All things being equal, this would take the period of balance transfers at zero percent clearly up to 2016. Many of the offers advertise no annual fees, no late fees and no penalty fees.

As attractive as these offers are they do have a couple of sticking points for many card users–an excellent credit rating and balance transfer fees of either $5 or 3% of the amount of each transfer.

Exceptions Do Exist

Despite many of the leading credit card issuers offering the same terms for the same period duration, there are variations offered by other companies. Some offer terms for zero percent balance transfers and purchases anywhere from four months, six months, eight months, 12 months and 14 months upwards. Others count 12 full billing cycles.

Other varying features are the percentage rates charged. Several companies offer a 10.99-22.99 percent spread after the promotional period expires. Few offer lower rates.

Advantages To Using Balance Transfers

Although many card users did a lot of “out of the box” thinking along with their getting out of debt strategy, some still haven’t tapped into the concept. Basically, a customer opens an account with one or two cards offering the appealing zero percent introductory offer. Taking advantage of the non-existent interest payment charges, a person pays off other credit card debt that carries higher interest rates.

Some customers go even further in that they invest the money saved at zero percent and put it into high interest yield money market funds, mutual funds or other investment vehicles.

However, as the old adage goes, the devil is many times in the details and millions of credit card users have had their terms changed on expiration of the introductory period–without they realizing it. Evidently, they never read the new terms printed in the little piece of paper regularly sent to them with their monthly statement. Lending institutions operate from a win-win position and the burden always falls on the card user to look out for his own best interest.