Transfer High Credit Card Balances Now

November 13, 2008 by admin
Filed under: credit cards 

We have to thank our friends at Credit Land for publishing a list of :

0% on Balance Transfers

I think it is amazing that when the prime rate keeps going down, many credit car issuers keep raising rates, and use the slightest infraction to really impose some high penalties in the forms of fees and interest rate increases. They justify the penalties because they say that they have tighter cash flows, and are taking more risk when they lend money.

 

Watch Your Credit Card Balances Carefully!

However, I still think that some large companies are playing some dirtry tricks, like quietly lowering credit card spending limits.  This practice can reduce the cardholder’s credit score because part of the calculation is done on the card balances vs. available credit. It can also make it very easy for a careless card holder to overspend because they did not notice the credit limit reduction, and to incur more penalties, which can include a credit score reduction.

If you have seen a rate increase, look around for a balance transfer offer. A lot of times, the bank you use for your checking and savings account is a good bet. But, of course, it is easy to use an online search like the one we have pointed out above.

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Comments

9 Comments on Transfer High Credit Card Balances Now

  1. Surviving The Holidays Without More Credit Card Debt. « Frugalpig Frugal Living Ideas on Thu, 13th Nov 2008 8:38 pm

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  2. Suze Orman’s Fico Fix Kit : FastCreditApp.com on Thu, 13th Nov 2008 10:20 pm

    3. [...] As you know, an improved credit score can save you hundreds of dollars, if not thousands of dollars, every year on interest rates. It will allow you to refinance major loans to lower interest rates and consolidate high interest rate credit cards to lower interest rates. [...]

  3. Bad Credit Blues » Blog Archive » Credit Card Balance SmackDown - Higher Fees + Lower Limits on Tue, 25th Nov 2008 4:38 pm

    4. [...] Credit Card Interest Rates - Keep an eye on your interest rates. Maybe it is time to transfer balances to lower interest rate cards if you [...]

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