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Prevent missed and late payments on credit cards

admin — Tue, 29 Mar 2011 16:34:33 +0000

There are many people these days that use their credit cards to make payments for all sorts of things, from one off payments and to buy luxury items through to funding every day purchases and even paying bills with their credit cards. Whilst some people tend to repay the balance on their credit cards in full each month, which enables them to avoid interest payments, there are also those that spread the repayments over a period of time, which means that they have to make smaller, monthly repayments on the amount that they owe on the card.

However, for one reason or another there are many people that mess up with their monthly repayments. Some make the payment late inadvertently whereas others sometimes forget to make the payment at all. In both cases this can results in fees and charges being applied by the credit card provider, which can bump up the amount owed on the card. In addition to this it can result in the cardholder’s credit file and credit score being adversely affected because the provider logs the fact that payment was made late or missed altogether.

With today’s busy pace of life many miss or make late payments because they simply forget to make the payment on or before the date required. There are others who do make a payment but fail to meet the minimum repayments because they do not realise how much they need to pay.

According to officials there is one way around this and that is to set up a direct debit to make repayments on the credit card. Doing this can help people to avoid missed or late payments and will ensure that each month at least the minimum repayment is met. This will help consumers to avoid the various charges that are applied by credit card providers and help to ensure that they keep their credit file in check.

Tags: score, credit score, credit, cardholder’s credit file, consumers, mastercard

Prevent missed and late payments on credit cards is a post from: Credit Cards Bureau

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Balance Transfer Credit Card Offers – Join the Wave

admin — Tue, 26 Oct 2010 07:12:20 +0000

by Axel Bührmann

Balance Transfer Credit Card Offers – Join the Wave

Balance transfer credit car offers have been a popular means of literally transferring a balance from one credit card to the next. The primary reason that someone would enact a balance transfer is so that he or she could obtain a lower interest rate than his or her current credit card offers. Balance transfers are relatively easy moves, provided that you find a balance transfer credit card that can accept you into the lucrative balance transfer program at a lower rate than your current company. There are a few essential items that you should know about balance transfers before you begin the process and “join the wave”.

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What Is a Balance Transfer?

A balance transfer is a simple strategy that many people use in order to obtain the most appealing interest rate. Quite literally, a credit card balance transfer requires that you take the balance on your current credit card and roll it into a balance transfer credit card program with a competing credit card company. It is important to note that while many credit card companies offer appealing balance transfer credit cards, you should first ensure that you are eligible to perform a balance transfer and lock in at a low rate before you initiate the procedure. If you have a low credit score, you may not find a credit card company that will offer a balance transfer credit card to you until your score increases.

How Balance Transfers Effect Your Credit Score

Whether you think it’s fair or not, if you frequently switch from one balance transfer credit card program to the next, you will not proceed unnoticed. Credit card companies will eventually catch on to your migrant tendencies and thus, decrease your credit score and increase the available rate for you. Therefore, if you are a chain user of balance transfer credit cards, you run the risk of negatively effecting your credit score in the long-run. Credit card companies will be weary of an individual that has a history of performing balance transfers, and therefore, may lock you into a higher interest rate to ensure that they do not lose money by taking you on as a client.

When Not to Initiate a Balance Transfer

If you are lucky enough to be locked in with a credit card company at a good interest rate, then it is a bad idea to engage in a balance transfer. Like any other balance transfer, a credit card balance transfer will most likely clear your credit card account with your original company and, thus, lock you into a relationship with a new credit card company. That new company may raise your rates to a level that is higher than your previous company after the initial low interest rate trial period. Therefore, before you initiate a balance transfer, it is important that you read the fine print on the company offering the balance transfer credit cards.

It can feel like finding a pot of gold when you find a balance transfer credit card that offers a low interest rate and other incentives to encourage you to make the switch. However, as with anytime you engage in a balance transfer, it is essential that you do ample research into exactly what the new credit card provides. Chances are good that any company that offers balance transfer credit cards is using the tried-and-true credit card balance transfer strategy to get a quick influx of clients. Educate yourself so that you can make an informed decision about your own balance transfer possibilities.

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Question by Serious Sal: Looking for a credit card with 0% balance transfers and Question by justme: What are some good cards that offer 0% interest for balance transfers?

I have good credit and want to transfer some of the balances off my traditional cards to some cards that offer 0% interest for at least a year on balance transfers. Thanks in advance for your help.

Best answer:

Answer by dm_dragons
Almost all credit cards will offer 0% from time to time. Just search online and many offer some filters to get the exact kind of card you are looking for.

I’d recommend starting with Bank of America. I recently got a 0% Mastercard that lasted for 15 months! That’s sort of rare to get a 0% for that long, but if your credit is that good, it’s possible.

What do you think? Answer below! transfer fee. Help!?

I read in a magazine that there is credit card offers that do offer 0% Balance Transfers AND $ 0 Balance Transfer fee. The credit offers I’ve seen offer 0% BT, but have a fee. Please help!

Best answer:

Answer by Doctor J
Hi Susan. The credit markets have changed dramatically. I haven’t seen this type of offer for a while now.

Know better? Leave your own answer in the comments!

Some of the latest news on balance transfers..

Case Against MasterCard Dropped By European Union

admin — Thu, 22 Oct 2009 13:05:33 +0000

An executive arm of the European Union has dropped a case against the credit card giant MasterCard in relation to the transaction fees that the card network levies. The case has been dropped on the condition that the credit card giant cuts its transaction fees, but this has made many retailers angry, as they were looking for these card fees to be scrapped altogether rather than just being reduced.

MasterCard has said that it has now agreed to halve the fees charged for transactions, but that this was only a temporary measure pending a court appeal. Xavier Durieu, secretary general of retailer lobby EuroCommerce, said: “This temporary settlement sends an extremely negative message to everyone in Europe. This decision is appalling and we count on the Commission to win the court appeal.”

Retailers have been outraged by these fees, and according to reports have claimed that domestic and cross border payment card transaction fees in Europe are amounting to around £11 billion a year. EU Competition Commissioner Neelie Kroes said: “These fees are simply a hidden source of revenue for banks. MasterCard could not justify their level.”

MasterCard officials have said that the agreement to cut the fees on a temporary basis meant that the network could not invest in new products for consumers and retailers and could not sustain string competition within the payments industry in Europe. MasterCard Europe’s president, Javier Perez, said: “That is why these rates are only interim, and why we are pursuing our appeal in the European Court of First Instance.”

Neelie Kroes stated: “We will be monitoring implementation closely in coming months.” She added: “I have no intention that today’s announcement will allow Visa to benefit at the expense of MasterCard.”

Tags: visa, retailers, fees, mastercard, credit card, payment

Case Against MasterCard Dropped By European Union is a post from: Credit Cards Bureau

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Details Of Thousand Of Credit Card Users Published On Internet

admin — Sun, 06 Sep 2009 19:24:55 +0000

In a recent and frightening breach of security the credit card details of thousand of British consumers were published online, where they could apparently be found with ease using just a quick search on Google. Around nineteen thousand credit card details are thought to have been made available on the Internet, in an incident that took place late last month. This is likely to add to the already significant concerns that many consumers harbour about becoming the victims on online credit card fraud.

It is thought that the credit card details came from a criminal gang in the Far East, and the list was recently obtained by a leading UK national newspaper. Full details were apparently found on the list, and this included the names, full credit card account details, and home address details of around nineteen thousand British cardholders. This included holders of Visa credit cards, MasterCard credit cards, and American Express credit cards.

The list could easily be found, accessed, and copied via the Internet according to industry officials. However, the payment clearance agency in the UK stated recently that many of the cards on the list had already expired, and many others had been stopped. Despite these reassurances, however, many consumers were still very worried that their home addresses and names had been published, putting them at increased risk of becoming victims of identity theft.

It was pointed out that many of those affected by the list had not been warned of the breach in security, and Nigel Evans, Conservative MP who is also chairman of the All Party Group on Identity Fraud, said: ‘This is hugely worrying. The credit card companies have a duty of care to inform all those involved that they are at risk of identity fraud.’

Tags: mastercard, visa, credit card, Fair and Accurate Credit Transactions Act, american express, home

Details Of Thousand Of Credit Card Users Published On Internet is a post from: Credit Cards Bureau

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