Posted by bobnone | Posted in Credit Card | Posted on 05-07-2009
Federal Credit Card Legislation 2010 ~~Financial Matters of Life ~~
Strategies for the success of balance transfers
It is becoming increasingly expensive and risky to live a life of frequent target = "_blank"> Credit card balance transfers. While there has been a popular game of interest rates leap-frog over the years, playing today means absorbing the increasing transfer rates. In response to new federal credit card laws, Bank of America and other credit card issuers transfer rates are walking three percent to four percent.
Author of target = "_blank"> "How can you benefit from credit cards and founder Curtis Arnold Cardratings.com still believe you can do balance transfers, but warns that it must do so only under certain conditions and following specific safeguards.
Mike: Given the rising tide of fees and balance transfer card Credit kinds of excursions, is it possible to see the conditions in which balance transfers are useful, Curtis?
Curtis: Yes, if you're prudent and responsible. It's hard to believe, with rates up to 300 – or 400-percent, with a window that closes on supply schedules. But if you have a score of solid credit and shop carefully, you can find offers for balance transfers that make sense. I cite the Citi ® Platinum Select ® MasterCard ® offer transfer that has zero percent for up to one year, but still have to pay a rate of three percent.
Mike: No Yet you still insist that consumers must meet certain requirements to qualify for some offers, and they do bail. Do you have an example?
Curtis: You will need minimum FICO credit score 730 +, and it is unwise to pin more than 30 percent of your credit line assigned. Doing so runs the risk of a negative shock on your credit score. You can narrow the opportunities when you realize that the card companies credit are reacting to new legislation by reducing credit limits.
Not everyone is going to find a zero percent balance transfer offer, and the best chance of the next will be at or below the rate of three percent. I would not accept an offer of four or five percent. The best scenario is to find a lender that covers the transfer fee of $ 100 or less. Say you transfer $ 4,000 balance at a rate of three percent will be charged $ 120. Therefore, if you find a company that offers a cap, you will save money immediately.
Now comes the warning. Once you have completed the transfer balance, you will have to make their payments on time or risk a disastrous blow to its credit. Many people do not realize that a third of your credit score is calculated on if you make your payments on or before the due date. You're playing with fire if you fall behind.
Mike: Legislation card credit was recently approved to help consumers. How will this affect the balance transfers?
Curtis: In February 2010, the Credit CARD legislation abolished the longstanding practice of credit card companies followed to apply consumer payments to lower interest balance in your account, costing millions of dollars to consumers on the purchase of new under the same card. There is help on this continent, even if banks try to recover their benefits through the expansion of higher transfer rates.
About the Author
Curtis Arnold, a nationally recognized consumer educator and advocate, has been educating consumers about credit cards since 1998. New! Curtis is the author of “How You Can Profit from Credit Cards: Using Credit to Improve Your Financial Life and Bottom Line” (FT Press, 2008). He is also the co-author of the upcoming Complete Idiot’s Guide to Person-to-Person Lending (Alpha Books/Pengiun Group USA, April 2009), a contributor to The Ultimate Allowance (InnerWealth Publishing, 2008) and is extensively featured in 42 RulesTM for Driving Success With Books (Super Star Press, January 2009).
Curtis is regularly interviewed and quoted by respected members of the national press regarding consumer credit issues.
Gary Davis, Chocolate Bayou Community Federal Credit Union
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