Credit 
3
comments

Discover Get More Reward Categories (2011)

The Discover More card is one of the few credit cards that rotates its reward categories. Normally, a rewards credit card is set in its ways when it comes to reward categories. The Discover More card, through it’s Get More program, rotates the bonus category every quarter to something that seems seasonally appropriate. For January through March, you get a bonus on travel and restaurants since lots of people travel (probable to get out of the cold!).

Well, fortunately for us, Discover is also pretty friendly about broadcasting the schedule. Here is the Get More 5% Cashback bonus calendar for 2011:
(Click to continue reading…)


 Credit 
12
comments

Best Zero Percent Balance Transfers (Updated March 2011)

The offers on this page are out dated, you can find the latest news when the April update is released.

If you thought the offers from last month were juicy, this month is going to surprise you as some issuers are really pulling out all the stops. I’ve been watching balance transfer offers for years and it’s been quite some time since someone offered a $100 in cashback as part of a new account promotion and tied it to a card with a 0% balance transfer or 0% purchases offer. I think the issuers are starting to really get aggressive in competing with one another and you, the consumer, benefit from it.

The story last month was longer promotional periods, this month we get to see a little bit of bonus action on the front end coupled with more standard balance transfer promotional rate periods.

(Click to continue reading…)


 Credit 
24
comments

Best Zero Percent Balance Transfers (February 2011)

The offers on this page are out dated, you can find the latest news on the best zero balance transfers here.

Once a month, every month, I’ll be providing an update on the “state of the balance transfer” on the first Thursday of the month. With the credit crisis abated and the economy recovering, a lot of credit card companies are resuming their credit card offers, including the once prominent 0% balance transfer. In these monthly posts, I’ll keep you apprised on how the landscape has changed in the last month along with a look at some of the more prominent cards in each category.

In the last month, we’ve seen the introduction of a lot of cards with longer 0% APR periods. We’ve even seen Discover bring in a card with no balance transfer fee, a staple during the housing boom but something that has fallen out of favor as of late.

Your typical trade-offs are still there – longer 0% period or lower balance transfer fee? Discover has a 5% fee but a 24 month 0% APR period but Citi has a lower fee but only an 18 month 0% APR period. The right card for you depends on your balance and how quickly you think you can pay it off.

(Click to continue reading…)


 Debt 
3
comments

How to Pay Off Debt

When the economy is prospering, debt isn’t an issue. You can pay your obligations of today because you know that you’ll be earning more tomorrow and lenders aren’t worried you’ll miss a payment. But as the economy sank last year, you saw a lot of credit card and loan companies scramble to assess the risk of their borrowers. If you had a credit card balance, you might have seen your interest rate go up. If you wanted to buy a house, you may have had to document your income a lot more stringently than you expected. It’s not surprising because the average household credit card debt, based on the Federal Reserve’s Survey of Consumer Finances in 2007, was $3,039.70.

At first glance that may seem a little low, but remember that a lot of people don’t even have access to credit cards. If you only include families with credit card debt, that value goes up to over $7,000. Ultimately, any amount over $0 is too much because credit card companies charge interest rates in the double digits. High yield savings accounts pay out less than 2% these days, so a double digit interest rate on credit cards is far too much. It’s time to pay them down, here’s how.

(Click to continue reading…)


 Credit 
6
comments

How to Compare 0% Balance Transfer Offers

A couple years ago, you could play the balance transfer arbitrage game over and over again. Apply for a credit card, get a 0% balance transfer, and then transfer that right into your 5% APY online savings account. Man, those were the days!

Now, balance transfer periods are shorter, transfer fees are higher, and, most insidious of all, the interest rates after the 0% promotion ends are higher. With the recent credit card laws, I’m betting those offers will become even less inviting. While this will take all those balance transfer arbitragers out of the game, they can still be effective tools for people looking to catch up on their credit card debt. A 0% interest rate, even for only a few months, can give you a little bit of breathing room so here’s how you should compare balance transfer offers.

(Click to continue reading…)


 Personal Finance 
3
comments

Best 0% APR Credit Cards

Gone are the days when you couldn’t walk to your mail box without a credit card offering 0% on balance transfers or 0% on purchases hitting you in the face (or one touting they had the best cash back credit card). With the recent credit crisis and all the bank failures, credit card issuers are holding onto their cards tighter and tighter. Despite the climate, there are still many 0% APR credit cards out there with attractive offers as long as you can find them and as long as you qualify. The credit requirements are higher than they once were but they are still reasonable as long as you have good credit. If you’re unsure about your credit, you can use one of the free credit score estimate tools to get a better idea of where you stand.

So, what makes a great 0% APR credit card and what justifies its inclusion on my lists?

  • Brand name: I prefer working with brand name banks and issuers that I’ve heard of before. All of the cards I list are issued by banks that are publicly traded and well known in the banking community, if not the general population. For publicly traded companies, their reputation is crucial and that’s important to me. I need to know the company I work with will care about what I say about it. In addition to reputation, a larger brand name issuer often means I can get someone on the phone at anytime during the day. I don’t want to be calling some community bank and getting a voicemail box because it’s 5:01 PM. I have nothing against community banks, but I need to know I can get someone, even if they’re at a call center, when I have a problem at night.
  • No annual fee: I never list a card that has an annual fee unless there is a very good reason for it. There is absolutely no reason why anyone should pay an annual fee to use a credit card, unless it offers a frequent flyer miles program, because the companies make so much money on the transaction fees it collects when you use the card.l
  • 0% balance transfer for 12 months: Twelve month balance transfers are getting rarer and rarer but I think you have to get at least a year on your 0% APR transfer for it to be worth your while. Every time you apply for a new card, your credit score takes a hit. If you use 6 month offers, you double the number of applications you have to fill out just to get the same amount of credit.
  • 0% on purchases for 12 months: Again, similar logic to the 0% balance transfer, though my love for 0% on purchases is fleeting. The only exception is the card that I profile as the best 0% on purchases card, it’s not for 12 months but it has a unique offer I’ve never seen before.

Below, I’ll list the card that I believe offers the best credit cards in their class for 0% APR balance transfers or 0% APR on purchases along with some “runners up,” with comparable offers.

Best 0% Balance Transfers Credit Card

Citi Platinum Select Card – 0% APR for purchases for 21 months and balance transfers for 21 months*. One nice thing about Citi cards is that they will send you a check directly, though the interest rates after the transfer expires aren’t as good; so it depends on your financial plan.

One word of warning about balance transfers, you must request a balance transfer and not a cash advance. Don’t fill out one of the checks they send you, that’s a cash advance. Cash advances do not have a 0% APR rate, they have the standard purchase rate plus the 3% cash advance fee (minimum of $5). Do not go to an ATM and withdraw money, that is also a cash advance. Call the credit card company and specifically request a balance transfer.

Best 0% Purchases Credit Card

Citi® Platinum Select® MasterCard®The best 0% on purchases credit card right now is the Citi Platinum Select Card because it offers both a 0% on purchases for 21 months and a 0% on balance transfers for 21 months, based on your credit history. There is no annual fee and it has all the features you’ve come to expect from a Citi card including online account access, 0% liability on unauthorized charges, travel accident insurance, and car rental insurance.

Runner-Up 0% APR on Purchases Cards

Not sure if you want a 0% balance transfer or a 0% on purchases offer? Get the Citi Platinum Select Card because it offers both!


 Credit 
44
comments

0% Credit Cards: No Interest Purchases & Balance Transfers Offers

Smiling Girl, Happy with 0% Credit Cards0% credit cards are all the rage these days and this list will help you identify the best deals out there. Consumer spending is down, fears of a recession are up, and retailers are scrambling to entice regular people like you and me to enter their stores and buy more stuff. One group of companies you’ll also find lining up to offer you special offers is the credit card industry.

Credit card companies don’t necessarily want you to go into debt to them, though that doesn’t hurt their bottom line. They want you to keep on spending because they earn money on processing transactions. If you review the annual statements of any credit card issuer, most of the income they derive from credit cards comes in the form of data processing and service fees. So, in order to keep spending up as long as possible, more and more are offering great offers such as 0% APY for 12 months on purchases and balance transfers.

(Click to continue reading…)


 Credit 
2
comments

0% Balance Transfer Card Guide: 2008 Edition

0% Balance Transfer Offer EnvelopeThe reports of the death of 0% APY balance transfers are greatly exaggerated.

Many years ago, no fee 0% balance transfers were a dime a dozen. It would be difficult to find a credit card that didn’t offer a no fee 0% balance transfer as the cheap and easy credit flowed like wine at a Great Dionysia Festival. You couldn’t open your mailbox because it was stuffed full with special promotional offers from all your good friends at the major credit card companies.

The fee-free frenzy gave way to new terms like app-o-rama and balance transfer arbitrage. People would go on credit card application binges so that they could get as many cards as possible (an App-o-rama) just to take advantage of the balance transfer offer. It was not unheard of for someone to get $30,000 (and that’s just a conservative figure) in balance transfers just to put it in a high yield savings account earning 4-5% APY (that’s the arbitrage).

(Click to continue reading…)


Advertising Disclosure: Bargaineering may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.
About | Contact Me | Privacy Policy/Your California Privacy Rights | Terms of Use | Press
Copyright © 2014 by www.Bargaineering.com. All rights reserved.