Never Pay Interest on Your Credit Card Again with This Easy Hack

Never Pay

That’s the dream, right? Pay off your debt without accruing a single cent in interest? Well, that dream is possible with one simple credit card hack. No, it doesn’t require you to join a cult and sign over your first born or sign any crazy contracts. All you have to do is be approved for a credit card with a 0% introductory APR on balance transfers and then transfer that debt over and pay it off before the promotion ends. Of course, it’s not always a fool-proof plan. If don’t correctly, it’s one of the best ways to efficiently pay off debt. If done poorly, it could trap you even deeper in the debt cycle. What is a Balance Transfer? A balance transfer is when you transfer your credit card balance from one credit card to another, usually to take advantage of a lower interest rate or better terms and conditions. Many banks now offer a card with a 0% introductory interest rate on balance transfers, which is what you want to aim for. As long as you pay it off before the introductory period ends, you don’t have to pay any interest. Balance transfers are also a great way

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7 Healthy Habits You Need When Using Credit Cards

Healthy Credit Card Habits

Credit cards often get a bad rap. They’re evil. They can destroy your family’s finances. They can ruin your credit. While all these things can happen, they occur most often because of poor financial habits and abuse. Credit card users can show healthy habits too. Consumers can responsibly use credit cards if you want to use debt, build healthy habits, and subsequently use credit for bigger and better things, like a home mortgage. Creating great habits with your credit cards will, in turn, help you build a healthy credit history and credit score, which in turn allows you to move on to more serious financial goals like owning your own home. Here are seven things that you can do to help you to build healthy habits while using credit cards. 1. Pay Off Your Credit Card Each Month There are many times when you will need to use a credit card. You should protect yourself by using a credit card instead of a debit card linked to your checking account in many instances like renting a car and staying in a hotel. Many of these businesses place large holds on your credit or bank accounts. If you use debit cards

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Signing Up For Overdraft Protection? Read This First

Overdraft Fees

"Having a credit card is great!" said the naïve and probably financially doomed college student as he boasted about his newly opened revolving debt account. Check that same student a few years down the line and he’ll surely be singing a different tune. Debt in any form is a deceptive financial instrument. It bodes some benefits, such as allowing big ticket item purchases now, as well as adds to your credit score mix. But unless you are knowledgeable in debt management, any debt balance can easily turn into an increasing money drain. Financial institutions are in the business of making money. Yes, they offer you a secure place to stash your money. They lure you in with all the benefits, such as access to your cash through a debit card, and quicker access to your paycheck via direct deposit, and the list goes on. But the caveat is that they are holding your hard earned money for a fee! Yes, you are paying them to get access to the money you earned. I could digress here and go into how jobs are in cahoots with banks offering you discounted fees for banking at specific institutions and so on. Why can’t

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10 Common Mistakes You Might Be Making With Your Credit

10 Costly Mistakes

A person’s credit weighs on many life events, such as buying a home, car, gaining access to education, and on and on. A high credit score opens doors to loan options that stay shut and locked to consumers with lower credit scores. So, how should we take care of our credit, and keep our standing good and our scores high? Start by avoiding these 10 common mistakes people make with their credit. 1. They don’t check their credit reports No news is good news, right? Uh, no! It’s estimated that as many as one in four credit reports contain errors! Creditors may report your account late when you actually paid on time, a collection charge from someone with the same name as you could end up on your report, or you could be a victim of identity theft. All of these events can tank your credit score. The last thing you want is to discover the error when you are trying to get a loan for a home or a car. Solution: Pull a free credit report once a year. The three bureaus sponsor this at www.annualcreditreport.com. Review it closely and make sure you recognize each account, look at each

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5 Fastest Ways Credit Card Travel Reward Dollars are Lost

Travel Rewards Credit Cards

Frequent travelers are often handed out a stunning amount of value by way of their travel rewards credit cards. These rewards can be worth hundreds of dollars, but must be used the right way to extract the value they are meant to provide. But a lot of times, people end up paying more than their travel rewards are worth. It mainly happens due to misuse of the rewards or sheer ignorance on the travelers’ part. If you’re loaded with hundreds of dollars worth of travel rewards on your credit card, then you may check your facts and avoid committing below discussed blunders, and put those rewards to good use. How travel rewards on credit cards are lost 1. You owe outstanding credit card balance - It’s always a good idea to pay off your credit card balances in full every month. However, for rewards cards, there’s usually a grace period irrespective of whether or not it provides travel rewards, hotel, airline or even cash back offers. If you consistently owe outstanding balances every month and make just the minimum payments, then you’ll be consistently paying a lot of interest on your purchases. On top of that, annual percentage rate (APR)

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How To Never Pay Credit Card Interest

Never Pay Credit Card Interest Again

For those who are used to being in debt, paying interest may seem unavoidable. Whether you are currently in credit card debt or just want to learn to use your credit cards more responsibly, this article will help you. In this article, I describe three smart ways you can avoid paying credit card interest. If you follow these methods, you could never pay credit card interest again! Why You Should Never Pay Credit Card Interest Imagine paying $113.66 for a $100 pair of shoes. That’s essentially what you’re doing when you pay credit card interest. The average credit card interest rate for interest paying accounts in 2015 was 13.66%. When you pay interest on your credit card balance, you’re paying the credit card company for the convenience of paying for your purchases over time. That’s a convenience most of us would benefit from learning to live without. It’s a good idea to get into the habit of only using your credit card for purchases you can afford (at least by the grace period - more on that below). This way, you can use your hard-earned money for more useful things rather than giving it to a credit card company for

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How Many Credit Cards Should You Have?

Many Credit Cards

While someone may be satisfied with just a single credit card account, another may hold dozens of cards, and both may think that they are managing their credit cards optimally. In fact, both may be right--or wrong--depending on their unique circumstances. What are you trying to get out of your credit cards? At its most basic level, credit cards are a secure and convenient method of payment. In addition, credit cards can offer other valuable features such as rewards, cardholder benefits, and the ability to finance purchases over time. Another crucial benefit that credit cards offer is the ability to build a strong credit history. This is vital to receiving the lowest possible interest rates, borrowing for a home mortgage, a vehicle or other loans. The number of cards you should have will reflect your goals as well as your ability to responsibly manage multiple credit cards. Trying to build credit Many cardholders use credit cards to build their credit. If they are able to manage all of their accounts responsibly, having more credit cards is actually better for your credit history than having just a few. When credit card users are able to pay their bills on time, while

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6 Easy Credit Card Hacks

Credit Card Tricks

Are you looking to get more from your credit cards? There are some hardcore credit card enthusiasts that have come up with ingenious ways to exploit loopholes, but even if you aren't interested in scouring the Internet, check out these six easy ways to get more out of your credit cards. 1. Making multiple payments to lower interest charges. Credit card interest is calculated based on your average daily balance, and a statement is generated once a month with a single due date. However, there's nothing to stop you from reducing interest charges by paying early or by making multiple payments to continuously reduce your average daily balance. Just be sure to always make at least one payment of at least the minimum balance between your statement closing date and your payment due date 2. Asking for a lower interest rate. Many credit card users get frustrated by their card's high interest rates, but it can be very easy to get a lower rate just by asking. Most credit cards offer customers a range of interest rates based on their creditworthiness when they applied. But if you've been making your payments on time and taking other steps to improve your

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How to Build Credit Card Reward Points Toward A Specific Goal

Credit Card Rewards

Credit cards, when used properly, can be an amazing financial tool. You can use your credit cards to earn free travel and even receive cash back. Effective credit card use isn’t just about collecting rewards, however. Many consumers just use their cards sporadically, without a real plan for using the accumulated points, miles, or cash back. If you want to get the most out of your credit card rewards program, create a plan to build rewards for a specific goal. What Do You Want Your Credit Card to Do For You? Before you get started, you need to have a goal. Too many consumers sign up for rewards credit cards knowing they will collect points, but they don’t really know what they are collecting them FOR. You need to get clear on why you’re collecting points. Some of the ways people use their points include: Earn enough cash back to cover holiday gifts for their children Build up enough miles to get roundtrip airfare for free Collect points to stay at a hotel or resort for a few days The strategies you use and the credit cards you apply for depend on your goal. Figure out what you want your

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How to Hit Spend Requirements While Credit Card Churning

churning

Secretive jet-setters drawn into alluring yet risky financial activity. Legal money launderers. This is how a recent Bloomberg article characterized credit card churners. While it’s a slightly hyperbolic description for your casual churner, who’s more likely a suburban dad trying to get his family a discounted trip to Disneyland than the next Wolf of Wall Street, the characterization is not far-fetched for a more aggressive breed of churner who utilizes a technique called “manufactured spending” to reach minimum spend requirements. Let me back up. If you’ve read our recent articles on credit card churning, you know that the tantalizing sign-on bonuses almost always come with a stipulation: you need to spend a certain amount within a certain time period in order to receive them. The amount is usually feasible; a common offer is 50,000 airline miles if you spend $3,000 in three months. The tricky part comes in when you start applying for more than one offer in a short time period. If you come across three amazing offers in one month, you may be looking at trying to spend $9,000 in three months, which is difficult for many. How Do You Hit Those Minimum Spend Requirements? Assuming you’re already

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