Tuesday, 20 July 2010

Credit card tips

1 Always go for interest free period

2 Use cash back cards where possible, Amex give great deals

3 Bridge capital payments using 0% balance transfer cards

4 Always negotiate balance transfer fees, APR interest rates and annual fees

5 Always clear the payments every month on all non balance transfer cards

6 Don't use credit cards to draw cash from ' hole in the wall' , cheaper option write cheque and in the 'pay to' section ,write 'cash' then draw cash from your bank account

7 Try to use cards that allow transfers directly into a bank account

8 Use credit cards that have internet banking as transfer fees are usually less

9 Never use 0% balance transfer cards for further purchases as card companies who claim 0 % on purchases is usually only certain purchases

10 Get yourself a V.I.P. credit card as transfer fees are normally nil and limits are open

11 look at credit card unsecured loans , some are great deals

12 All cards allow transfers between each other, regular activity of creating and clearing debt usually raises credit score and credit profile

13 Allow up to 5 working days for payments or transfers to clear

14 Transfer money from card to bank account before using funds to buy property

15 Debit cards are not covered by consumer credit act 1974 , for payment protection , credit cards are covered by the act

16  See http://www.moneysupermarket.com/ , http://www.fool.co.uk/  for top deals

Kevin Green