Credit cards bring back no-fee, no-interest offers

Posted by administrator | 06/05/12 | Tagged Credit Card Debt

Credit cards bring back no-fee, no-interest offers
News from Christian Science Monitor:

Credit cards offer zero-percent balance transfer with no transfer fees to new customers. Zero-percent credit cards are a good deal, if consumers make sure they stay out of debt.

It was the great deal you were never supposed to see again: credit cards with a zero percent introductory interest rate and no transfer fee, unlike the 2 to 3 percent typically charged by card issuers. Credit-card legislation in 2009, known as the CARD Act, had outlawed so many of the industry’s profitable but anticonsumer practices that issuers weren’t supposed to be able to afford offering truly zero percent loans anymore.

Skip to next paragraph

Nevertheless, these deals are making a comeback, at least for now. The benefit to consumers is undeniable.  

Take the No Balance Transfer Fee Slate Card from Chase.  It’s currently the best free balance transfer credit card on the market, thanks to a 15-month, zero-percent introductory interest rate with no transfer fee.  If you have roughly $ 6,500 in credit card debt and are pay…………… continues on Christian Science Monitor

… Read the full article
.

Related News:

Should I refinance my home to pay down credit card debt?
News from News & Observer:

Q: I have several credit-card debts and a lot of equity in my home. In my last meeting with my financial adviser he suggested that I refinance my home and take the cash to invest in the stock market. His rationale was that I’d have a deductible mortgage interest at a low rate and be able to earn a higher rate of return in the market. I’m not sure I want to invest more money in the stock market, but I’m thinking his plan may make sense if I take enough cash from a refinance to pay off my credit-card balances, which rose to $ 30,000 while helping with my son’s college expenses (he graduated in December and even has a job). The credit cards are charging me 9 percent and I’m paying around $ 620 a month toward this debt. I think I can get a 30-year mortgage for 4.5 percent with just a few points. The points paid will be deductible and with my mortgage interest tax deduction the rate I’m paying will be less than 3.5 percent. Seems like a no-brainer to me. What am I missing?

Congratulations on your son’s graduation and on obtaining employment! In a worst-case scenario, if you fail to make your new higher payments on your home mortgage, the bank or lender can seize your home. Failing to make your credit-card payments is bad, but you won’t have your home at risk. With that said, if you can trade a 9 percent interes…………… continues on News & Observer

… Read the full article


City Releases Statements Regrading Duran and Credit Cards

Posted by administrator | 06/05/12 | Tagged Credit Card

City Releases Statements Regrading Duran and Credit Cards
News from Patch.com:

West Hollywood Patch reported on Wednesday news of City Councilman John Duran setting up a legal defense fund in the event the Los Angeles County district attorney’s office decides to file criminal charges against him for improper use of his city-issued credit card.

Duran told Weho Patch the DA was questioning his using the card to pay for 128 meals over three years, totaling about $ 7,000. He said he was discussing city business over those meals.

The possible charges against Duran stemmed from an inquiry which the district attorney’s office began in March 2011 regarding alleged misuse of the city credit cards by City Hall employees.

The Los Angeles Times also covered the story on Saturday. Information in that story said that, “one credit card in the city manager’s office, used by various employees, accumulated $ 121,000 over three years.”

The city has released two statements regarding the Times story.

The first statement rea…………… continues on Patch.com

… Read the full article
.

Related News:

Guest columnist: Financial lessons for students
News from DesMoinesRegister.com:

This spring my daughter graduates from high school. Going to college means she will be a step removed from Mom and Dad, and will be making more adult money decisions. Today, I would like to direct my comments to her and her friends.

College is an exciting and challenging time. Living away from one’s parents creates opportunities to make some of your own financial decisions. As you begin this new chapter in your life, keep in mind that your stress (as well as that of your parents) can be significantly reduced by simply having a plan for your money before you go off to school.

If you haven’t figured it out already, you will soon learn that money spends easier than it is earned. One of biggest challenges everyone faces is not spending more than you have. It’s easy in college when someone says, “Everyone’s going out, you should come,” even if it’s not in your budget. There always will be people who have more money to spend than you. Get used to it; it will be that way your entire life. Learn to say, “I can’t afford it right now.” (You will be well-served to learn this phrase and repeat it often.)

Some other advice:

Keep a simple budget. This means keeping track of what you spend versus what you have saved, received in aid and are earning. There will be some kids who will blow through all of their money right away or in the first…………… continues on DesMoinesRegister.com

… Read the full article


© 2017. Credit Card Talk