Credit Cards with No Transfer Balance Fees

The Credit Card Accountability Responsibility & Disclosure Act of 2009, or CARD Act, was signed into law by President Barack Obama in May 2009, but takes effect Feb. 22, 2010.The Federal Reserve’s new rules for credit card companies mean new credit card protections for you. Here are some key changes you should expect from your credit card company.

1. No more confusing billing practices

Credit card payments will be due at the same time each month, with notification of the bill made at least 21 days in advance of its due date. Payments will be applied to highest interest-rate balances first so that customers can pay off their balances faster and more cheaply. Finally, credit card companies will be obligated to use “plain language in plain sight” on all materials related to the account and periodically display on statements how long it would take consumers to pay off their existing balance and interest charges if they paid only the minimum due. The law limits when credit card interest rates can be increased on existing balances and allows consumers whose interest rates have been increased to reduce their annual percentage rates (APRs) to previous levels if they’ve been good and paid their bills on time for six months.

2. Interest-rate reform

Nearly all interest-rate increases on outstanding balances will be prohibited and card companies must notify the consumer 45 days in advance of an interest-rate increase. Additionally, there cannot be any interest rate increases for the first year any account is open. When they plan to increase your rate or other fees. Your credit card company must send you a notice 45 days before they can:

• increase your interest rate;
• change certain fees (such as annual fees, cash advance fees, and late fees) that apply to your account; or
• make other significant changes to the terms of your card.

The company does not have to send you a 45-day advance notice if:

• you have a variable rate tied to an index; if the index goes up, the company does not have to provide notice before your rate goes up;
• your introductory rate expires and reverts to the previously disclosed “go-to” rate;
• your rate increases because you are in a workout agreement and you haven’t made your payments as agreed.

3. Opting-in for overdraft and new regulations

Customers will now have to opt-in to an overdraft program instead of being automatically enrolled. This means that if cardholders try to make a purchase that exceeds their limit or overdraws a debit account, their card will simply be declined. Under the old rules, the transaction could go through and the consumer would be fined. If your credit card company is going to make changes to the terms of your card, it must give you the option to cancel the card before certain fee increases take effect. If you take that option, however, your credit card company may close your account and increase your monthly payment.

4. Protections for young consumers

Credit-card companies face greater restrictions on marketing cards to college students. More generally, those under 21 will have to prove that they have the means to pay off their card limits or have a cosigner (parent) before they can be granted a card.

Credit cards are a necessity today. Many companies require some type of credit card to purchase their items. In order to find out which company has the best credit card offer, a person will need to do a little bit of research. When researching, the answers a person will want to know is if they offer balance transfers and how much is their interest rate. Each credit card company will have their pros and cons. It just all depends on what the person is looking for in a credit card.

One place that offers credit card transfers is Discover Card. A person will end up saving a lot of money with a balance transfer. Another good thing about credit card transfers with this credit card is that once a person applies for the card, the balances can be transferred on the card the same day when applying over the phone. Some other benefits with this card are that the card has no annual fee and offers cash back on all purchases.

Another credit card company that has some of the best credit card offers is Chase. They offer balance transfers with a 0% APR for six months. The company also offers a cash back program for purchases and balance transfers.

Capital One offers balance transfers as well. They have a list of cards that a person can choose from, such as the Capital One Standard Platinum and Capital One Classic Platinum card. They both offer a no transfer fee for balances.

One other credit offer that is good, especially for people with bad credit is the First Premier Bank Gold Card. They don’t offer balance transfers on their credit cards, but they are good credit cards for someone who wants to rebuild their credit.

A person looking to find some of the best credit card offers needs to look online and a list of credit offers will appear. They will include everything from good credit to balance transfers. They have something for everyone. Another way to find what a credit card company has to offer is to contact the credit card company itself and ask them what they offer.

In an economy where your credit score is the basis for everything that you do, it is imperative that you take control of your debt so you can have control of your life. One third of your credit score is based on the amount of credit that you have versus the amount of debt you have.

If you have three credit cards that are all charged to the midway limit you will have a better score then if you have one card charged to the maximum and two cards empty. The trick of balancing out your credit score to your advantage is to balance out your debt to limit ratio.

In the event that you have one card charged to its limit and an empty card you should consider a credit card balance transfer. Transfering half your debt from one card to another will actually improve your score if the transfer does not exceed the half way mark on the new card. For instance: if you have two cards with a two thousand dollar limit one is maxed and one is empty. You would be best served transferring half the balance to the empty card.

This may seem like extra work, since you will now have two payments to make monthly, but in the eyes of the credit bureaus your percentage just went up. Having two active cards that are only midway to the maximum allowable credit limit makes you “more responsible” in the credit agency.

Spreading out your debt, even if it is actually all the same debt, makes the credit bureaus believe that you are responsible with your charge limits. The bureaus frown upon any credit card that is charged to the limit as well as any card with an empty balance. Being right in the middle is where you receive the highest points toward your credit score.

Your credit score will affect everything that you do in the financial world. It can determine whether you receive credit, pay high interest rates or are flat out denied credit. It can determine if you qualify for a job or have the ability to purchase a home. With all of this in mind, it is crucial to know how to manipulate the credit score in your favor at all times.