Credit Cards with No Transfer Balance Fees

In May 2009, President Barack Obama approved the Credit Card Accountability, Responsibility and Disclosure Act of 2009. There are 8 key changes set to go into effect as of February 22, 2010.

The first change prevents retroactive rate increases on credit cards. Previously, credit card issuers were allowed to raise interest rates for any reason. Issuers will now only be able to raise interest rates on existing balances if promotional rates expire, the index rate increases or if the borrower is 60 days in default.

The second change requires credit card issuers to give borrowers a 45 day notice period before they raise interest rates on new purchases. Presently, issuers only give a 15 day notice. Issuers can still lower a borrower’s credit limit without giving a lengthy notice.

The third major change is fee restriction, which protects cardholders from over limit fees unless they specifically request the issuer to allow over limit transactions. Issuers are no longer allowed to charge a fee when a borrower pays their bill.

The fourth major change requires issuers to send the credit card statements out three weeks prior to the due date. This is one week later than the two week notice currently in effect.

Gift card protection is the fifth change in the Credit Card Act. The new law prevents gift card expiration until five years after they are issued, and non usage fees can’t occur unless the card isn’t used for 12+ months.

Double cycle billing, which bases interest charges on debts paid off the previous month, is restricted in the new Credit Card Act and is the sixth major change.

The seventh major change is restricting college students from accessing credit cards. If someone under the age of 21 applies for a credit card, they will now be required to prove income or have an older co-signer. Some fear this will lead student to taking on unsecured and high interest loans from other sources.

The eighth change under the Credit Card Act restricts issuers from applying payment towards the lowest interest credit charge. Under the new act, all payments above the minimum payment will be first applied to the highest interest debt.

Your score improves dramatically when you may show two years of on time payments,but even six months is a good start. Though you are making a smart decision to handle your finances this way,it makes it harder to show how responsible you’ll be whether or not you were to in truth use credit. You count on your credit cards to get you through in case of a major emergency,and that’s the only time you’ll use them. The more accounts you have with good payment histories,the better for your credit score. When you pays your balance on time,the card issuer will report that the account was paid as agreed.

Just like new accounts do a little transitory and temporary harm,older accounts support strengthen your credit score. A mix of credit cards,car loans,and home mortgages are better for your score than nothing but credit cards. Or,go to your credit card’s site right after using your card,and pays off the balance immediately. You may feel like you should reduce the number of credit cards in your wallet,particularly whether or not you don’t use them often. Rotate your cards and use them every month.

Consider closing your newer accounts before you close out the accounts that have been with you for years. All it takes is one charge on your credit card every month. Your credit score also takes into consideration the types of accounts you have. While it may be a good idea to eliminate cards that charge an annual fee when you have many that don’t,be careful when it comes to closing too many of your older accounts. On the other hand,not using credit may also prevent your credit score from being the most skillful it may be.

With more credit cards comes more payment dates to do not forget,so setup an involuntary and automatic bill pays through your bank. Either way,you may look after the credit card debt without forgetting to make your payment on time. Generally,it’s better to have a number and potpourri of loans at your disposal. While this is something to be conscious of,it’s in all likelihood not a good idea to rush prematurely into buying a home just for the sake of a credit score. Getting a car loan when you may pays in cash is.

You’re devoted to being responsible when it comes to debt,and pays cash whenever possible. If you have a long credit history,you’ve in all likelihood had many of your credit cards for many years. Let’s say you have a good amount of credit cards,but rarely use them. If there’s no charges and no payments,your credit card issuer can’t report to the credit bureau that you pays your debts on time.

Whether you realize it your credit affects alot of things in your life. First of all it affects your credit score which will determine major key factors throughout your life. What rate will you get for your transportation or home loan? Will you even get a spouse? Or will you lose your spouse and family? Yes, you can even be turned down for employment just because of your credit. Be very careful, because your credit can even ruin your life by causing unecessary financial stress that will not be safe for your overall health and well being. Plus, you want your life to be positive with no negativity to delay you from reaching your goals. Let your credit be an asset to your personal life.

If you already have credit cards then consider doing a credit card transfer to one that has a lower rate so that your balance will be lower in the long run saving you a bit of cash. What should be the deciding factor in doing any balance transfers or no balance transfers? First of all make sure that it is a creditable card and company that you are considering. Compare and review a few offers and take time to read the fine print in order to make an actual informed decision. Next, make sure it is a free balance transfer as some credit cards charge a transfer fee or low interest. On some credit cards you can even earn rewards just to do a balance transfer. In addition, do your best to choose a card that has either a low or no annual fee. After all your research and decision is made, go ahead and transfer your balance to the card that makes the most sense to your situation. Most of the time you will be able to transfer your balance thru the mail or online for better convenience. Which ever your choice the process is really simple and safe.

Make a wise decision to make the right choices from the beginning when they are first presented to you. Don’t get carried away with the large pretty print that seems great and too difficult to pass up. Remember, you are the only one that will be responsible for your actions and be the one paying the bill long after your purchases! You are in control of your finances!