The Ultimate Guide to Debt Consolidation Methods

 

Dealing with multiple debts feels like an uphill battle. High interest rates, varying due dates, and different payment amounts can create a labyrinth that’s hard to navigate. 

This is where debt consolidation comes in—a strategy that can help streamline this process, allowing you to combine several debts into a single, more manageable repayment plan.

In this blog, we'll explore three widely-used debt consolidation options along with their advantages and disadvantages, each offering unique ways to ease your financial burden and potentially save money.

Balance Transfers

A balance transfer is an option where you move debt from one or more high-interest credit cards to another credit card with a lower interest rate, often an introductory 0% APR for a specified period. 

This offers significant savings on interest if you can pay off the transferred balance within the promotional period.

The primary advantage is the opportunity to pay no or reduced interest for a promotional period, often between 6 to 18 months. 

Additionally, consolidating debt to a single credit card simplifies your monthly payments. On the other hand, balance transfers often come with a fee ranging from 3% to 5% of the transferred amount. 

Plus, the promotional period is temporary, and any remaining balance after it ends will incur the standard interest rate.

To make the most of a balance transfer, it's crucial to create a repayment plan to clear off as much debt as possible before the promotional rate expires.

Personal Loans

Another popular debt consolidation option is personal loans. You can take out a fixed-rate personal loan and use the funds to pay off your high-interest debts. Then, you repay the loan in fixed monthly installments over a set term, typically ranging from 2 to 7 years.

Personal loans come with fixed interest rates, providing certainty with monthly payments and making budgeting easier. Furthermore, if you have good credit, you might qualify for a personal loan with a lower interest rate than your current debts. 

However, some lenders charge origination fees ranging from 1% to 8% of the loan amount. Aside from this, qualifying for a low-interest personal loan often requires a good credit score.

When considering a personal loan, compare rates from multiple lenders and read the terms carefully to understand any fees or penalties.

Debt Consolidation Programs

Often offered by credit counseling agencies, debt consolidation programs combine multiple debts into one monthly payment. These programs involve negotiating lower interest rates and fees with creditors. 

Unlike balance transfers or personal loans, debt consolidation programs do not rely on obtaining new credit.

With debt consolidation programs, credit counselors can offer valuable advice and structure a personalized debt management plan. 

Not only that, but many programs have successfully negotiated reduced interest rates and waived certain fees, which can expedite debt repayment. On the contrary, credit counseling agencies may charge monthly fees for managing the program. 

Plus, enrolling in a debt consolidation program might initially affect your credit score, though it typically rebounds as you make consistent payments.

Debt consolidation programs are beneficial for individuals struggling to manage multiple credit accounts and who might not qualify for lower interest rates through balance transfers or personal loans.

Debt consolidation offers several pathways to regain control over your financial situation and reduce the stress of managing multiple debts. Whether you choose a balance transfer, a personal loan, or a debt consolidation program, each option comes with its unique benefits and considerations. 

Hence, it's essential to evaluate your financial circumstances, credit score, and repayment capabilities before deciding on the best method for you.

By taking advantage of lower interest rates, simplified payments, and professional guidance, you can take significant steps toward becoming debt-free. Remember, the key to successful debt consolidation lies in financial discipline and a well-thought-out repayment plan.

Four Mistakes to Avoid During Debt Consolidation

Many American families are being financially destroyed by debt. With the recent economic slumps and increases in interest rates, many people saw what they’d thought was manageable debt become a mountain that loomed over their future. Debt consolidation offers hope for people in this situation.

Debt consolidation has certain pitfalls, just like every other financial decision. The following are four of the most common mistakes that people make when going through this process.

Paying More to Consolidate

Many people assume that they will automatically save money in debt consolidation. This is not always the case. While the monthly payments may be lower, they often come with higher interest rates. Even if the interest rates are lower, paying over a longer period of time leads to more interest paid over time. Use an online debt consolidation calculator to see whether you will save money in debt consolidation or end up paying more.

Another way you could end up paying more is by using an inexperience debt consolidation company. Acting too quickly and failing to investigate a company’s claims can result in you paying far more to consolidate your debt than you should. Additionally, this course of action often results in constant harassment from bill collectors, adding even more stress to the debt consolidation process.

Not Dissolving Credit Accounts

If you decide to go forward with consolidating your debt, you would do well to be fully committed. An expert from Faber Inc says it’s much harder to break out of debt when you have credit cards and accounts in use. Immediately after these accounts are paid off, they should be closed. Failing to do this could lead to ending up deeper in debt than when you started. The best way to avoid the temptation to fall back on credit is to remove it completely—this may result in some serious restructuring of your budget, but will be the best move in the long run. 

Using Your Home or Other Major Assets as Collateral

Many people use a home equity loan or refinancing to consolidate their debt. It's easy to see why this sounds attractive. Mortgage rates are relatively low, often far lower than credit card interest rates. However, you are putting your home on the line for an amount of debt that is usually nowhere near its value. If you ever cannot make the payments, you risk losing your home over a relatively small amount of debt. For most people, this is much too risky to attempt if there is any chance that payments may not be met on time. 

Keeping the Same Lifestyle

Debt is often a symptom of a much larger problem. If you routinely rely on credit, you are not living within your means. Examining your average monthly expenditures and using this to create a budget plan is a great way to get started on cutting back. Make changes to your spending and your expenses to avoid acquiring new debt while you struggle to pay off the old. Maintaining these new spending habits will also result in long-term savings and a much healthier financial future. Many people who find themselves deep in debt worry about repeating the cycle for years to come—by forming healthy financial habits now, you can avoid a future in debt.

Debt consolidation can help people to dig themselves out of a hole. Because of this, many people don't pay attention to potential drawbacks of the process. Educate yourself before beginning this process to avoid these common mistakes, and debt consolidation can help put you on the path to a healthy financial future.

Barclaycard® Rewards MasterCard® Review for 2013

The best-selling credit card is the Barclaycard® Rewards MasterCard®, which provides a 0% opening APR on balance transfers and purchases. 

It also provides speedy collection of points with bonus points after the cardholder’s 1st purchase or balance transfer, and double points while utilising the card for the grocery store*, gas, and utilities.

The Barclaycard® Rewards MasterCard® offers 3 other variations, depending on your credit rating:

• average credit (no intro. APR or balance transfer benefits)
• good credit (this review is focussed on this version)
• excellent credit (with 0% APR for 12 mo. & up to 10,000 bonus points!)

Note: all the "Apply Now" buttons and other BarclayCard® links on this page take you to the good credit version.

APR for Purchases

The Barclaycard® Rewards MasterCard® comes with a 0% introductory APR that's in effect for the 1st six months (12 months for excellent credit version) the account is open. After that period, the rate adjusts to a variable APR that is presently tiered at 14.99%, 17.99%, or 24.99% depending on creditworthiness & reward benefits. When the introductory APR expires, the minimum interest payment on cards carrying a balance is $2.00.

The opening APR can be eliminated early in the event from a late payment, in which case a penalty APR of up to 30.24% may be applied. Even during the introductory period, it’s important to make all payments promptly.

Balance Transfers

For balance transfers, it's 0% APR for the first 6 months. Likewise, after six months, the interest on balance transfers moves to the same three levels as for purchases: 14.99%, 17.99%, or 24.99%. 

Fees

This card has no yearly fee. It does charge a fee for balance transfers: the greater of $10 or 3% for the first 15 months, and the greater of $10 or 4% after that. Cash advances come with a fee equivalent to the greater of $10 or 5%, along with an APR of 25.24% on that portion of the balance.

Either a late payment or a returned payment brings a fee of “up to” $35.

Reward Points

Barclaycard® Rewards MasterCard® offers two Rewards points for every dollar spent on “day-to-day purchases,” such as gas, groceries, and utilities*. It also offers one point per dollar on everything else, and 5,000 bonus points awarded after the first purchase or balance transfer. Points can be saved for statement credits; they're applied to any purchase on the previous statement of $25 or more, at a rate of 100 points per dollar redemption. The bonus 5,000 points are worth a statement credit of $50. Rewards points don't expire, so long as the account remains active and in good standing.

My Take

The Barclaycard® Rewards MasterCard® provides a fantastic 0% APR opening period of a full year on purchases and 15 months on balance transfers. The reward redemption choice is limited to purchase reimbursement, and the interest after the opening period is rather high, but the card remains a good option for consumers who want to use the introductory period to pay down balances and can pay off the balance in full every month after the first year.

Apply for Barclaycard Rewards MasterCard

Don't Be The Next Victim Of Credit Card Debt Scams!

(Photo credit: Wikipedia)

Overwhelming credit card debt is a horrible problem to have. Unfortunately however, if you are a senior with credit card debt, you've got something else to worry about these days. One of the biggest scams on the market these days is false promises of credit card debt relief. I've heard of several call centers popping up with the intent to fool seniors into thinking they will receive debt relief, only to go out of business 6 months later with incredible profits. 

Are You Scared? … You Shouldn't Be! 

The truth is, there are tons of con-artists out there just waiting to get their hands on your money but, you also have everything you need to protect yourself. When it comes down to it, spotting a scam really isn't that hard to do. Here are some tips to help: 

• Don't Trust Telemarketers – I'm not telling you that you shouldn't give a telemarketer a chance to win your business but, it's important to trust none of them. You should take the time to do your research. Some telemarketers may have the best of intentions but, the option that they provide just isn't best for you. For instance, they may get paid to offer you balance transfer credit cards as a debt consolidation option. During times of overwhelming debt, this would not be best. On the other hand, there are some companies out there that are scams and know it! Before signing up for any debt relief service from a phone solicitation, you should research the company name, read a few reviews and decide if it is a company that you want to work with. If so, do some research on the program they offer and decide if it is best for you, only when you feel you have enough information to make that decision. 
• Use The BBB – Although, I do not agree with many of the practices upheld by the Better Business Bureau and, I don't use them often myself, when it comes to debt relief, they are a must. If there is a company out there that is scamming consumers out of thousands of dollars, chances are, they are not BBB Accredited. If they are, they probably have less than a B+ score. If you search the name of the company on the BBB directory and find that they are not accredited or their score is less than a B+, chances are, you do not want to work with that company! 
• Old Rules Still Apply In New Times – There have probably been several times in your life that you said, “If it sounds too good to be true, it probably is.”. This is basic common sense. We all know that nothing comes for free and some things are just too good to be true. If a slick talking salesman offers you a credit card debt relief option that sounds too good to be true, it probably is! Do a bit more research on this one! 

The Bottom Line 

You are a senior citizen, it's time to relax. Unfortunately, there are some people out there that want to make that hard for you. Don't let them! Using the simple tips above, you will be able to protect yourself from credit card debt scams! 

About The Author – Joshua Rodriguez 

This article was written by Joshua Rodriguez, proud owner and founder of CNA Finance. Join the conversation about this article or any personal finance topic of your choice on Google+!

Make Credit Card Debt Disappear, Even If You're Retired!

Retirement isn't supposed to be a debt riddled way of life. It should be a worry free, enjoyable time. Unfortunately, for many consumers debt has ruined their retirement. But what if I told you that, you could still pay your debts off? What if I told you that you could do it paying no more than your minimum payments right now? Well, you'd probably think I was trying to sell you something. Good news, I'm not, you can do it on your own! No need to pay that debt consolidation company $3,000 to do it for you. It's actually pretty simple, here's how:

Step #1: Make A List Of Your Debts: 

I've seen the smartest people I know make stupid mistakes because they forgot to prepare before doing something. When you do anything as important as working your way out of debt, it's vital that you get prepared. To do so, you will need to understand your debts. Start by making a list of all of your credit cards with a balance. Make sure to order your list from highest interest rate to lowest. Also, it should include the lender name, interest rate, balance, minimum payment, customer service phone number and pay to address for each of your credit card debts.

Step #2: Decide How To Go About Reducing Your Interest Rates: 

There are 2 different options that you can chose from for DIY interest rate reduction, first is interest rate negotiations and balance transfers, the second is financial hardship programs. Either of these options coupled with solid, aggressive payment plans, which I will go over later can prove to be a dream come true for you and your family. So, how do you decide? It takes a bit more than one paragraph so, I'm going to separate this step into sub-steps:

1. Check Your Debt To Income Ration – Add all of your credit card balances up. Do they add up to more than 15% of your annual income? This plays a crucial role in your decision because if your debts add up to more than 15% of your annual income, chances are, you will not qualify for enough of a credit line to transfer your balances via balance transfer credit cards. Also, you may be in the midst of a financial hardship.
2. Add Up All Of Your Minimum Payments – Can you afford to pay at least that amount of money every month? If not, you are dealing with a financial hardship and your lender has assistance for you.
3. Figure Out Your Credit Scores – If you have poor to fair credit scores, the truth is, you will not qualify for any balance transfer credit cards that are worth applying for. This however is often a sign of financial hardship!
4. Make Your Decision – If your debt to income ratio is too high, you can't afford to send at least your minimum payment comfortably and you have bad credit scores, financial hardship programs will be a better option for you than balance transfer credit cards. However, if you do have a low debt to income ratio, good credit scores and can afford to pay make your payments with a little extra comfortably, balance transfer credit cards are going to be your best option.

Step #3: Reduce Your Interest Rates: 

I have written several publications on both options for reducing your interest rates. If you decide on financial hardship programs, I suggest reading, “Understanding And Applying For Credit Card Hardship Programs”. If you decide that you would rather use balance transfer credit cards for interest rate reduction, please read “Do It Yourself Credit Card Debt Consolidation”.

Step #4: Decide On A Constant Payment: 

Have you ever noticed that as you pay your credit card bills, every month or two, the payments get a few cents or even a buck lower? This is because your minimum payment is based on your credit card balance. Therefore, if you can commit to sending no less than your minimum payments this month, you can commit to sending more than your minimum payments in the future. Every extra penny going to your principle balance saves you money in the long run. So, to decide on a constant payment, add all of your minimum payments together. Can you afford to send more than the total? If so, write down the total payment you can afford. Now, commit to sending no less than this every month until your debts are completely paid off. If you do so, you stand to save thousands of dollars in interest and years of time paying off your debts!

Step #5: Stack Your Debts: 

The debt stacking payment method is one that attacks your highest interest rate first. To do so, send minimum payments to all of your credit cards with the exception of the highest interest rate each month. All extra funds left within your constant payment should be directed to your highest interest rate. When your highest interest rate credit card is paid off, don't go back to making small payments and keeping the rest! Now, send all extra funds to your next highest. This aggressive payment method will really get you paid off fast!

My Conclusion

Even if you're retired, you don't have to live with credit card debts. If you follow this plan, you will be free in just a few years and finally be able to enjoy your retirement. I hope you've enjoyed my article and hope you come back to read more to come!

About The Author – Joshua Rodriguez

This article was written by Joshua Rodriguez, proud owner and founder of CNA Finance and avid personal finance author. This article was inspired by his most recent series, “Balance Transfer Credit Cards – A 7 Step Guide To Understanding This Option”. Join the discussion about this article, Joshua's series or any personal finance topic of your choice on Google+!

The New Discover It Card Review - 18 months 0% APR on Balance Transfers

One of the largest credit card providers, Discover Card, has made a major redesign in its credit card offerings. They have cancelled the Discover More and Discover Motive card line and introduced the new Discover "IT" card. The new card design has been talked about this past year and has noted a enhanced cash back program and a friendlier fee structure. It has a good cash back of 5 percent on purchases in certain categories, which change on a quarterly basis, and 1 percent on all other purchase all year round. Cardholders receive a generous 5% cash back at restaurants and movies right now through March of 2013 on up to $1,500 in purchases with free and easy sign-up. 

Other benefits include no annual fee, no over limit fee and no foreign transaction fee. Discover won’t charge a late fee for the first late payment and paying late won’t result in an APR increase. Choose your own due date and pay up to midnight ET online or by phone. Talk to a real person any time with 100% U.S.-based service. 0% Intro APR on balance transfers for 18 months. Then the variable purchase APR applies, currently 10.99% – 20.99%. 0% Intro APR on purchases for 6 months. Then the variable purchase APR applies, currently 10.99% – 20.99%.

I can recommend this card because of the great 0% 18 month balance transfer deal alone, but there is so much more. Fees, where did the fees go? You have no annual fee, no fee for first late payment, no over limit fee, no fee for payments by phone, and no foreign transaction fees. There are also no APR hikes for late payments.

All eligible purchases made with your Discover card are protected for up to $500 during the first 90 days if they’re stolen or accidentally damaged. The extended warranty insurance will extend the terms of the original U.S. manufacturer’s warranty and any purchased warranty for up to 1 extra year, on warranties of 3 years or less. 

With so many benefits why not try the new Discover It Card today.

For More Information Go To Discover it™ - 18 Month Balance Transfer

Related articles

• How Balance Transfer Credit Cards Can Save You A Small Fortune (savealittlemoney.com)
• How to Pay Off Credit Card Debt in 2013 (50plusfinance.com)
• Credit Card Cash Advances: What do they Really Cost? (50plusfinance.com)

How to Pay Off Credit Card Debt in 2013

English: First 4 digits of a credit card (Photo credit: Wikipedia)

With 2013 just around the corner many will be making new year’s resolutions about how they are going to join the gym, stop eating chocolate or fix their finances. While these pacts are all made with the best intentions, come Mid-February the majority of people will revert back to their old ways and forget about their resolution.

The one resolution that we are going to focus on throughout this article is the one regarding finances; and the various ways you can go about consolidating debt.

Debt can come in many forms, however arguable the most common is credit card debt; whether you've slowly amounted debt or have maxed it out in a matter of one purchase; getting it off your back is not that easy. Making minimum payments will chip away at the amount however depending on the amount owed and the interest rates attached; this method can take a number of years.

Arguably the best way to get rid of credit card debt is to transfer the complete debt over to a 0% balance transfer card. These work on the basis that you are charged no interest for a specific time frame; instead you will be charged a small transfer fee of roughly 3% of the balance.

The idea of a 0% balance transfer card is that you pay the complete balance off within the 0% interest time frame – failing to do this will result in you being charged interest each month after the 0% timeframe. Of course, one way of avoiding interest is to transfer the remaining balance over to another 0% interest card and continue to repay the debt that way.

The only problem with 0% balance transfer cards is their availability. Often, only those with immaculate credit histories will be eligible, therefore anyone with missed payments or defaults on their record will be declined.

When this is the case there are still a few options available. Many choose to take out a debt consolidation loan, much like credit cards, the cheapest rates will be reserved for those with immaculate credit history meaning that if you have had trouble with credit commitments in the past then the subprime loan market may be the only option.

Naturally, with subprime lenders offering finance to those with bad credit they will be less willing to lend large amounts and the rates will be much higher. Generally credit card debt will range from £1,000 to £10,000 and there are only two types of subprime loans that offer this amount; guarantor and logbook loans.

Logbook loans are loans that are secured against your vehicle, the amount offered by the lender will be dependent on the value of the car. The rates may however be more expensive than the interest rates of your credit card, although they are one way you could organise your debt if you have more than one credit card.

Guarantor loans are a unique loan product that requires the backing of an individual to stand as guarantor on the loan application. The guarantor simply supports the application and promises to pay if the borrower fails to do so. Guarantor loan lenders will be able to offer between £1000 and £7,500 over a term of 1 to 5 years. 

Author Bio: This article has been written by Jason Scott on behalf of UK Credit Guarantor Loans. To learn more about the loan market or for more money saving tips, visit their website and click on the blog section. 

Related articles

• How to Recover from a Bad Credit Score (50plusfinance.com)
• Review Of Discover More Card - 18 Month 0% APR On Balance Transfers (50plusfinance.com)
• Credit Card Cash Advances: What do they Really Cost? (50plusfinance.com)

Credit Card Cash Advances: What do they Really Cost?

Credit Card (Photo credit: 401(K) 2012)

It is the shopping season: stores are trying to entice people in to buy overpriced presents for their children and grandchildren and adverts on TV are waving expensive toys in front of the nation’s kids as a means of putting pressure on the adults that will be fulfilling the role of Santa. Even the most frugal individuals may find it difficult to resist spending large amounts of money during this period, as it is a time when consumerism is at its peak. Unfortunately there is nothing special about the festive season that magically generates cash once a person has ran out, which means that Christmas shoppers can sometimes end up spending beyond their means and taking out credit card cash advances whilst caught up in the holiday excitement. What most people do not realise is that when withdrawing credit, they are being charged stupid amounts for the convenience and costing themselves more money than they should be forking out.

High Interest Rates and Fees

One of the major downsides to credit card cash advances is that interest rates charged on cash withdrawals are usually considerably higher than those charged on regular credit card purchases. In addition to this, these advances often come with upfront fees of between two and four percent of the amount advanced. Over 50s empowerment, protection and security charity AARP likens cash advances to bait placed in a trap. The charity warns that people are particularly vulnerable to taking this bait during the holiday season but urges them to resist the temptation.

No Interest Free Period

Another reason that these advances should be avoided is that the fifty-or-so day interest free period that most providers offer on regular purchases does not usually extend to credit card cash advances. This means that interest will start to accumulate on the balance straightaway when you withdraw money. This is one of the many dangers of credit card cash advances and makes them a costly way to borrow cash both in the short term and in the long term. According to the NBC News network, the majority of Americans are now over seventy five thousand dollars in debt. You can do your bit to alter this statistic by steering clear of borrowing money altogether or, if there is no other option, choosing more sensible alternatives to getting credit card cash advances.

Better Alternatives to Cash Advances

Making use of an overdraft facility is a wiser choice than getting a cash advance, as most charge less on borrowing. If you go for this option then ensure that your overdraft limit is sufficient to meet your withdrawal needs and be sure to contact your bank straight away if you think that you are going to go over your limit. Some credit card providers offer money transfer facilities that allow you to transfer funds from your credit card to your current account without incurring any interest. This is usually done as part of an introductory balance transfer offer. It is another viable choice, as is using a low rate purchase card. The interest charges are usually far less for these cards and they also provide the benefit of an interest-free period in which you can clear the balance. Unsecured loans could also prove to be a better option in the long term if you are constantly in need of extra funds and know that there is a high chance that you will be borrowing cash for an extended period.

Emergency Situations

In the event that you have no choice but to borrow cash using your credit card, try and opt for the card that charges you the lowest level of interest and fees for making cash withdrawals. Most credit card providers will charge you a fee for each cash withdrawal that you make so it is a good idea to withdraw the whole amount of money that you require in one go. This will ensure that you only pay the cash withdrawal fee once. Finally it is important to pay off the outstanding amount as soon as possible in order to avoid wracking up more interest. Putting this off is liable to result in you becoming swamped with debt and being unable to turn the situation back around.

Related articles

• Understand Your Credit Cards Before Seeking Debt Help (savealittlemoney.com)
• How Balance Transfer Credit Cards Can Save You A Small Fortune (savealittlemoney.com)
• Cash Back Credit Cards: Good or Bad Idea? (savealittlemoney.com)

Review Of Discover More Card – 18 Month 0% APR On Balance Transfers

The Discover More Card – 18 Month Promotional Balance Transfer offer is a great time-limited promotion only for new sign-ups in the US. For those of you who want to consolidate your high-interest credit card debts or store card debts and want to stop paying any interest on them, listen up. Australian readers can get 15 months balance transfer here https://www.hsbc.com.au/1/2/personal/credit-cards/balance-transfers

0% introductory APR on all your purchases. You will also enjoy the benefit of having a 0% introductory APR on all your purchases for 6 months, after that you will have to pay the regular APR, which is between 10.99% – 20.99%, depending on your credit score. Remember that even though you’re in an introductory period and your APR is 0%, you should still make all your payments on time.

Earn 5% Cashback Bonus in rotating categories. Unlike many other 0% balance transfer cards, this card offers you cash rewards when you make purchases with it. It can help you save a lot of money by giving you 5% cash back in rotating categories such as gas, travel, restaurants, etc, which change throughout the year. Important note: You must enroll for each 5% program every quarter! If you spend more than the specified amount for each 5% program, the excess will automatically earn up to 1% cash back.

Receive up to 1% unlimited cash back on all other purchases. You will receive an unlimited 1% rebate on all the rest of your purchases, but only once your total annual purchases exceed $3000. Purchases that are part of your first $3000 earn 0.25% rebate. Keep in mind that warehouse purchases or 5% category purchases do not count towards your total annual purchases.

Some of My Favorite Things About this Card

• Redeem Cashback Bonus for gift cards, merchandise, or cold hard cashin the form of a direct deposit to your bank account or a credit to your Discover card account in $50 increments, starting at $50.
• Get up to double Cashback Bonus. You can earn up to double Cashback Bonus when redeeming your rebates for gift certificates from participating retailers. To give you some examples, a $40 rebate can be redeemed for a $80 Carnival Cruise or $80 Celebrity Cruises gift card or instant eCertificate; a $40 rebate can be redeemed for a $100 certificate from Hyatt Hotels & Resorts; a $20 rebate can be exchanged for a $40 Samsonite gift card!
• Rebates don’t expire. Your rebates never expire unless your credit card account is inactive for more than 36 months.
• Earn rewards for paying your monthly household bills with your card. Set up automatic recurring payments for your cable, cell phone, insurance, internet etc on your Discover Card, and you earn Cashback Bonus with every bill you pay!
• Travel insurance. This credit card can also be very useful for your travels since it provides up to $500,000 in travel accident insurance, as well as car rental insurance and many fraud and security protection services.
• $0 Fraud Liability Guarantee. If there are any unauthorized transactions on your Discover card, you won’t have to pay a single cent for it!

My Least Favorite Things About This Card

Only receive 1% cash back if you spend more than $3,000 a year. You only start earning the 1% rebate on all your purchases after you spend more than $3,000 during the year. So if you’re not planning on spending so much money, you will get a smaller amount in cash back percentage.

This Discover More Card – 18 Month Promotional Balance Transfer is, without a doubt, the best rewards card in the US that offers the longest period (18 months) of 0% intro APR on balance transfers. This is a promotional card offer that is only for NEW sign-ups who apply. For those who want to consolidate their high-interest credit card debts or store card debts, you should take advantage of this offer because it means you don’t have to pay any more interest on your existing card balance, and have up to 18 months to repay it all – interest free! Not only will it save you tons of money, you will also become debt-free faster.

The Discover More Card – 18 Month Promotional Balance Transfer is also a rewards card, giving you cash back whenever you make purchases or pay bills with this card. This lets you save even more money. With no annual fee, you have even more savings, and have a lot to gain from having this card.

This is not a permanent card offering, so don’t miss it if you want to take advantage of the 18-month 0% balance transfer deal. Apply online for the Discover More Card – 18 Month Promotional Balance Transfer, and you’ll get a response within 60 seconds. Also be aware you must have a credit rating of "Excellent" to be approved for this offer.

Apply Now for the Discover® More Card - 18 Month Promotional Balance Transfer

Citi's Simplicity Card With 18 Months No Interest Balance Transfer

Does a credit card with no late fees, no annual fees, no penalty late payments and more sound good to you?

If you need a no non-sense 18 month no interest balance transfer, to use to pay off your high interest credit cards, then skip down to the bottom and apply.

The Citi Simplicity® Card is designed to give consumers an uncomplicated line of credit. It also allows card members to say goodbye to penalty fees for missing a payment due date, and hello to fast, person-to-person customer service!

The Citi Simplicity® Card features an excellent introductory APR period that gives you over a year without interest! As a cardholder, you'll enjoy 0% APR for 18 months on purchases and 0% APR on balance transfers for 18 months from the time you opened your card account!

After this introductory APR period expires, you'll enjoy a low, variable APR. This APR will NOT change if you're late making a payment, nor will you be charged any late-payment fees for missing a due date! This is just one of the many ways Citi is using the Simplicity® Card to make credit management easier.

The Citi Simplicity® Card also lets you do away with frustrating, automated voice recordings when you make a customer service call. Citi representatives are standing by 24/7, and you'll never have to sit and wait for your call to be answered. As a cardholder, just verify your account number and say “representative.” You'll be put right through!

There is no annual fee for the Citi Simplicity® Card either. This card is designed to simplify the credit process for those with excellent credit. With an 18-month 0% APR period, an APR that doesn't change if you miss a payment due date, and access to representatives who can answer your questions or concerns 24 hours a day, the Citi Simplicity® Card truly lives up to its name!

Here are All the goodies:

• Annual Fee $0.
• 0% Intro APR for 18 Months on Balance Transfers.
• 0% interest for 18 Months on Purchases.
• No late fees for making a late payment.
• no penalties for going over your credit limit.
• no wait-time for live help via telephone.

Also The Negatives:

• No rewards program.
• $35 fee for returned payment.

The bottom line is if you need an 18 month no interest balance transfer then this is the card you need. It doesn't get better than this.

Visit the Citi Simplicity® Card page to sign up and for more information. 

Discover is Offering a Rare 24 Month Promotional Balance Transfer

Over the last few years balance transfers have all but dried up. Only within the last six months I have noticed balance transfers starting to loosen up. I have seen many 6 month transfers and a few 1 year transfers. But never have I seen seen a 24 month transfer, not for many years.

Slowly, 0% APR balance transfer cards have made a comeback. But be sure to read the fine print and know beforehand what the balance transfer fee is going to be. It's usually 3-5%, if it's to much it can defeat the whole purpose.

Discover® More Card - 24 Month Promotional Balance Transfer 

Updated Bullets:

• 0% intro APR on balance transfers for 24 months, then the variable  APR of 11.99% - 20.99%
• 0% intro APR on purchases for 6 months, then the variable APR of 11.99% - 20.99%
• 5% Cashback Bonus® in categories that change like travel, gas, groceries, restaurants, home improvement stores and more
• Up to 1% unlimited Cashback Bonus on all other purchases
• No Annual Fee

Discover® More Card - 24 Month Promotional Balance Transfer

Who is this Discover Card Good For?
If you have a debt that you will need 2 years to pay off this is for you. If your digging out of credit card debt and need a break in the high interest piling up. But the deal is that you actually pay it off to make this work.


What's the Downside?
If you miss a payment you're going to lose your promotional balance. The balance transfer fee is 5%, steep to say the least. But if your transfering $10,000 the 5% comes to $500. Divide over two years it is 2.5% interest on the $10,000. Your paying all your interest up front. Still a good deal. Naturally your credit has to be pretty good to get this offer.

After being approved you have till June 10, 2011 to transfer the balance.

You can apply for the Discover® More Card - 24 Month Promotional Balance Transfer here.