0% Balance Transfer and Credit Card for First Time

What can I do to improve my credit score?

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0% Balance Transfer Credit Cards

A lot of credit card companies are offering these 0% balance transfer

cards these days. If they are used properly, it can save you a lot of money on

your debt(that�s if you have average or above average score). Especially

since some Credit Cards have an interest as high as 30%.

Most of these balance transfer cards are from 6 to 18 months, and once

the period is over, you have to pay the regular interest rate on the

remaining balance. The best thing to do with these cards are not to make

any new purchase on them. As when you send payment, the old balance will

be paid first, and not the new balance. And you will end up paying high interest

fees on your new balance.

You have to make sure to pay on time, as one late payment, you will end up

paying regular interest rate, and if you�re late the second time, your interest will

go up to 30%. Another thing to be aware of is, you might want to avoid the

ones that offer a fee to get the transfer balance, as many companies

don�t offer fees.

Getting a Credit Card for the First Time

How can one get a Credit Card, if they never had a Credit Card? This is a problem

for many people, who are just starting out. Most places won�t give you a loan or

credit card, because you have no credit. There are a few ways to get a Credit

Card for the first time. I will go through all the ways in this article.

One way to go is getting a Secured Credit Card. The way this works is, you secure

the card by depositing money to the bank. When you deposit money, the bank will

give you the card, but you would be paying an Interest on your deposit. When you

send in your payment, the bank keeps a record of this, and this will help you

build credit.

Another way to get a Credit Card is to get a cosigner, which I don't recommend,

as if you fail to make payment, the cosigner will be responsible for your payment.

According to Federal Trade Commission 75% of cosigned debt will go into default.

If you are a College Student, this is the easiest way to get one. There are a

lot of companies, who offer Credit Card to students. You can either sign up online,

or when they come to your campus.

You can get a merchant card from a department store. You need to make sure,

they reported it to the credit reporting agencies, if they don't report it, it won't help you

to get Visa or MasterCard. And once you do get your Visa or MasterCard, it's a good

idea to cancel your merchant card, as they charge a very high interest.