0% interest credit cards

0% interest credit cards

Ask Creditnet: Which Debt Should I Pay Off with a Balance Transfer?

paying credit card bills Dear Creditnet: I was recently approved for a zero interest credit card with a $3,500 credit limit. The zero interest promotion lasts for the first 12 months. I’m looking to put the first $1,000 to great use by either paying off balances on 2 high-interest credit cards totaling $800 with monthly minimum payments of $20, or by paying off the balance on a $1,150 auto loan with monthly payments of $165. I'm not sure which will boost my credit score the most. Can you answer this?

Ask Creditnet: What Credit Limit Will I Get?

citi platinum select credit card Dear Creditnet: I have a FICO score of 725 and I'm trying to find a 0% interest credit card that will allow me to transfer $25,000 from other cards so I can pay off this debt over the next year or so. It looks like the Citi Platinum Select Card offers the longest 0% interest period at 21 months, but will I get a high enough credit limit for this to work? I make nearly $200,000 per year, so I assume that will help my chances.

Ask Creditnet: What to Do When You Have "Too Much Open Credit"

discover credit card
Dear Creditnet: I recently applied for a 0% interest credit card and was declined because I apparently have "too much open credit." What exactly does this mean?

I have good credit and pay all my bills on time, so I was really surprised when I got declined. What should I do next?

Credit Cards & the Dodd-Frank Wall Street Reform and Consumer Protection Act

Obama signs Wall Street Reform and Consumer Protection Act

On July 21 of last year, President Obama signed the Wall Street Reform and Consumer Protection Act in response to the worst economic collapse since the Great Depression. The act contains many provisions aimed at better regulation and oversight of the financial industry, and it was primarily penned by former Senator Chris Dodd of Connecticut and Representative Barney Frank of Massachusetts.

Card Issuers Don't Care What Credit Limit You "Need"

[caption id="attachment_1735" align="alignleft" width="300" caption=" "]Credit limits for Balance Transfer Credit Cards[/caption] Credit issuers have become quite stingy when offering new credit card limits. But who can really blame them? With unemployment high and the economy still sputtering along, it shouldn't come as a surprise that credit issuers want to do everything possible to reduce unnecessary risk. Likewise, consumers are trying to reduce their own risk by paying down credit card debt and saving more cash. According to the latest report from the Federal Reserve Bank, revolving credit decreased nearly $900 million between June and July of this year. That marks a total annual decline of 1.8 percent and suggests that Americans are truly serious about not only curbing spending but also managing their existing debt.

Ask Creditnet: How In-Store Financing Can Hurt Your Credit Scores

 Dear Creditnet: I'm currently in the market for a new TV and Best Buy is offering 0% financing for three years. My question is when you open an account like this, how big of a hit does your FICO score usually take and how long will it take to rebound? I could easily pay cash for the TV up front, but the "finance" person in me says it's free money—why not take the terms?

Surprise! Credit Card Issuers Can Still Jack Your Rates

[caption id="attachment_1486" align="alignleft" width="312" caption=" "]Photo by Kevin Zheng Li[/caption]

It amazes me that a lot of people haven't heard of the CARD Act yet. Perhaps I'm just biased because I spend a lot of time reading financial sites, but it seems like the CARD Act is one of those laws that's received an extensive amount of media hype since it was passed last year. How could anyone completely miss it?

I do happen to come across a friend or relative who knows what the CARD Act is from time to time, and when I do I like to ask them what change they think will matter the most to their wallets. Surprisingly, the general response is the same in almost every case—"no more interest rate increases on existing balances."

Ask Creditnet: Interest Rate Jacked on Existing Balance

Dear Creditnet: The issuer of my primary credit card just sent me notice saying they're raising the rate on my existing balance to 30 percent. My account is already into the thousands and I can barely make payments as it is! I have been a little late in the past, for which I will now be massively penalized. Is there anything I can do? Any recourse?