Showing posts with label prepaid credit cards. Show all posts
Showing posts with label prepaid credit cards. Show all posts

Wednesday, July 24, 2013

Where Can I Find Free Balance Transfer Credit Cards?

Today, I'm going to talk about balance transfer credit cards. And, I feel it's important because I see more and more articles talking about free balance transfer credit cards. 

I can't tell you how many emails I've received asking me where to get free balance transfer credit cards. Just in case you don't have much time to read here, I want to tell you the truth up front...

There is no such thing as a free balance transfer credit card! Allow me to explain...

What Are People Referring To As Free Balance Transfer Credit Cards?

There are 2 things that may cause consumers to want to associate the word free with balance transfer credit cards...

  • Promotional Interest Rates – Often times, balance transfer credit cards come with 0% promotional interest rates. The promotional interest rates generally last anywhere from 6 to 18 months and for the most part, the rates are quite harmless. However, 0% interest doesn't ever mean free! It just means no interest.
  • No Balance Transfer Fee – A couple years ago it was pretty easy to find a balance transfer credit card that came with 0% promotional interest rates and no fee to transfer. Unfortunately, it's not that easy these days. As a matter of fact, I comb the market often and I haven't found anything in the past year or two that was worth applying for and didn't come with a transfer fee. So, it's my assumption that the no balance transfer fee promotions have come and least for now!

Let's Get To Reality!

OK, I admit, promotional interest rates are fun and, if I could transfer a balance without paying a transfer, that would be pretty cool too. But, these simple perks don't mean that the credit card is free at all. 

This is the biggest problem with balance transfer credit cards. So many consumers fall under a false misconception that balance transfer credit cards are a magical card that make all of your debts completely free. That's just not true.

Think of it from the lender's point of view. Most of the lenders are publicly traded corporations with stock holders to report to! If not, I can assure you that they aren't in business to lose money! 

If lenders gave you a credit card with any sort of available credit for free, with no interest, annual fee, or any other fee, all the money available on that card would be tied up in you. You, a borrower that they stood absolutely no chance of making money on. If they give that deal to you, they have to give it to others that meet the same qualifications that you do. 

Now, they've got millions of investor dollars tied up in loans they can't make a penny on! That simply won't work.

For the concept of balance transfer credit cards to work, there has to be some way for lenders to report a profit to the stock holders that own them! So...

Where Does That Profit Come From?

That really depends on the lender and offer you are working with. Every balance transfer credit card out there comes with it's own, very unique set of terms and conditions. If you have a credit card, you will pay fees in some way if you carry a balance. 

To be sure of what fees you're going to find yourself paying, it's important that you compare the market and take the time to read the rates and fees section of the terms and conditions for any offer you're interested in.

Final Thoughts

Balance transfer credit cards are usually great offers. However, they aren't designed for everyone as no financial option truly is! That being said, before you ever apply for an offer, make sure to compare the market and find the best one for you. 

Also remember, that there is no such thing as a free balance transfer credit card so, expect to pay fees to carry a balance!

Wednesday, June 19, 2013

Importance of Credit Cards in the Context of Human Trade and Finance

Finance is a broad concept which can actually be placed under two concepts, one as the study of how money is being managed, and another is the allocation of resources efficiently. Finance is a very important terms in the aspect of mankind, as human being just cannot exist on earth without finance. Each and every entity on earth that is being managed or run by man needs finance, be it a micro concept as, functioning of a single household, or in the broader aspect as the functioning of entire government or large business firms, all need finance to develop and grow as well as exist. 

Origin and Types

Origin of the term finance can be traced back to the time of the development of human civilization, however it can be found as a very popular word of the eighteenth century, meaning of which is management of money and wealth. Later this term has evolved into a greater extent, not only in the aspect of its practicality or academic importance, but also it is regarded as one of the important branch of economics. Finance is thus important in overall growth and development of human being. Finance can be also categorized in three forms according to the importance and uses such as public finance, personal finance and corporate finance.

Evolution of Payment and Transaction

With the advent of science and technology, human have made large progress in the field of science and technology. Not only in the area of science, have they moreover developed as most advanced species on earth. With the fusion of technology in every sphere, financial transaction has also evolved in more advanced from. Gone were the days of barter system or paper money. Now transaction is made largely through the process of plastic money or electronic payment. The growth of technology has revolutionized the procedure of money payment with e-money, debit cards and mobile payment gaining more popularity. 

Importance of Credit Cards

It is often said that if the outstanding balance is paid regularly at the end of each month, and if the expense is controlled efficiently, Credit Cards are the best source of money payment and making useful transaction. Credits Cards are very important tools dealing in the concept on finance and hence its benefits can be numerous.

1. Helps in resolution of Disputes – Credits cards are more secure and active than debit card in terms of any fraud transaction. In debit cards money may be out of your bank account by the time you come to know, but credit cards are safe in the way that in case of any fraud transaction, money remains intact.

2. Get More On Payment- While making any payment through credit cards, there are various schemes and offers available on the credit purchase, such as money back guarantee, money refund scheme, or bonus points, or even surprise gifts. These are not available on any other mode of transaction.


Thus credit cards offer plenty of benefits one can avail of than any other mode of payment or transaction. Finance is therefore very important aspect of human civilization and without it the entire society just cannot exist. Importance of credit Card is also inseparable, as it is one very important mode of money transaction and payment, thus becoming one very important tool of human trade and finance.

Author’s bio – Alisa Martin has written several quality articles on Logbook Loans. She suggests her readers to visit to avail more information on the same.

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics