Does anyone know of a site or can anyone explain the mombo jumbo on the back credit card offers? One thing I know is that I have a high interest rate now and I would like to transfer the balance to a better one. Thanks you, Sarah
Not too sure about deciphering the 'mumbo jumbo' - like phone companies they make everything so complicated its hard to compare! You could start by ringing your present credit provider, asking to speak to someone with the authority to adjust interest rates, and tell them you are considering moving to a card with a lower interest rate, (or write to them). If you ask they may lower your interest rate to keep your custom, especially if you have a good credit history with them and always pay on time. There is a form letter you can send about this, with all the hard work done, on the Dollar Stretcher site - originally from Bankrate.com While I'm on the subject of the Dollar Stretcher site I can't recommend it highly enough. There is a very big easily searched archive of past articles and I bet if you go there you will find an article on comparing credit card interest rates.
One suggestion about credit cards is call the 800# on the card and ask for a lower interest rate, explain that you would like to stick with their company, however it's not competitive with others. Also watch out for the TRANSFERS FEES, that's how they get you, too. They charge a huge amount to transfer a balance from one card to the next. ASK IN ADVANCE! before switching. not all companies do that, but its getting more common.
After getting a card, pay off purchases as soon as statement comes in. If you can't do that, pay more than the minimum. When you are going to purchase an item, double the price and ask yourself if that item is worth that price now, because if using credit, paying minimum balance, you will be paying more than double on many items. definitely not thrifty.
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