Now that New Year’s resolutions have been made and holiday credit card bills have started to arrive, many consumers will be searching for ways to save money in 2012. Taking advantage of 0% balance transfer credit card offers is one of the easiest and most effective ways to get a handle on credit card debt and prevent interest charges from piling up.

Fortunately, credit card companies are eager for new card-holders and many have rolled out special balance transfer offers this January. These offers range from short term, no fee balance transfer promotions lasting 12 months to long, low fee offers lasting up to 21 months.

Noteworthy 0% Balance Transfer Offers

January is a rare month in the balance transfer universe, as consumers are faced with two types of very good balance transfer options. The first option is the no fee balance transfer. Both Discover and Chase are offering fee free transfers that can save consumers 3% of every dollar transferred ($30 for every $1,000 transferred). Continue Reading »

It would be an understatement to say that the credit card industry is intensely competitive at the moment. Banks are trying absurdly hard to earn new business and are offering applicants some truly astounding sign up bonuses that range as high as $500. When advertising these bonuses, banks often specify that customers may earn “up to” a certain number of points or “as many as” a specific amount of miles. Nevertheless, these offers come with conditions that must be fulfilled in order to receive these bonuses. Therefore, cardholders must take several steps to ensure that they receive all of the bonus points and miles that they are entitled to.

First, customers should thoroughly read the terms and conditions of each offer. When doing so, it is important to explore all asterisks and footnotes in order to learn the complete set of conditions necessary to comply with the terms of the offer. In some instances, the entire sign up bonus is awarded upon the cardholder’s first purchase. In other instances, cardholders must complete a minimum spending requirement within a certain time period. This is the most common string tied to cash back credit card bonuses, most of which require $500 of spending within three months. You can view these types of offers below. Continue Reading »

Credit cards are useful, but potentially dangerous financial instruments. When used correctly, they offer security, benefits, and rewards that make them a vastly superior payment to cash, checks or debit cards. However, when using credit cards to incur revolving debt, there can be expensive drawbacks.

The Dangers of Carrying Credit Card Balances

Unlike a loan for a fixed amount, credit cards are revolving charge accounts. This means that borrowers can continue to incur additional debt each month, even as they make payments on their existing balances. For consumers, this is a hazardous aspect of a powerful financial instrument. Too often, cardholders make purchases without regards to their ability to pay for them, and must therefore carry a balance.

As time passes, this practice becomes a habit as they incur more debt at a rate faster than they are paying off their existing balances. Using 0% balance transfer credit cards can take the sting out of interest expenses, but oftentimes, consumers fail to use these low rate cards until they reach a point where their ability to make their minimum monthly payment becomes difficult or their credit limits are nearly exhausted. Continue Reading »

Chase Freedom cardholders, particularly those with large gas station bills, will likely be quite pleased with 2012′s Chase Freedom 5% cash back reward categories. While there are a handful of differences between the 2012 schedule and that of last year, 5% cash back categories are probably easier for many to max out this year.

First Quarter: Beginning January 1st and running until March 31st, cardmembers earn 5% at gas stations and on purchases made at Amazon.com. Because 5% cash back can be earned on up to $1,500 of spending, an individual or family that spends $125 a week on gas can max out rewards during this quarter.

Second Quarter:  From April until June 30th, cardmembers earn 5% cash back at grocery stores and movie theaters. This is generally the easiest quarter to max out, as most families can easily spend the $125 a week on groceries (though a couple would need to see about 50 movies during this period to max out earnings on movie theater purchases). Continue Reading »

For the second year in a row, Discover is running a limited time 0% APR no fee balance transfer promotion. This is presently the only no fee balance transfer offer on the market.

Consumers who apply and are approved for this Discover card (see online application here) pay no fees to transfer balances and are granted a 0% APR on balance transfers and purchases for 12 months. Because balance transfer fees typically range from 3% to as much as 5% of the amount being transferred, opting for this offer saves consumers $30-$50 for every $1,000 transferred. On a $3,000 balance transfer, this works out to an additional $90-$150 of savings in addition to what can be saved with a 0% interest rate. Continue Reading »

Loyal customers of American Express have, on occasion, found that their accounts in good standing have suddenly been suspended. Only later have they learned that they are the subject of American Express’s financial review process. In order to have their accounts reinstated and to receive any pending rewards, it is imperative that cardholders succeed in satisfying American Express.

The first step to passing an American Express Financial Review is to take the procedure seriously. In some cases, cardholders are initially informed of this process by a poor quality call from an overseas representative. That person claims to be from American Express and asks cardholders to verify personal information. Understandably, cardholders are reluctant to divulge this information to unverified individuals. Nevertheless, cardholders should hang up, and call the number on the back of their card. When they reach American Express, they should ask for their Financial Review department. Continue Reading »

January typically marks the beginning of balance transfer season for consumers and 2012 looks to be getting off to a good start. Consumers who anticipate needing a significant amount of time to repay their credit cards will find it possible to get a 0% APR balance transfer lasting 21 months, while those who are confident they can repay balances sooner can get a 0% APR for 12 months and pay no balance transfer fees.

The Best Balance Transfer Offers of the Month

Given the availability of both long term 0% APR offers with low 3% fees and shorter term no fee balance transfer cards, selecting the best balance transfer card really comes down to individual needs. Consumers who want to save on upfront fees ($30 for every $1,000 transferred) and are comfortable with only a 12 month 0% balance transfer period are likely best off with the recently released, limited time no fee balance transfer offer from Discover. This card is ideal for consumers who simply need a few months to get caught up on outstanding bills. Continue Reading »