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Posted by nick_niesen in Finance on October 29th Julien Davenport Womens Jersey , 2010


You have just applied and received your low interest credit card, and now you want to know what to do next. There are a few options you have available to you other than simply running out and purchasing various products, and a couple of thoughts to keep in mind that can end up saving you a great deal of money in the long run. Low interest credit cards are well suited for saving money by consolidating debt from higher interest sources utilizing balance transfers, and for making large purchases you cannot pay off in one billing cycle.


Balance Transfers


Qualifying for a low APR can be difficult if you have any smudges on your credit report, so if you received one you probably have another credit card already. If this is so Zach Cunningham Womens Jersey , and you are running a balance on the higher APR card, you now have the option to save some money by cutting the amount you have to pay in finance charges. If it is possible to pay off the balance in full, then by all means do it. This is always the best path to savings. If however you are sure the balance on the higher rate card will be with you for a while, then it might be best to transfer the debt onto your new low interest credit card.


The first step is to figure out which credit card you are using has the highest interest rate. If you have more than one, then carefully go through your bills and locate the APR for each card. If you can't find this information Deshaun Watson Womens Jersey , call your creditor and ask them. They will be happy to give you any account information you need. While you have them on the phone, ask them how you can lower the APR on your current account. If there is a way to do it, the creditor just might be able to help you.


Once you know which APR is the highest, it is time to make the balance transfer to your new low interest credit card. There are several ways to go about this, but the safest route it to call the creditor you are transfer the debt too and have them walk you through the process. Since they are going to receive your new balance Whitney Mercilus Womens Jersey , you can be sure they will take all the time you need to get this done.


If you have enough room on your new card, it might be wise to transfer the balance from as many cards as you can onto this low interest credit card. Obviously you would need to use your best judgment here, but if you are going to pay finance charges you might as well minimize them. Remember, if the possibility exists to pay off a card entirely, then always do it. Transferring debt doesn't make it disappear; it just shifts it around to a more desirable location.


Once you are done transferring debt Johnathan Joseph Womens Jersey , do your absolute best to no longer use your higher APR cards. It won't help to charge up the other cards once your have your APR down to a manageable level, and you will be creating an even worse problem by having more than one card carrying a balance. Also remember that it is imperative that you are never late on a payment connected to your low interest credit card. If you default

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