Consumers Finding Cheap Credit

When you apply for a credit card you are usually trying to find out what your choices are and the best deals. Most of us find that credit cards are just getting us further into debt and working against us. However if you are a crafty individual you will be able to apply for a credit card that works wonders for you. A good move is usually one where you will save. When paying off your debts you need to use your savings. The savings rates are usually 6% for the year before tax. This means that you are not really saving any money if you have a credit card at 17% because you are losing anything you would potentially be saving.

To apply for a credit card takes a lot of consideration. You need to make sure you are not suffering from your savings by having a high interest credit card. So look for zero percent balance transfers when you apply for a credit card. Most often if you have a zero percent interest rate for three months to a year you are actually saving money when you apply for a credit card versus staying with a card that charges more than 17% interest. The most popular company for you to apply for a credit card with is Virgin Credit Card. They are offering a zero percent balance transfer and a fee of 2.98% during the transfer. This is a small fee compared to the 17% you may have been paying previously on that same balance.

However when you apply for a credit card you do have some problems. The zero percent balance transfer rate doesn’t always last. In this case when you apply for a credit card you will want to make sure you can pay off the balance before it starts earning interest. You can hurt your credit score when you apply for a credit card every two to three months. This is kind of a credit card roulette where the train never stops and you end up hurting your credit further rather than re-establishing it.

When you apply for a credit card you really need to pay attention to the credit score hit you will receive. When you apply for a credit card or for multiple credit cards in the same time span you are going to affect your credit score each time. The credit card companies are going to look at your score and they will leave footprints. The most you apply for a credit card the more hits or footprints you will have.

It is best when you apply for a credit card that you do so maybe once a year, and then hold off. This can be a problem for those trying to get the good deals, but keep in mind the adverse effects can be worse. There are some companies you can apply for a credit card with that offer lifetime zero percent balance transfers, but you have to maintain a great credit history for those deals or know where to look. Being crafty as a consumer when you apply for a credit card is going to be one of your best options.

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