Okay folks. We know that most of us use Credit Cards. We usually use it for major purchases and sometimes we use it for groceries as well. We know how important it is to have a credit card. The thing is, we don’t normally get the interest rates that we were used to back eight or ten years ago. The interest rates per credit card can now vary between 17.99% to 35%. If you haven’t checked your credit card statements lately, you may be in for a surprise. Interest can add up and interest on interest can make it harder for you to pay off your debt.
They say that if you borrow one thousand dollars and pay only the minimum each month, you will end up paying more than twice that amount in interest if you ever pay it off. That’s not quite clever if you are trying to break free from debt. What you have to do is to re-assess your finances, pull out all your credit card statements and perform a quarterly review. Then, pick the one with the highest interest rate and pay that off first. Better yet, try to find another credit card that charges the least interest rate (zero interest if you have them) and transfer the high-interest debt into it. (Make sure you read the fine print as sometimes they can charge you for the transfer as well) Visit Card Hub and compare credit cards. Choose the one that is best for you and apply for it. Sometimes, transferring a debt from one card to another – even with the associated fees – could still save you money in the long run.
Card Hub is a search tool that allows you to customize your search for a credit card by inputting a few criteria and getting the result real time. The greatest benefit one would find is the easy way to search for a card that meets your needs. I did a search myself – I looked for Personal and/or Business credit card where I care about Balance Transfers that has an introductory interest rate of 0% for more than 13 months. I received ten cards to choose from where I can immediately apply for. The card will allow me to have an introductory rate of 0% for 15 months on balance transfers, no annual fee, with a cash back feature on gas purchases, 3% cash back for all business purchases on certain stores and 1% on others. How could I resist that? Weigh your options and always perform this practice at least twice a year if not quarterly and you’ll find savings that are out of this world.