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Balance Transfer Credit Cards – An Overview
What Is A Balance Transfer Credit Card?
Simply put, a balance transfer credit card allows you to transfer your card balances over from your other credit cards. Through this transfer you can save money on the APR. If you can consolidate all your balance to a single credit card, you can easily keep track of your debt.
Why Should I Transfer My Balances To A New Credit Card?
Balance transfer credit cards, when used correctly, can help you save money. Most people keep a balance on one credit card, a separate balance on yet another, and pay a high APR to maintain both of them. Balance transfer credit cards have outstanding introductory APR’s and the very best balance transfer credit cards will have a comparably lower ongoing APR as well.
Some of the best balance transfer credit cards offer an introductory APR of 0% for an extended period. Those people who are in a debt trap can take advantage of this offer. There are even some balance transfer credit cards which prolong the introductory ARR of 0% until you have paid off all the balance that you have transferred. Certain balance transfer credit cards have a fixed rate and the rate remains the same until you pay off the balance transferred. This type of card, often times lacks the introductory 0% APR offer.
Things to Remember
It is not difficult find a balance transfer credit card, and in fact, you might have already been receiving solicitations from several credit card companies. But finding the best balance transfer credit card can sometimes be a murky affair. Understanding certain key elements regarding these cards can help you to choose the best.
Most people fall for the introductory offer given by the balance transfer credit cards. But this is only for a specific period of time. The period of time offered on these introductory APR balance transfer cards is often times determined by your credit history. So while selecting a balance transfer credit, keep a close eye on the introductory offer. Make sure that the introductory offer will work in your favor.
In some instances, some credit card companies will require an initial balance transfer along with the application for the card. Some people might not be comfortable with such a demand. The best balance transfer credit cards provide flexibility on balance transfers that will allow you to transfer balances at anytime during the introductory period.
Some of balance transfer credit cards might have a fixed rate introductory offer which is not a 0% APR on balance transfers, but is very low, remaining constant until you pay off the balance.
Most balance transfer credit cards have a transfer fee. Make sure that the transfer fee does not negate the financial advantage you are trying to get from the whole process. This aspect should be considered seriously by people who are planning to transfer balances from two or more cards. There will be no transfer fees incurred with the very best balance transfer credit cards.
You should compare your existing cards interest rate with that of the balance transfer credit card. While comparing include all the fees associated with each card as well. And if you are planning to use your balance transfer credit card for ongoing purchases, make sure to get the complete details, including ongoing APR’s on purchases, penalties, late payment fees and any miscellaneous surcharges that might be incurred when using the card in this manner. Make absolutely sure that there are no hidden charges.
Boat Finance Australia
Tips on Boat Finance Basics
So you feel it’s time to buy that boat you’ve always dreamed about? You’ve considered many types of boats to find that perfect one. You’ve checked out various retailers and boat shows, boat name brands, and sizes, but aren’t sure how to proceed with the financial realm of buying a boat. Perhaps you don’t have enough to pay cash and are considering a boat loan.
Boat finance can be simple if you know how to do it and which company to work with. Let’s explore some boat finance basics so you can soon realize your sailing dreams.
Boat loans can be issued in many ways, so it’s wise to shop around a little before making a commitment. First, know the difference between mortgage loans,car loans, and boat loans. A boat loan can usually be stretched out over a similar period of time to a car loan – up to five perhaps seven years.
A boat loan cannot normally be stretched as far as thirty or forty years such as a mortgage loan. So the payments may be similar to those of your car, depending on the initial purchase price and the boat loan interest rate.
Banks vs. Boat Loan Specialists
Choosing a lender can be another difficult decision. Some banks and credit unions might offer very attractive loan packages on boats, or they might even allow you to secure a personal loan, which usually requires no collateral.
This will depend on your credit history and credit score as well as the bank’s requirements for unsecured loans. On the other hand, a boat loan specialist may be able to work directly with you to get the best possible interest rate,
the required insurance for your boat loan, and faster loan approval. Because the company specializes in boat finance, it may be able to offer more creative loan possibilities to meet your financial needs.
Shop around and ask your boat retailer if they already work with a boat loan specialist to provide financing for your purchase. You might be surprised at what they have to offer.
Also, beware of buying a used boat. Find out the age of the boat, how often it has been used, how long it has been parked without use, and whether it needs repairs. Boat repairs can be very expensive, so do your homework! Ask a boat repair specialist to check it out for you before buying.
If you plan to finance a boat, you will likely get a better boat finance plan on a new boat, so be sure to weigh the differences before jumping in with both feet.
Hidden Costs of Boat Finance
Be sure to consider any hidden costs involved in boat finance. Within the loan or required by the lender, there will be interest, loan insurance, a title, possible closing costs, boat insurance, and taxes. Some lenders may require a down payment, which could range from 5 percent up to 20 percent, depending on your credit history.
Also, consider other costs of owning a boat such as fuel, dockage fees, supplies, repairs, maintenance, a hauling trailer,storage for the boat, and an appropriate hauling vehicle. The larger the boat, the more expenses you will incur.
Determine how much you can afford before shopping around. Determine a set purchase amount and a set boat loan payment so you can be sure to stay within your budget. Stay budget-minded so you won’t get carried away with an elaborate sales presentation while shopping!
You can easily go online to determine possible payments and interest rates using an online boat finance calculator. This will help you know what to expect when financing your boat. Shop around for the best deals on boat loans,interest rates, and payment plans to find one that suits your needs now and for the future. Smart shopping now can help you find the perfect boat – and boat loan – while minimizing the stress of this significant purchase!