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Credit Card eZine - News and Articles about Credit Cards

Credit Card eZine - News and Articles about Credit Cards

Get even more information on credit cards? Read our Credit Card eZine. The section is regularly updated by our specialists. Learn all the financial tricks. Know the pitfalls and hidden bonuses. Find out how to transfer balances and accumulate points. We will tell you about the latest offers on the market.Get your credit card education and make the most out of your plastic.

Here’s How To Stop Paying Interest And Be Debt-Free, Fast

[April 24th, 2018]

Many Americans are struggling to pay off debts, whether they owe on student loans, medical bills, or credit card balances. If you’re one of the millions that have credit card debt, you’ll want to read this guide to paying off your debts quickly without paying any interest.

The first thing you’ll want to do is take stock of exactly how much you owe, and on which cards. Make a list of your balances and note the interest rate for each card. What you’re going to want to do is transfer your high-interest balances to a new card with a 0% intro APR offer for the first year (or even longer, depending on the card and the specific offer).

Before you transfer your balances, however, it’s a good idea to look over your credit report and make sure your credit score is healthy. A solid credit rating will help you be approved for a balance transfer card that offers the longest possible no-interest period. So if your credit score could use a little help, now is the time to address it. If there are any errors on your credit report, you’ll want to correct them, too. Look at the negative information and do whatever you can to have it removed, and bring your accounts into good standing.

Things to remember when transferring a balance

There are a few important things to keep in mind when you do a balance transfer. The first one is that you need to keep making payments on your old card until the transfer has cleared. The second is that you need to make the payments on your new card on time, every single month, without fail. That’s because a late payment could cause you to lose your zero percent interest rate and possibly even be slapped with a penalty APR.

Transferring a balance from a high-interest credit card to a lower rate one, or one with a zero percent offer, is one of the best ways to pay off debt quickly. The key is to know your credit score, pick the best offer, and make your payments on time. This way, before your know it you’ll be out of debt—and you can stay out.

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