Friday, August 04, 2006

Then cash back credit cards are all for you!

Using your home equity line of credit, you can eliminate bad debt, such as high interest credit cards, personal loans, or overdue bills.It does reflect on your individual credit rating, says Channing Barringer, an American Express representative. All it takes is one phone call to lower the interest rate. However, it might be hard for some of us to maintain that perfect credit history. With your new loan, you can then begin to eliminate your debt and improve your cash flow.

Additionally, MasterCard has initiated a relief program in which personal donations made by its global employee base will be double-matched by the company, and has also donated its advertising space in USA Today to the American Red Cross to help the organization communicate its important messages during this time. In this way, you can check whether there is anything reported wrongly in your credit report and can have things rectified. About 10% of your score is affected by your Mix of Credit. It is amazing how one can low interest eliminate credit card debt do everything here.

Now that may not seem like much, but what if you owe $5000, $10000, or even more? And remember, that’s before you start to repay the money you owe. It can be redeemed for flights, hotel accommodation or even car rentals. It precludes many potential cardholders. Balance transfers simply means to transfer the remaining balance in the credit card to another card in order to eliminate the presence of a big interest rate.By consolidating your short term debts with a single home equity loan, you can eliminate your unsecured debt’s negative effect on your credit score.

5 comments:

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Joel said...

The cash back reward you can earn from credit cards depends on your particular spending profile -- especially how much you spend in various categories (e.g. gas, grocery, restaurants, utilities, etc.)

The calculator at www.creditcardtuneup.com makes choosing the best cash back card (or mix of cards) easy. Given your spending pattern, it calculates your expected annual rewards for each of the leading cash back credit cards and even for your best mix of cards.

See the tool at http://www.creditcardtuneup.com/ .

Jackjoshua said...

Want to apply for a credit card but not decided, you know Amex blue cash for business will be the card really useful for you.

Joel said...

I agree that the AmEx Blue Cash is a great cash back card. However, because of it's tiered structure, for non-everyday-purchases (gas/grocery/drug), it doesn't *break even* with a run-of-the-mill 1% cashback card until you've spend $13,000 on Blue Cash (non-EDP) in any given year. After $13K non-EDP, it starts to pay off, but still will never catch up to, for example, the Fidelity 1.5% card.

Anyway, the math and analysis behind all this isn't trivial and most people don't take the time to do it for all the great cashback cards out there. It's really worth the few minutes to just plug your monthly spend numbers in at Credit Card Tune-Up: Maximize your Cash Back Rewards and see which cash rewards cards come out on top for your spending pattern. Take the couple moments to consider whether more than one card is worth the hassle as well. The Credit Card Tune-Up tool shows the incremental benefit to using one more card.