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low interest credit cards FAQ


Forget your FICO, You are in trouble and you need to get smart. Credit card debt is stupid debt. Do everything you can to get a lower interest rate and pay off all the cards AND THEN cut them up and call the companies and cancel them all. The pay off


If you cannot pay off the rest of your debt within the next 3 months, then, yes, you need to move everything onto one card with a very low rate. That is not going to hurt your credit, it is just going to save you finance charges.

Beware,


Reducing your rate is a good idea but there are a few other things to consider. First keep in mind that your credit score is effected by credit longevity meaning how long your accounts have been open so you may hurt yourself by closing your existing


The more credit cards you take out, and the balance transfers you have; the lower your credit score may get. So probably not, just depends in your situation


You will have to rebuild your credit worthiness following bankruptcy before you will qualify for low interest credit cards. This can take a number of years of squeaky clean debt and credit management following bankruptcy.


Typically 3% of the amount transferred.

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Low interest rates may equal more fraud victims: OPP

18.05.12

(CNW) — OPP are warning consumers not to blindly trust phone calls that claim to be able to negotiate significantly lower interest rates on credit cards or loans.

Members of the OPP's anti-rackets branch say this type of "service scam" is becoming more prominent during tough economic times being experienced by many Canadians.

Consumers who get these interest rate reduction offers — sometimes through automatically dialled robocalls — should listen to them with extreme scepticism because many are scams. What the callers really want is the processing fee, which is usually paid by credit card. Some even follow up with a fraudulent client acknowledgment or cancellation clause that reimburse the amount excluding a "retainer fee."


Source: Petrolia Topic

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Be a savvy bargain hunter: Try credit card shopping

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