4 Steps To Transferring A Credit Card Balance Online
According to Reserve Bank of Australia figures, Australia’s national credit card balance was $40.4 billion at the end of 2009. That equates to an average of around $3,196 for every cardholder.
With most banks and credit card providers charging interest on credit card balances at anything between ten per cent and twenty per cent, many hundreds of thousands of you will be paying a large amount of interest to your card company. However, with dozens of instant approval balance transfer credit cards in the market, there are ways for you to save money.
Here are our four steps to saving yourself hundreds of dollars in interest charges by transferring your credit card balance online.
1.Pick a card
The first thing you should do is use an online comparison site in order to establish the right credit card for you. Using sites , you can establish which cards offer the best balance transfer deals for your specific circumstances. These deals typically include:
2.Get an instant approval
When you have established which credit card is right for you, you will generally be able to apply for the card online. Most banks offer a secure internet application process which typically takes around ten to fifteen minutes to complete.
Once you have submitted your application, the chances are you will receive an instant approval for your credit card. Most banks are able to access your credit report and underwrite your application electronically, providing you with the ability to obtain an instant approval credit card.Once you have received confirmation of your instant approval credit card, your actual card will be sent to you, along with your PIN. This generally takes about seven to ten days.
3.Provide your current card details
Once your instant approval credit card has been confirmed, you will need to provide all the details of the balance you wish to transfer. This includes your card provider, the amount of the balance and the amount you wish to transfer.
Sometimes, instant approval credit card applications will ask you to complete the details of any balance transfers you wish to conclude as part of the online application process. This means that once your instant approval credit card is confirmed, the balance transfer process begins immediately. This can really save you a lot of time and money.
If this is not the case, you should contact the new card provider straight away to provide them with the balance transfer details.
4.Benefit from lower repayments
The sooner that you transfer the balance to your new instant approval credit card, the sooner you will start to save money. Your interest will be charged at a lower rate which means that more of your monthly repayment will go towards clearing your credit card balance.
5 Tips To Getting More From Credit Card Rewards
Credit card rewards programs are hugely popular with Australian consumers. They allow you to benefit from a wide range of rewards simply for using your credit card.
Here are our top five tips to getting more from your credit card rewards program.
1.Use your card regularly
The vast majority of credit card rewards programs award points based on the amount that you spend using your card. Most schemes award between one and two credit card reward points for every dollar that you spend on your card.
The more you use your card, the more rewards points you will accumulate. If you want to amass as many points as you can, the secret is to use your credit card as often as possible. Use it for large items but also for day-to-day purchases such as fuel and groceries.
2.Use ‘bonus partners’
Most credit card providers have a range of retail partners with whom they offer bonus reward points. By using your credit card to spend with these bonus partners, you will also benefit from additional points in addition to the reward points you earn through your card provider.
Sometimes you can earn up to an additional four points per dollar spent by using your card with ‘bonus partners’.
3.Pay off your balance regularly
One of the biggest mistakes that credit card rewards customers make is to maintain a balance on their reward card.
If you maintain a balance on your card there is a good chance that you will be paying interest at anything between 15% and 20%. You could therefore be paying hundreds of dollars every year in interest charges.
Whilst the value of your rewards may be good, it is probable that you will be paying far more in credit card interest than the value of the rewards you are earning. So, where possible, you should pay off your rewards card balance every month. If that is not possible, consider transferring your balance from your rewards card to a ‘balance transfer’ card before using your rewards card in future.
4.Consider upgrading your card
Most card providers offer a range of cards affiliated to their credit card rewards schemes. These typically include a standard card, a gold card and a platinum card.
Whilst you may find that you pay a higher annual fee for a gold or platinum card, they will often offer enhanced benefits. For example, most gold and platinum cards will award more points per dollar spent than a standard card (it is not unusual for platinum cards to award two points per dollar spent). You could double the points you earn just by upgrading your card.
5.Use ‘points plus pay’
If you haven’t collected enough points for your chosen reward, most providers will allow you to buy the item with a combination of reward points and cash. You can therefore benefit from your chosen reward by using a mixture of your points and paying the balance using your card.
What Is An Instant Approval Credit Card?
With over 14 million credit cards in circulation in Australia, paying using plastic has never been more popular. With over half of Australian households also boasting high speed broadband, it is not surprising that many banks now offer online credit card applications.
With credit searching technology now available to card providers, many of them are using electronic underwriting processes to assess credit card applications. This means that credit card companies are now able to offer ‘instant approval credit cards’.
What is an instant approval credit card?
Instant approval credit cards (also sometimes called ‘online approval credit cards’) are credit cards which are agreed instantly at the point of application. They are generally available through online applications, although occasionally you can obtain an instant approval credit card by telephone.
What’s the application process?
You can search, compare and apply for many instant approval cards .It is important that you first research the various cards on offer in order that you find the instant approval credit card best suited for your needs, whether that is a reward card, balance transfer or low rate credit card.
Once you have decided which card you wish to apply for, you can head online to do this.
When applying for an instant approval credit card, the online approval process typically takes a matter of minutes or even just a few seconds. You provide basic personal information and other details such as your employment, income, assets and liabilities and the credit card company obtains your credit report online. The card provider than makes an instant authorization, determining whether or not you are considered a suitable customer. If your credit is good enough, you can get an instant approval online.
What happens next?
Whilst the actual application and approval process only takes a few minutes, you will have to wait several days to physically receive the credit card. Your card will be sent to you by mail, normally preceded by your PIN. This generally takes between five and ten days.
In some cases, a more in-depth look at your application may be required and you won’t gain an instant approval. This may be required if there are any issues on your credit file or of the card provider requires any additional information. In these situations, you will generally be notified by mail within one to two weeks.
Convenience and speed
Getting an instant approval credit card online can significantly cut down the time it takes for you to actually receive your actual credit card. The process is also much more convenient than applying for a credit card by filling in an application form by hand and submitting it to a bank via the post. A process that used to take weeks has been cut down to days with developments in online technology that provides the platform to instantly approve credit cards.
How Do Credit Card Rewards Work?
According to 2009 figures from the Reserve Bank of Australia, there are over 14 million credit cards in circulation in Australia. With dozens of card providers and a range of different types of card, choosing the right card for your needs can be tricky.
Banks who offer a credit card rewards scheme are amongst the most popular. Cardholders are able to accumulate points simply for using their card and can then exchange them for thousands of different rewards.
If you are considering a credit card rewards program, here’s our simple guide to how they work.
Sign up for a card
The first step is to head online and use a comparison service to consider all the different credit card rewards schemes that are available. Each scheme is different in terms of how you go about earning points, the interest rate charged and what rewards you can benefit from.
Once you have found a scheme that is right for you, you need to apply for your chosen card. Once your application has been approved, your credit card rewards account will be opened and your card and PIN will be sent to you.
Earn points
Once you have received your card, it is time to start amassing your credit card rewards points. The vast majority of cards allow you to earn points based on the amount you spend on your card.
Typically, you will receive one reward point for every dollar that you spend on your credit card. You can use your card almost everywhere – to pay for large items such as furniture or electrical equipment, or for day to day purchases including groceries and fuel.
The points are awarded based on your spending, not on your card balance. Even if you repay your card balance in full every month you will still benefit from all the credit card rewards you have earned through your spending.
Bonus points
In addition to earning credit card rewards based on your spending, it is possible to accumulate ‘bonus’ reward points.
For example, if you have a gold or platinum card, you will often find that you receive an enhanced number of points based on your spending. It is not unusual for gold cards to offer 1.5 points per dollar spent on the card, and platinum cards often offer 2 points per dollar spent.
You can also earn additional credit card rewards by using your card with a list of ‘bonus partners’ approved by your card provider. The details of your card’s ‘bonus partners’ are generally on the website of your bank, and you can earn additional points for paying for goods and services with your credit card at selected retailers.
Decide on rewards
Once you have accumulated credit card rewards, you can choose what you would like to exchange them for. Most card providers have a catalogue offering a wide range of choices including homewares, electrical goods, gift cards, charitable donations and experiences. You can either regularly use your credit card rewards points for smaller rewards, or save up your points over a long period to redeem them for a more valuable item.
Warning: If You Don’t Manage Your Credit File You Won’t Get An Instant Approval Card
Have you ever been declined for a credit card?
If so, it was probably because of something on your credit file. Whilst it isn’t the only factor a card provider will take into account when deciding whether to grant credit, your credit file plays an important part.
If you are looking to benefit from an instant approval credit card, making sure your credit file is in good order is crucial.
What are ‘instant approval’ credit cards?
Instant approval credit cards are offered by a number of leading Aussie banks. When you complete a credit card application securely using an online service, many providers now give you an instant approval having taken into account the information you have provided and after undertaking a credit search.
The instant approval normally takes no longer than around sixty seconds once you have submitted your online application.
What factors are taken into account when you make an application?
Credit card companies all have different underwriting criteria. However, most of them will base their underwriting decisions on the same general factors:
The importance of a good credit file
Your credit file provides a credit card company with details of how you have managed your financial commitments in the past. It also provides an indication of how likely you are to manage your commitments satisfactorily in the future.
It follows, therefore, that if you have been late in paying credit card bills or other financial commitments in the past that you are likely to continue to do so. Credit card providers are therefore less likely to agree to grant credit to you if you have proved to be irresponsible with credit in the past.
If you want to obtain an instant approval credit card, it is therefore vital that your credit file is as robust as it can be. A lender is unlikely to agree a card instantly if there are any negative aspects to your credit file.
How you can improve your chances of an instant approval
The best way that you can maximise your chances of obtaining an instant approval is to ensure that your credit file is as good as it can be. You can do this by obtaining a copy of your credit report and making sure that it is accurate and up to date. If there are any errors, make sure that they are corrected.
You should then continue to manage your credit responsibly by making all your repayments on time and not going over any credit or overdraft limit. If you can demonstrate that you are able to manage your finances responsibly, it is much more likely that a bank will approve your credit card application instantly.
How To Eliminate Credit Card Debt
Do you want to know how to eliminate credit card debt? That is really easy if you will follow the tips outlined in this page. To begin with one strategy that has worked for me and many others I have helped with such problem is to avoid terminating ones old accounts.
When it comes to eliminating credit card debt the truth is that this was what was obtained in the past. However, the current trend now is to leave your old account open even if you are no longer running them. You want to do this because the contemporary system of rating is far different now. So closing your old accounts could harm your credit score. If you are looking for one how to eliminate credit card debt this is it.
Now what on earth are the consequences of closing one’s old accounts? The reality is that if you decide to settle for this option the total level of credit at your disposal will be affected negatively and causes any balance left in your account appear worthless thus creating more problems for during computations to determine your score. This is how to eliminate credit card debt the easy way. However, if for security reasons you want to close your old accounts it is important you seek the help of a credit counselor before going ahead with the plan.
Lastly, there is one more method left on how to eliminate credit card debt, even though it is not directly related is to credit card debt. This method has not only worked for me it has worked for lots of people and several experts recommend it. With this approach all you simply need to do is avoid declaring bankruptcy. However, you must understand one thing at this point; filing for bankruptcy can do great harm to your credit score.
Now, if you declare bankruptcy your credit score will be lowered drastically so much that regaining your former credit position will be hard for you. The reason is the moment your credit score plummets to a certain level; every loan you apply for will not be approved except you are willing to pay high interest rates on the loan amount you are asking for. In essence bankruptcy will exposed you to lenders that charge high interest on loans and this will not favor you in any way. When thinking on how to eliminate credit card debt, think of the tips offered in this article.
Basic Credit Card Safety Tips
Ultimately keeping you credit card safe is you responsibility. Indeed, in a worst case scenario, if it can be proven you may have been negligent in keeping your credit card safe, you may find yourself liable for the cost of all transactions made fraudulent on your account should you lose the card. To help you avoid this, here are 5 basic credit card safety tips:
Never have more cards than you need
While it is always advisable that you have more than 1 credit card, in case it gets lost, you should never have more credit cards than you actually need to use. The principal reason why this is the case is because it becomes harder to keep a track of which cards you have and where you have kept them with the more cards you have.
Always keep a photocopy of your cards
How many times have you been asked what you card number is only to find yourself looking for your card to get the number? Now, what happens if you have a card stolen and no credit card statement to-hand? You have a problem! For this reason, it is always best practice to take photocopies of you credit cards to so that always know where to find the number should anything unfortunate happen to your card.
Always keep your receipts separate
Among the most important of the basic credit card safety tips you’ll receive is never to keep your credit cards and credit card purchase receipts in the same place – because likely as not if you have lost your card, or if it is stolen, then you’ll have lost or stolen the receipts as well. Now there is no way for you to vouch which transactions were yours and which where not – or, there is no way to tell which was the last genuine transaction you made.
Moreover, never keep a record of your PIN with your card, this is only asking for trouble!
Never give your account number to someone you don’t know.If you are ever asked to give your credit card details to someone you don’t know, or who as initiated a discussion with you (rather than the other way round) over the phone or via email, you should always refuse. Worst come to the worst, phone the card issuer and ask them if it is okay for you to divulge the information or phone the enquirer back. If the enquirer seems reluctant to accept this, you have to ask yourself why!
Never leave your account details open to public viewingCredit card processing typically requires that the customer’s information is transferred about four times, which means there are four instances when someone could gain access to the cardholder’s details.When a customer first sends the credit card information to you via your checkout or web based form. You are solely responsible for security as the internet merchant, at this stage in the credit card transaction process. Having a secure server and a valid security certificate with the https protocol will protect and encrypt private information you receive from customers.
You will want to be sure that the credit card transaction processing software you use for your business is secure by using a reputable processing company.As customer information is moved in and out of a database through the transaction process, the security must be top of the line- and this is ensured by choosing a solid company that offers encrypted software for this part of the process.
Finally, when customer credit card information is viewed or handled by you or your staff, it’s important that you ensure security at this stage as well.
Mortgage After Bankruptcy – Credit Tips On How To Get A Mortgage To Buy Your Dream Home
These days, many lenders understand that irresponsibility is not the only reason why people become bankrupt. High cost of living, education, healthcare, and homeownership; as well as some other uncontrollable things which happen in life such as job loss, divorce or sickness means that bankruptcy can happen to anyone, even to those who are financially prudent. As a result, many lenders are willing to take a chance with high-risk borrowers by offering credit, loans and mortgages to people who have experienced a bankruptcy.
Life after bankruptcy is about starting over and working hard to create a better credit record. When someone who was once declared bankrupt is applying for a mortgage, the lenders scrutinize how they have handled their finances in the past one to two years.
So, what are the key tips for getting your life and financial situation back on track after bankruptcy?
1. Spend your money wisely; make an effort to have a budget so that you know your incoming and outgoing money to cover your bills, loans and expenses.
2. Try to save some money in your savings account on a regular basis.
3. Get a copy of your credit report and ensure that it is accurate. If you have recently paid off all of your creditors, your credit report states this.
The main actions which will show the potential lenders that you are working towards your financial recovery are establishing a solid record with new accounts, re-establishing old accounts, regular contributions to a savings plan, and payroll deductions that go into your children’s college fund, among others. If your recent financial activities are good, this tends to offset the old payments and collections you had in the past, which works in your favor because it shows your progress towards financial recovery.
It is recommended that you apply for a credit card that is easy to get. Usually department stores and gas stations are a good place to start. You don’t necessarily have to use them, but having them and making the necessary payments will offer you a degree of financial credibility. You can get a secured credit card or debt card from a bank, which operates like an automated teller machine or ATM card. Although the limit is tied to the amount of money available, the record of payment on the account is reported like that of any credit card, and this is important for proving your financial recovery.
What Elements of Credit Scoring to Consider with a Mortgage after Bankruptcy?
The formula for credit scoring allocates the greatest weight to the absence of problems, and then brings your score down according to what problem or condition is noted and how old it is.
According to the Beacon system, the main problems and aspects that reduce your score when your mortgage application after bankruptcy is considered are outlined below.
* Current outstanding accounts, number of accounts with outstanding balances, number of finance company accounts, number of accounts currently or in the past not paid as agreed
* Too few bank or national revolving/open accounts.
* Recent payment history is too new to rate
* The length of time accounts have been established
* No non-mortgage account balances, or non-mortgage balances not recently reported
* Amount past due on accounts; account not paid as agreed, public record, or collection agency filing
For you to be able to start applying for a mortgage, your bankruptcy should be at least two years since it was discharged. It is important that within these two years you make every effort to improve your financial history by spending wisely and saving some money, all of which will prove that you have recovered from the bankruptcy.
How Do You Build Credit-Tips for Starting A Positive Credit History
Almost everyone needs credit. If you are renting an apartment, applying for a mortgage, applying for a car loan, or even applying for a job, you will need some type of credit history, as credit decisions are often based on your prior use of credit. If you are a young adult or are still in college, you have a unique opportunity to start building a solid credit history that can serve you for many years to come. By carefully building credit and avoiding credit mistakes, you can insure a strong credit history.
Although you may not have credit yet, you should try to get a copy of your credit report for the credit bureaus, so you can check if there is any inaccurate information. Additionally, you will want to make sure that you haven’t been a victim of identity theft, with someone using your name and trashing your credit. The three bureaus are: Equifax, Experian and Trans Union, and they can be contacted online, as well as by phone and mail.
One of the first steps to building credit is to open a checking and a savings account in your name. You may already have an account, and it is something many lenders will look at, as it show stability. If you only have a checking account, you may also want to open a savings account as well, which can be used as collateral for a secured loan, if necessary.
You should also have as many bills as you can listed in your name, such as your telephone and cellular bill. Make sure you pay all of your bills on time, as this is a major factor in your credit score. If you can, try to establish the accounts in your name only.
The next step would be to get a credit card. If you are a student, you may be bombarded by credit offers on campus. Its a good idea to get one credit card, so if you find one available with low interest rates and a low or no annual fee, you may want to apply. Student credit cards are mainly designed for people with no prior credit, and they accept a large percentage of applicants. However, don’t get more than one card, as its too easy to start running up balances, and it also looks better for your credit if you don’t open a number of accounts in a short period of time.
If you are unable to get an unsecured credit card, you still have some options to establish credit with a credit card. If you have a savings account, your bank may let you apply for a secured credit card tied to your savings account. Over time, once you make regular on time payments, you should be able to qualify for a non-secured card. You should also make sure your payments are reported to the credit bureaus, otherwise you won’t be building your credit history.
Another option is to get a co-signer. If someone has good credit, that will extend it to you, by putting their name as being jointly responsible for your limit on your card. This will help your credit history if you pay off the loan in a responsible way. If you do have a co-signer, you have a serious responsibility to make sure your payments are timely, or you will hurt their credit as well as your own.
With some foresight, it can be relatively easy to start building credit. Once you get a credit card, its important to keep the balance low, and to make regular, on time payments. The card should be used as a tool for credit building, not as a additional spending money. Over time, you credit will start to look better and better.