When you’re looking for a balance transfer credit card application, there’s usually a reason. Balance transfer cards are a great way to gain some breathing space if you’re paying a large amount of interest, but they can also create more problems than you anticipate. Before you set out to make your application, keep these thoughts in mind.

Who should get a balance transfer card…

The only reason to make a balance transfer credit card application is to gain a bit of breathing space. If you’re suffering from an extremely heavy debt, a balance transfer credit card won’t help in the long run. What it can do, however, is give you a few months of low interest or no interest where you can make payments and lower your principal.

In these tough economic times, many of us need every advantage we can get.

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APR is an abbreviation for Annual Percentage Rate, which is basically another phrase used to describe a credit card‘s interest rate. Every purchase made with a credit card gathers interest that must be repaid eventually. For example, a purchase made with a card that has an APR of 5% would cause 5% of that purchase to accumulate in interest.

Thus, a $100 purchase with such a card would cause a debt of $105. Some credit cards offer grace periods that give the cardholder a specific period of time before any interest is charged on a purchase. Before applying for any credit card it is best to learn and understand the various aspects of the APR and how it is calculated.

Varying Calculations

Unfortunately, every credit card company uses a different method to calculate the APR> However, they are required by law to specify the APR and the methods used to calculate it as well. N

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Virgin Money paid for all the expenses of its new advertising campaign by using its own, newly launched credit card, it has been revealed.

The company, which earlier this week launched the new Virgin Flyer Credit Card, the No Annual Fee Credit Card and the High Interest Saver Account, used the Flyer card to build up enough points for over 200 flights around the world.

At the launch event in Sydney on Tuesday (July 27th), Virgin Money boss Sir Richard Branson said he was aiming to break the dominance of Australia’s ‘big four’ banks by encouraging consumers to compare credit cards and other money products.

Advertising agency Happy Soldiers has now released its first work for the company, with Australian Creative reporting that every campaign cost was purchased via the Virgin Flyer Credit Card.

By paying for the TV adverts, billboards, direct marketing, online and print material using the card, Virgin Money is aiming to show the benefits of collecting card points, with those attained by the advertising spend given away to Virgin Money customers.

A new report finds that for the third straight month credit card charge offs have fallen, which might be good news for Americans looking to get out of debt.

According to the June credit card report from credit-rating agency Moody’s, credit card charge offs – those debts credit card companies deem as uncollectable – fell to 10.28 percent for the month, 43 percentage points below May’s number.

In addition, the report found that the credit card delinquency rate – the percentage of accounts that are at least three months overdue – fell for the eighth consecutive month to 5.08 percent. Read full article…

Tesco has increased the interest-free offer on its Clubcard credit card to 12 months, it has announced today.

New customers of the Tesco Clubcard credit card can pay nothing on purchases for 13 months, up from 12 months, the longest zero per cent offer on purchases currently available.

The balance transfer period on the Tesco Clubcard credit card has also been increased, from six months to nine months, with a balance transfer fee of 2.90 per cent, and a typical APR of 16.90 per cent after the introductory offer comes to an end.

Tesco offers its Clubcard credit card customers reward points every time they spend on the card, anywhere in the world.

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