Loan


Balance Transfer



As with any financial step you take during lifetime, you should consider a few important things when searching for the best balance transfer credit cards :

Be sure to pay attention to transaction fees that credit card companies charge on each balance transfer...


Once you find your best balance transfer deal, you would want to provide your new credit card company with your previous card details...
As a rule, the best balance transfer offers are those that involve the creation of a new credit card account with an interest-free introductory package...
Before making initial balance transfer, make sure you understand the terms and how low your introductory rate is going to be...


If you want to transfer your card balance to an existing account rather than a new one, be prepared to pay an additional fee for the transfer...
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Balance Transfer Credit Cards



Whatever kind of transfer you choose, there are a few must-know things, which you should bear in mind while choosing between different companies:

  1. The longevity of the introduction card rate
  2. Fees and commission charges
  3. To how many transfers the introductory rate is applied?
  4. Is the rate applied to your daily purchases?
  5. How will the rate change when the introductory period expires?
  6. Imprest checking account details
  7. Transaction fee size.
Credit card companies charge transfers differently...
However, it takes a little bit of effort for an ordinary person to figure out what kind of balance transfer credit cards are better...
In any event, you should take your time and look for what you think is the best balance transfer credit card...


What are Balance Transfer Credit Cards?

Zero percent balance transfers are being practiced by credit card companies in order to attract clientele and take the edge off the financial crisis...


Balance Transfer Credit Cards

You can go for a credit card balance transfer if you have a large balance...
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Balance Transfer Offers

  1. See for how long the introduction card rate is valid
  2. Are there any monthly or annual fees?
  3. Is the intro rate applicable to all transfers made during the introductory period or is it only valid for the first transfer?
  4. Does the rate spread to any of your purchases?
  5. How big is the rate charged after the introductory period expires?
  6. Is an imprest checking account set for quick payouts?
  7. Are there transaction fees? If the answer is ‘yes’, how big are such fees?
Keeping an eye on transaction fees is a must...


Zero balance transfer companies keep the zero-percent interest level for a certain period of time, usually for a few months...


Zero Balance Transfer

The recent major economic disturbance in the US and overseas has prompted some credit card companies to offer 0% balance transfers...

What are Transfer Offers?

Today, such balance transfer offers attract many clients around the globe due to low interest rates...


If you think it’s about time to look for the best balance transfer credit cards , there are a handful of important considerations...
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Where to Look for Savings Account Options

All of these features come with no minimum deposit and no monthly fee.

Ally at a Glance

Best Savings Account with a Sign-up Bonus: Capital One 360

In addition to a flat annual percentage applied to all balances – 0.75% as of 5/20/2015 – Capital One 360’s newest offer includes a tiered sign-up bonus that increases in value depending on how much money you deposit...
However, the best online savings account will still handily beat out the yield of a traditional bank over the long term.

24/7 Access: You can check your balance, update your contact info, make transfers, and order deposit slips at any time...
Even with no monthly fee and high rates, Barclays manages some great online banking features like online transfer, external account linking, and remote deposit using your smartphone or home computer scanner.

Barclays at a Glance

Synchrony OptimizerPlus
GE Capital has spun off its retail arm and is now Synchrony...
For this capability, the Synchrony OptimizerPlus Money Market account differs from their savings account by having a slightly lower rate of 0.85% for any balance, and you need to maintain a $1,500 minimum balance to avoid a $15 monthly service charge.

Synchrony OptimizerPlus Money Market Account at a Glance

Understanding Interest Rates
Due to the extremely low interest rate policy (which directly impacts your bank’s savings rates) from the Federal Reserve, low interest rates on savings accounts will be here for a while...
$1,500 is needed to open an account, but simply having a positive balance will waive any monthly fee...
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Bookkeeping

A journal lists financial transactions in chronological order without showing their balance but showing how much is going to be charged in each account...
These accounts are recorded separately showing their beginning/ending balance...
The ledger also sums up the total of every account which is transferred into the balance sheet and income statement...


Once the accounts balance, the accountant makes a number of adjustments and changes the balance amounts of some of the accounts...
If an account has a credit balance, the amount is copied into column three (the credit column)...
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What Are the Best CD Rates Today?

And it’s not much lower than the one-year high-yield CDs we mentioned above.

Perhaps the bigger advantage with high-yield savings accounts, however, is that you’ll still be able to access your money when you need it...

If you’re looking for a place to stash your money for a longer period of time than a regular checking or savings account, you may have investigated a certificate of deposit, or CD...
The major difference is on the bank’s end — it can put your balance in low-risk investments such as CDs and bonds instead of simply using it for loans.

You may need a larger opening deposit for an MMA than a savings account ($1,000 is common), but this depends on the bank...
Interest rates will be higher for MMAs than savings accounts at brick- and-mortar banks, but the difference compared with high- yield savings accounts online is negligible.

Bottom line: Both an MMA and a high-yield savings account, particularly online, can provide a more liquid alternative to a CD without a huge interest-rate hit...
That makes these accounts a better pick for any money you need to be able to withdraw quickly and penalty-free, such as an emergency fund.

Of course, if you opt for a high-yield CD online or open one with a higher balance or longer term, a CD can still beat these accounts when it comes to APY...
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