Avoid balance transfer fees

Balance transfer credit cards that offer low percentage rates for credit card consolidation can sometimes surprise you with ugly transfer fees. To avoid balance transfer fees, find out if your credit card charges you for initiating the transfer. Some balance transfer credit cards only apply their low interest rates to transfers that they carry out--usually at the beginning of the contract and then a few more times that they will notify you about beforehand. By checking your contract for balance transfer requirements you can save a lot of money in unexpected fees and higher rates.

The daily balance finance charge

When you do your credit card comparisons, watch out for credit cards that calculate finance charges based on a daily balance. The daily balance method is to charge interest based on the amount that is owed to the account each day. Although this can be good for some people who pay off their credit cards early in the billing period, it can be expensive for those who carry a balance. Look for a credit card that uses another method to calculate finance charges.

A balance transfer can reduce your interest payments

Responsible credit card consolidation can help you get out of debt faster. If your monthly credit card bills are getting out of control, look into a balance transfer program. Balance transfer credit card offers allow you to move your higher interest credit card payments to a lower interest credit card. By lowering the interest rate by even just a little, you can save a significant amount of money in the long term.

Gas credit card advantages

To easily keep track of your automotive costs, open up a gas credit card account. You can fill up your tank, buy auto supplies, and even have your oil changed using the gas station credit card. You'll be able to easily see how much your car is costing you. Gas credit cards can also offer travel benefits like cash back on hotels, airline tickets, and car rentals. Look into different gas station credit cards to see which one has rewards that will benefit you most.

Filing a discrepency with the credit bureaus

When checking your credit reports, look specifically for sudden drops in your credit rating and additional credit card numbers that you haven't opened yourself. If you find problems such as these, you will need to report the credit card fraud immediately to the credit bureau. If you obtained your credit report directly through the credit bureaus, you will be able to do this by phone, online or by mail. If you obtained them through another agency, you will have to file a report by mail. The credit bureau then has 30 days to investigate your complaint. After the matter is resolved, request new copies of your credit report from all three reporting services to make sure that the problem is no longer on your record. Always report credit card fraud to the police.

Balance transfer checks

Use checks issued by your balance transfer credit card to pay off debts that are not easily consolidated with a standard balance transfer. These checks can be used for car loan payments, private retailer credit card payments, or any place you need to pay money that you want consolidated onto your low interest credit card account. It's important to remember that these checks are not free money. They do have balance transfer fees associated with them and the purchases you make with them will show up on your low interest credit card statement.

Companion certificates and special rates

What good is a free flight if you have to take it alone? Check to see if your airline miles credit card offers companion certificates and special rates for friends, family, and business partners who are traveling with you. With many frequent flyer credit cards, you can earn a companion ticket once a year when you purchase an airline ticket for yourself. This is a great way to travel inexpensively with friends and to keep earning those reward miles for yourself.

Pay attention to interest rates that apply after the introductory rate expires

Look beyond the introductory interest rates in credit card offers to make sure you're getting the best credit card deals for the long run. A 0% interest rate that last for several months or a year can give you a much needed break from interest payments and help you get back on track. But if you still have some principal left in your account when the 0% introductory offer expires, you can quickly rack up a lot of interest if the interest rate is high. The best credit card deals will offer a low introductory rate, and then give you a reasonable interest rate after that. The rate you get will be contingent on your current credit score, so be sure to charge responsibly for the best rates.

Simplify business accounting with a business credit card

Manage your business finances efficiently with the help of a company credit card. When you put your business expenses on a business credit card, you get a quick monthly update of all your business expenses every time your bill arrives. Because business credit card accounts let you download account activity to Quicken, Quickbooks and Microsoft Money, it's easy to categorize your purchases by employee, store, or type of expense. By simplifying your purchasing records with a business credit card, you make auditing and tax preparation much more efficient so you can focus on your more urgent business tasks.

Maintain the introductory interest rate as long as you can

To keep your 0% credit card consolidation rate from jumping back up to the standard rate early, make sure you are paying your other credit card bills on time. Even if you're paying your low interest rate credit card regularly, a late payment somewhere else could cost you.

Now credit card companies review the consumers credit report periodically to see if your other credit card or loan accounts are in good standing. If you don't pay your other debts on time, your new credit card will find out about it. Your low interest balance transfer card rate can rise to the current interest rate before the low interest rate term was initially supposed to end.