How to get rid of credit card payments

This is a very common problem when a credit card is not properly used. Definitely you end up asking these questions. But, for every problem there is a solution. Its better explain some others experience with the same issue.

A simple solution is to have more than one credit card. When you make any transaction you do that after the billing date. Suppose your creditcard billing date is 9th of Every month, you can start doing transactions after 9th then generally the payment due date will be 45 or 50 days after that, i.e. End of the next month, so that you get more time for payment.

In this case, 10 days before the due date you can ask your other creditcard company to issue a check for balance transfer. By doing so, the balance transfer check will arrive in 7 days after processing. So, you can drop the check just before the due date. At the same time, you save the payment time for the other creditcard company who issues the balance transfer. This is a facility provided by creditcard companies. Most of the banks issue balance transfer checks on 2% processing fee for 3 months interest free. Thus how you can postpone your creditcard payment for the first card.

Balance Transfer Facility in creditcards

We can say that this is a nice opportunity provided by the bankers; the benefit of the bankers on this is to retain the customer for long time.

The features of Balance transfer.

When your credit card payment is due and unable to pay big amounts, you can go for balance transfers. That means, a credit card company X will issue a check for the payment for another creditcard company Y, by charging processing fee and 0% interest for 3 months.

When you go for this option, you are not suggested to do the transactions after issuing the check, in this case, the interest for other transactions will be charges on the day of transactions, once your payment for balance transfer is completed after or before 3 months you can go for the transactions with the 45 or 50 days interest free mode.

For example, if you have 1, 00,000 USD limits on a credit card, you are eligible for 75% of the amount i.e. 75, 000 USD. You can ask for balance transfer up to that amount.

So, having multiple creditcards is benefit for such facilities, but usage of those cards in proper way is in your hands. There are some creditcard companies who offers this balance transfer. Bank of America, ICICI, HSBC, SBI (SBI is offering fixed 199 Rupees as processing fee) for balance transfer in India.

Tips To Prevent Credit Card Fraud

Imagine opening your credit card statement one morning and
discovering to your horror that you suddenly owe thousands
of dollars - on purchases that you never made.

Impossible?

Credit card fraud on the rise, so you need to treat your
card and its information with extreme care.

Here are 10 tips to help insure you're not the victim of
thieves and fraudsters:

1. Sign new and replacement cards immediately.

2. Destroy the old cards by cutting them into pieces and
shred all old receipts and bills.

3. Don't fax your credit-card number, if possible. Remember,
the faxed document could remain in sight at the other end
for long periods of time.

4. Don't give your card number over the phone unless you
have initiated the call.

5. Destroy any carbon paper if it's used as part of the
credit card transaction. Somebody can grab it and forge
your signature.

6. Don't respond to any "scam" e-mails requesting your
credit card number.

7. Never send your credit card number in an e-mail to
anyone!

8. A good option for discouraging theft is to choose a
credit card that includes your photo and signature on the
card.

9. If you have questions about mistakes or unauthorized
items on your statement, you have the right to challenge
them.

10. If your card is lost, stolen, or you suspect fraudulent
use, call your company's 24-hour hotline immediately to
prevent your card from being used as little as possible. The
company will block its use, and you won't be responsible for
any charges made by thieves.

You'll never deter fraudsters completely. But you can
certainly make life as difficult as possible for them.

About the Author

Paul Davis is financial writer and contributor to 'Debt Elimination 4U'. Visit the site now and learn how to get
out of debt forever.
==> http://Debt-Elimination-4U.com

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