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Deciding to cancel a credit card is a big decision. Do you know both the pros and cons of doing so? If you are thinking about canceling your credit card you should take a step back, realize the good and bad, and then make a final decision when the time comes. Of course, you don’t want to wait too long. You may have a very good reason for wanting to do this.

If you have no self control and continually use your credit card to get in trouble, now is the time to get rid of it. Despite any drawbacks, you need to protect your finances first and foremost. When you no longer have your credit card you no longer have to worry about using it and adding to your current debt.

What about the hit that my credit score will take? T

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Tags: Card, Credit Card

In the world of credit cards, few things sound better than 0.0% APR. Credit cards, which have no finance charges are among the most sought after things one can have in his or her wallet or purse. However, many people are turned off by balance transfer fees, which can run as high as 5%. Don’t be. Given your current finance charges, that fee can be offset sooner than you may think.

To illustrate how a balance transfer to a 0.0% APR account can be beneficial, let’s use an example account with a modest balance of $1,000 on a relatively civilized 10.0% APR. Then let’s say a credit card issuer offers you a balance transfer of this $1,000 to a 0.0% APR account at a 5% balance transfer fee. If you accept the new credit card charges you 5% of that $1,000, or $50, as a fee to your new account. While

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If you carry a balance and someone said they know how you can reduce credit card interest rates, you would probably listen up. But if you get a phone call that makes this claim… hang up! There’s a new scam sweeping the nation that you need to know about.

The Typical Call
It starts out with a random call. Sometimes it’s a live person, but usually it’s a pre-recorded message that goes something like this:

“Your account is within good standing, but it’s important that you contact us regarding your interest rate. You may be eligible for an APR as low as 6.9%.”

The “robocall” then instructs you to call a certain number, or it might give you the option to press a button and be connected with a live person. No company name is mentioned in this vague recording, but the caller ID might read Cardmember Services or Cardholder Accounts. This is done to give you the impression that it’s your credit card company calling… when in reality it’s just some scam telemarketing company.  You also may think “My name is on the Do-Not-Call registry so it can’t be a telemarketer.” Well guess what? These scammers target everyone, whether you’re on that list or not. They don’t care about obeying the law.


The Sales Pitch
Once they have you talking with a live person, they try and claim that they can work with your creditors to get your interest rates either reduced or eliminated completely. (This sounds similar to the popular , but it’s different). For a fee of several hundred dollars, this boiler room operator promises they can do this for you. They also make a guarantee that they will refund your money if it doesn’t work out.

The Truth
Often times, these boiler room operations just collect the fee and you’ll never hear from them again – they will not reduce credit card debt interest. In the “best case” scenario, they will do nothing more than simply call up your credit card company and ask for an interest rate reduction… something you can do yourself for free! So either way, this is a total ripoff you need to watch out for. Most importantly, be sure to warn people in your life who you feel may be more susceptible to falling for the bait, especially the elderly because that’s who these scammers love to target the most. If you want a better APR on your card, then read this thread about yourself for free.

Tags: Credit Card, Know