Credit Cards Point » Association for Payment Clearing Services (APACS) http://creditcards-point.com Repair Your Credit Wed, 28 Jul 2010 15:57:17 +0000 http://wordpress.org/?v=2.8.6 en hourly 1 Will You be Transferring Your Credit Card Balance After Christmas? http://creditcards-point.com/credit-cards/transferring-credit-card-balance-christmas http://creditcards-point.com/credit-cards/transferring-credit-card-balance-christmas#comments Mon, 16 Feb 2009 20:01:44 +0000 admin http://creditcards-point.com/?p=5 With Christmas just around the corner a lot of people have already started buying their Christmas gifts and items, and despite the global credit crunch and the hard financial climate a lot of people have signaled that they will still be spending around the same sum that they did last year on Christmas.
A good deal of the spending that will take place in the run up to Christmas is expected to be on existing credit cards as consumers will find it very hard to acquire any other finance in the current financial climate and a lot of don’t have savings to throw at Christmas this year given the increase in living costs and bills. In fact, officials from the Association for Payment Clearing Services (APACS) estimate that approximately eleven billions will be spent on credit cards in the run up to Christmas.
If you’ve a credit card that charges high rates of interest but you find that utilising your credit card is your only alternative now, then it is worth considering the truth that by transferring your balance to a 0% balance transfer credit card once the festive season is complete could prove very lucrative, as it could save you a fortune in interest, making Christmas far more affordable.

For those of you that do decide to choose this option there are a couple of things that you need to know. First of all, recent reports have shown that the number of 0% balance transfer deals has been falling and this makes it more important to do your research at the earliest and to compare credit cards and apply for your card early to avoid disappointment.
Another thing to remember is that you should use the fresh credit card for balance transfers only and not to make purchases. One industry official has suggested: “It’s a good idea to be prepared for January by taking out a good credit card deal, but don’t use it for purchases as your payments will always go towards the cheapest debt first. Though some cards with 0% deals extend them to purchases, this is usually only for the first few months.”

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