Line Of Credit Vs Credit Card

I consolidated my credit card debt to a line of credit charging 14.99. I received a balance transfer promotion of 7.99% for the life of the transfer from a credit card.

It sounds as if you will have to pay 14.99 on any new amounts you borrow. Any payments you make will always go toward reducing the original transfer until it has been completely paid off. So they're hoping you'll make lots of payments (to reduce the original amount) and lots of borrowing to increase the amount that's costing you 14.99 So, if you carefully pay off 100.00 every month and then borrow it all back at Christmas, or for a vacation you're doing what they hope you'll do. I guess 14.99 is better than many credit card rates but it's pretty high for a line of credit. By most people's definition a line of credit is calculated as 1-4% (depending on your credit rating) above prime (which right now is less than 5%) so if it were truly a line of credit you ought to be paying at most 9-10% for everything.

2008-06-06 19:31:35 by Marie

How to finance your acquisition, HELOC or Credit Card, why is it good to use vredit cards and what are the draw back of using them, what is your ...

Is it a good idea to pay off a credit card with a personal unsecured line of credit? Thanks.

A line of credit allows you to make purchases, usually through your bank account and then you will have to apy it back.
A credit cards allows you to make purchases with a credit limit and is usually through a company such as Citibank ... They are very similar though.

Read this:
http://www.allbusiness.com/business-fina nce/business-loans-business-credit/906-1 .html

Good Luck!

2007-04-07 16:40:19 by dejay_web

Price: $24.99 $9.40

1 bonus mini applicator
1 caulk removal tool
2 sealing edges

Is it a good idea to add my credit card debit (~$4000) on my line of credit debt (~$4000)? Credit card annual interest rate 24.50%. Line of credit current interest rate 6.75%.

I know the line of credit interest is lower but will it be beneficial in the long run. Is there anything that I should be aware of? Can someone who know about finances explain?

Is the line of credit secured by some kind of collateral or just an open line of credit? If that line of credit is tied to your house, you should be very careful about shifting unsecured debt to secured debt.

The biggest problem with shifting debt is to make sure that you stop using the credit card until you get that line of credit paid off. Too many people shift the debt then run the credit cards back up. Then you have the big bill and the credit cards too.

Are there any fees to transfer the debt to the line of credit? Of course the interest rate difference is so big that even with a fee, you would save money.

Either way, you need to concentrate on squeezing every penny out of your budget and throwing it at that credit card debt. Get it paid off as quickly as possible. Then only charge what you can afford to pay in full every month.

2008-12-25 08:31:50 by ........

Price: $199.99 $79.99

3G-enabled, Android-powered smartphone with 3.1-inch touchscreen and slide-out full QWERTY keyboard
Pay for just the minutes you use with no annual contract--easy refill via Internet or prepaid cards
Up to 5 hours of talk time, up to 360 hours (15 days) of standby time; released in June, 2011

What is the advantage, if any, of using a business line of credit over a credit card, when both have the same rate of 9.95%?

Since 90% of the credit card industry is consolidated with about 6 major companies, a credit card will not be a personal experience with a bank.
A business line of credit with a bank that you can walk into and speak to a human being could be a beneficial part of a financial relationship. Along the same lines, a business line of credit can be increased if necessary to very high limits if the business and your credit history justify it. A credit card, by contrast, will generally be $20K or less, unless its a very unusual circumstance.

2007-04-04 07:12:20 by Blanche

With a credit score of 700+ My score is 734 and Im looking to go on vacation and trying to see what kind of limit I will get. I have two credit cards already but I'v had them forever and they have about 800.00 limits on them. Who will give me the best card???

I would say the average credit limit is $2500-$3000. With a credit score above 700, I don't see any reason why you shouldn't expect this amount. Although your income level is also a determining factor...

If you need more credit, it should be easy to call your current credit card issuers and ask for 'credit limit increases'. Of course, if you'd like a new card, there's a wide variety to choose from. Here's a good place to compare offers: http://www.asapcreditcard.com

Hope this helps. GOOD LUCK!

2008-07-30 09:57:03 by ஐ♥37 weeks ஐ♥