Credit Card Consolidation & Saving Tips

You can save as much as a thousand dollars or more each year in lower credit card interest charges by paying off your entire bill each month or by using a check, cash or debit card for purchases. You can also save significant money by Credit Card Consolidation.

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If you are unable to pay off a large balance, pay as much as you can and switch to a credit card with a low annual percentage rate (APR).

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You can reduce credit card fees, which may add up to well over $100 a year, by getting rid of all but one or two cards, and by avoiding annual, late payment, and over-the-credit limit fees. Never max out your credit card!

If you are paying more than 10% interest on your VISA or Mastercard, you're paying too much. With the prime interest rate in the single digits, lenders that charge 13% to 21% interest on credit card balances are gouging you. With good credit, you should be able to find a credit card rate for between 7% and 10%.

If you can obtain a lower interest credit card, you can usually use cash
advances to pay off the balance on your other credit cards and transfer this debt to the lower rate card. Some cards charge a higher fee for transferred balances, so be sure to read the small print before applying, and make sure you can pay it off or transfer your balance again to another card before the introductory period rate expires.

Consider using part of your savings to pay off consumer debt, if you can do so without using all of your available cash. With banks paying less than 1% on passbook savings, and credit card debt carrying 10% to 21% interest charges, you could come out way ahead. Be careful to leave yourself enough savings to fall back on in case of an emergency. Make it a priority in your life to have a 3 to 6 month cash cushion of savings.

If you don't have enough savings to pay off your consumer debt, consider a home equity loan. Interest rates on home equity loans are much lower than most credit cards, so you win in two ways: (1) you slash your interest costs, say from 16% on the credit card to 6 or 7% on the home equity loan, and (2) you can deduct the home equity loan interest from your taxable income.

Look for no fee credit cards (be sure to consider all the other factors
such as grace period, interest rate, etc., as well). Even if you are charged an annual fee, you can may be able to get the fee waived by calling your bank and asking them to remove it.

Whenever possible, avoid finance charges on credit cards, especially
cards with high interest rates. Always make your credit card payments on time so you won't incur additional fees. If you pay down your credit card balance by just $500 you can save $100 a year in interest charges. Potential Money Savings: $100-1,000/yr.

If you have a balance on more than one credit card, use this money-saving strategy. Pay the most you can afford to pay each month on the card with the highest interest rate, and make the minimum
payment on the others. Once the card with the highest interest rate is paid off, begin paying as much as possible each month on the card with the next highest interest rate, and so on.

To learn more about credit card savings and consolidation tips visit the links posted at the top of this page or try searches on the following terms: credit card consolidation, credit card consolidators, credit card interest rates, visa credit card, mastercard credit card, college student credit cards, credit card, visa card, mastercard, credit cards for college students, chase freedom mastercard, and credit card comparison.















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