It’s nothing new but there’s a helpful article over at USAToday about the need to keep a good credit score.
This snippet was particularly poignant:
“In response to a sharp rise in foreclosures, mortgage lenders have tightened their standards, leading to an increase in rejected applications.
In addition, interest rates have been rising in recent weeks, so even if you qualify for a mortgage, you’ll probably pay more for it. That means it’s more important than ever to make sure your credit score is in good shape. A credit score is a mathematical model that analyzes information in your credit report. Lenders use credit scores to gauge the likelihood that you’ll repay your debts. A good credit score can save you thousands of dollars in interest over the life of your loan.”
This is so true, and it doesn’t stop with Mortgages. Hiring cars, personal loans and even business loans can be made more expensive if your credit score doesn’t come up to scratch.
It appears that the ever more competitive credit card market is beginning to tighten it’s belt in the UK.
According to recent research from cardguide.co.uk the number of cards now offering fee free balance transfers with 0% interest free periods is in significant decline.
The mechanism of zero fees on balance transfers has long been used to massage the cost of repaying balances without incurring large amounts of interest.
The problem appears to be that credit card companies are not making enough money and this is therefore resulting in a rethink on fees.
Of the many zero per cent balance transfer credit cards still available on the market, most charge borrowers a fee for transferring other credit card balances onto the card.
Steve Brown, BalanceTransfer.cc and BusinessCreditCards.cc owner, said: “Zero per cent intro APR balance transfer credit cards that don’t charge a fee for transferring balances have been the most popular products recommended at the BalanceTransfer.cc site for many months now.”
(Via Fair Investment)
American Express Platinum is fairly exclusive and requires an annual fee of $300, but includes an array of benefits:
• Comprehensive travel insurance for you and your children.
• The travel insurance is so comprehensive that it provides limited financial compensation should your departure be delayed by more than 4 hours, including missed connections, and also if your baggage is delayed by more than 4 hours.
• Accelerated status with hotel and car hire programs.
• Preferential rates on travel.
• Access to Eurostar lounges.
• Personal concierge.
Bank of America has joined the rush to serve the very wealthy with a high end credit card. It’s a joint venture with American Express called the Accolades Amex Credit Card.
The card is targeted exclusively for the very wealthy customers in their Private Bank arm, Premier Banking & Investments, division of Bank of America. The minimum requirement for customers is $200,000 worth of assets at Bank of America.
Perks of the new card include:
Read more...
Posted by Tom Wilkins on Fri 13th July 2007 at 06:00 AM, Filed in Glossary
An introductory APR is:
“A temporary, usually low, interest rate (expressed as an annual percentage rate) offered by providers to “introduce” you to their services. It will usually expire after a certain amount of time and may often be terminated based on your behavior, such as if you make a late payment or exceed your credit limit. Be sure to check the details of the offer for any limitations on an introductory APR.”
This is one term you should always check very carefully in the small print. What may look like a great deal, could have a sting in the tail after the lapse of the introductory APR deal. You have been warned!!
