We Are Wealthy

“Would you like to save an additional 20% off your purchase today by signing up for a charge account with us,” is often urged at your favorite stores when checking out. Saving money is always a great idea...right? The following blog will explain the ins and mostly outs of these store credit cards many people are drawn into. Your new store credit card has very high interest rates, usually around 20% and more. Although you may save $20 here and there, a grace period is usually not present. A friend of mine recently told me how she called to check the recent transactions on her Macy’s Card, when the service representative explained that her card would no longer have a grace period, interest would start incurring the day any purchase is made. These cards love to draw customers in with the savings, but then drown you with interest. Forget about defaulting because missing one payment by even a day will cause the interest to sky rocket over 30%. These cards are not like regular credit cards t...

Balance transfers can be defined as taking a balance from one credit card account and transferring it to another account. Many people receive offers from their credit card companies asking them to take advantage of a special APR interest rate when they transfer a balance to this account. This blog with discuss why a balance transfer usually isn't a good financial decision to make. Balance transfers, most of the time, carry a fee when transferring a balance from one card to another. The fee is usually around 3% and cannot be less than a certain amount and higher than another. This fee could make the card balance a lot higher than if the money was just left on the first card. Sometimes the offer might only be for a limited time: 0% APR for 6 months or 4.6% APR for 12 months are some of the offers I've seen come in the mail. You may plan to pay off this balance in the alloted time, but events come up and you're unable to pay the balance off in time. After the promotional time ...