Between raising APR’s and new hidden fees, you’ve probably are getting near that low point with your finances when you’re about to pull your hair out and take the saw blades to your credit cards. If the largest portion of your debt is on high interest rate credit accounts, take heart in knowing there is a way to get out.
Transferring all your high interest credit carddebt over to one card with 0 percent interest can be one debt-reducing solution; not to mention also a stress-reducer. There are currently two available through Discover: Discover More American Flag card offers 0% interest for twelve months with a 4% balance transfer fee; the Escape card offers 0% interest for six months with a 3% balance transfer fee.
Discover More Card-0% interest for twelve months with 4% balance transfer fee.
After the first year of 0% Annual Percentage Rate, the standard apr of 10.99% – 18.99% will apply. Standard rates depend on your credit standing. There are multiple designs to choose from and there are over 50 million charge card users. Also, there is no annual fee with the Discover More Card.
Escape Card-0% interest for six months with 3% balance transfer fee.
After the initial six months, the standard APR of 11.99-18.99% will apply, according to your credit. Although there is only a 3% balance transfer fee during the first six months, there is a $60 annual fee in addition to other transfer fees and finance charges. But if you are paying over 20% this could prove to be a grat deal for you!
Neither of these options will make your debt disappear but can positively reduce your stress level and the amount of time and money you put into your debts. Knowing your monthly payment is paying completely for principal and not interest, is a priceless thing to know. Which card you choose depends on how soon you can realistically pay off your debt; six months or twelve. For your convenience, you can apply for either the Discover More or Escape Card online at www.JemCreditCards.com.
Please remember when applying for a new credit card to read the terms and conditions. This is because you don’t want to be stuck paying fees and account maintinance without knowing about it. I am a financial advisor and all too much do I find clients who have made this mistake and they all say 1 thing “can my credit card company do this to me”. The answer is yes so please be very careful.
Also, when using balance transfer credit cards please remember if you cannot pay off the amount in full within the promotional period make sure that the go to interest rate is not higher than what you are paying right now. You don’t want to be stuck with a higher interest rate after 12 months at 0%