Low Balance Transfer Paid In Full Card

Is now the right time to apply for a credit card?

17 March 2011 14:21

Considering just how nervous everyone is at the moment about job security, the rise in VAT and spiralling fuel and food costs, applying for a credit card seems to be a foolhardy exercise that will only lead to more personal debt. This couldn’t be further from the truth. A credit card isn’t a licence to go deeper into debt – it’s a practical way to manage your money in a modern economy.

If used incorrectly, a credit card can become an additional financial burden. But used in the right way, it offers you a practical solution to managing your day to day finances and even lets you treat yourself to something special occasionally. The key is in the details. Before you apply for a credit card, there are a few things to take into consideration.

1. What is your current level of personal debt?

According to statistics released by the Credit Action Union for March 2011, the average household debt in the UK is £8,416 (excluding mortgages). Before you take out a credit card, it’s wise to do a financial ‘health check’ to see how your money is distributed. Does your income cover all your priority bills such as utilities, rent or mortgage repayments? Do you have outstanding debts that are accumulating interest as well as repayment charges? Remember that with a credit card you will often get a ‘grace’ period where you will not be paying any interest. If you want to reduce your monthly outgoings, consolidating an existing debt that is subject to interest charges over to an interest-free or low rate credit card could give you more control over your money.

2. What do you want a credit card for?

One of the most common uses for credit cards is as a ‘reserve fund’ that can be used occasionally. If you have low levels of personal debt or are debt-free, a card that is only used occasionally and is paid off in full every month is a good way of paying for emergencies such as car repairs or last minute holiday bookings. Having this flexibility means that you can often save a considerable amount of money on purchases and if necessary, spread the cost over a few months.

3. Can you pay it back in full at the end of the month?

Credit card users who only pay back the minimum amount each month will find that, once the interest-free period ends, the amount they owe starts to mount up through interest charges. If you can pay back the full amount at the end of each month, you can avoid those charges and manage your finances with greater efficiency.

Unicom University Credit Union Credit Card | Credit Card Finder

The Benefits

In addition to interest free days, Unicom University Credit Union Credit Card offers two levels of cards, silver and gold. Unicom University Credit Union Credit Card also offers low annual rates, a different rate for each level, and a competitively low balance transfer rate for 24 months and up to 4 additional cards at no extra cost.

The Unicom University Credit Union Credit Card also offers exceptionally generous credit limits, and even higher credit limits on the gold card, enjoy the peace of mind that travel insurance will bring as well as reward points that never expire.

The rewards offered by the Unicom University Credit Union Credit Card include cash back, which can be applied to your outstanding balance or annual fee. Shopping vouchers from Target, Kmart, Harvey Norman David Jones and Myer. Electronic merchandise such as camera’s, iPods, mobile phones and printers. Gifts that include wine, books and subscriptions. Everyday purchases on your credit card will earn 1 reward point for every dollar spent.

By choosing the gold card option, the card user is eligible to earn Qantas frequent flyer miles. If the card holder decides to opt for the gold card after opening a silver account, all those silver points automatically become gold points. There is an annual fee for choosing this option.

The Unicom University Credit Union Credit Card offers new customers the ability to transfer their non Citibank credit card debt to their new The Unicom University Credit Union Credit Card, up to the allowable credit limit for the specified promotional period. Also, exempt from the transfer balance option are foreign currency and off shore accounts. Only balance transfers in the name of the primary account holder are allowed and one balance transfer request is allowed. The balance transfer option allows the card holder to pay off the debt with lower interest than before, saving the card holder interest charges.

After the promotional period is over the interest rate on the balance transfer reverts to the normal day interest rate.

Cash advances and credit card transfer balance are not subject to interest free days. They are subject to the current day interest rate on a day to day basis. A word of caution, when two separate interest charges exist on a single credit card, payments made are automatically applied to the balance with the lower interest rate until that balance is paid in full.