Zero For One Year No Transfer Fee Card

Apple tries to avoid Motorola's mistakes in China

Chairman Mao Zedong had been dead for two years, and China's economic system was about to follow him to the grave.

An economic backwater in 1978, the Communist country lived on politics, not production. But that year, Deng Xiaoping out-maneuvered political opponents to become China's paramount leader.

Through a radical experiment that became known as "socialist market economy," he set out to save China by welcoming Westerners to invest.

Most American businesses were wary, except technology behemoth Motorola. CEO Bob Galvin ordered construction of "a huge Motorola sign built on a skyscraper overlooking Hong Kong harbor," recalls Motorola's former Chief Technology Officer Dennis Roberson.

"It was a calling card for China," he said. "Bob Galvin decided that China had the most people. It would be a key market. The Cold War was still on. Everyone thought it was very presumptuous."

Yet the courtship seemed to worked. Motorola's decision to relocate jobs and research to mainland China is a story of great success for the company and China.

And it is also a story of betrayal.

Now another dominant American communications company, Apple Inc., is trying its hand in China. On the backs of its popular iPhones, iPads or iPods, you'll find the words "Assembled in China."

But Apple's CEO Steve Jobs has not gambled as many chips in China as did Galvin and Motorola.

Apple conducts its research and development in the United States, and has avoided the temptation of giving China access to its technology — so far.

Calling card

Motorola's Hong Kong harbor sign in the early 1980s interested the Chinese government and negotiations began, said Richard Younts, former Motorola executive vice president and corporate executive director for Asia.

The Chinese said Motorola could do business there if it took on a Chinese partner and shared core technology, Younts said.

"We said, 'No way, Charlie,'" he recalled.

Galvin bargained hard, Roberson said, and eventually asked Chinese officials: "No. 1, would they like to have the No. 1wireless provider in the world? No. 2, did they think they could create the No. 1 provider themselves?"

The Chinese said yes to the first question, and no to the second.

As the two sides were reaching agreement, democracy protests swept China, culminating in the Tiananmen Square massacre in June 1989. Suddenly, many companies testing the Chinese waters decided they were entirely too hot.

The Right Way to Make a Balance Transfer - Credit Cards

When fighting wildfires, firemen start a controlled fire against the front of the existent one to put it out. Similarly, you can get rid of your mounting credit card debt by opening a low interest credit card and transferring the balance of your other credit cards on it. Provided that you have been a good payer to your creditors, you should not have any problems qualifying for a good balance transfer deal. Here is what you should be looking for.

The companies that offer balance transfer deals always give a grace period to their new clients once they accept their credit card debts. Given an average annual interest rate of about eighteen percent on most of the credit cards issued in the United States and Canada, the companies dealing with balance transfers offer their clients a preferential interest rate of about 8 or 8.5 percent for the first six months of their contract. Some can even offer a zero percent interest during the grace period, and it is just what you should be looking for. But that’s not all, some balance transfer companies are so generous that they can offer to extend your grace period up to one year. One year, during which you will be paying off just the principal of your credit card debt, and there will be no interest at all. That’s what I call great news!

Needless to say, this will help you wipe out a considerable amount of your credit card debt. You can hop from one balance transfer into another once the promotional period expires, until you get rid of all your credit card debt without paying a single cent on interest charges. However, you should close your old account whenever you sign up for a new balance transfer. 

You should also read the fine print at the bottom of your balance transfer contract, as to avoid possible underlying catches. One of the most common traps is a transfer fee of up to a certain percentage of the transferred balance. The larger balance you transfer, the more you will have to pay in transfer fees. You should also bear in mind that some balance transfer companies charge substantial annual membership fees and joining fees.

The largest and most popular issuers of balance transfer cards in Canada are PC Financial, MBNA, Capital One, and Citibank. Here are some of their hottest offers.

With just 1.99 percent interest for the first six months, MBNA’s Pharmaprix Optimum MasterCard® Credit Card and Shoppers Optimum MasterCard® Credit Card are a reasonable choice.  For comparison, the lowest promotional interest rate on the balance cards of Citi and Capital One is 5.90 percent and is valid just four months. After the grace period, the annual interest rate on all credit cards increases to over nineteen percent. Capital One’s Gold MasterCard is by far the most expensive balance transfer card you can apply for, with a promotional annual interest of 11.90 percent for the first three years. The good thing about it is that the interest on purchases you make is also pinned at 11.90 percent for the first three years.