Credit Card Application

Morgan Hamilton asked:




A joint application credit card is simply a credit card that allows two people to use it. It typically works as follows: An individual completes a credit card application and then requests an additional card. The other card or cards will have that second persons name on it, but will have the same account number assigned to it. Probably the most common example of this is a husband and wife.

In many cases married people have joint financial accounts for such things as savings, checking and investment portfolios. It greatly simplifies the management of finances. Another common reason for filling out a joint application credit card is a parent wanting to assist their child in establishing credit.

In a way it is similar to them cosigning an auto loan. This is often done when the child goes away to college. The advantage here is that the parent can keep an eye on all the activity generated by the student. Now here are some important points that you must understand before applying for a joint credit card.

The debt acquired by one of the cardholders is also the responsibility of the other cardholder. In other words, if your husband runs up a $3000 debt on the card and you should happen to become separated, simply stating that it is his debt and you are not liable for it isn’t going to relieve you of that debt.

As long as your name is still on the card, you will be held responsible for any and all debts accrued. The way to stop this is to pay off the debt in full and cancel the card so there can be no further purchases made with it. Canceling a joint credit card can be done by a single party, as long as the account is free of outstanding debt.

The information I have given here is only a cursory look at the joint application credit card. Be sure to read the terms of service and conditions of the credit card issuer carefully and do not hesitate to directly contact the credit card company with any specific questions that you may have.

Lillie

Morgan Hamilton asked:




A balance transfer credit card application doesn’t always tell the whole story, unless you read it carefully. People looking to transfer balances are either looking to save money on their current high interest charges or are trying to consolidate their existing debt.

In many cases they can accomplish both of theses goals at the same time. There are, to be sure, many advantages to paying off the current balances you have. Some cardholders are paying 25% or more on their respective cards. That is, for lack of a better word, insane.

You can suffer from vertigo looking at those high APR fees. If you have a good credit rating then your options are many. All the major credit card companies offer balance transfer deals that can save you hundreds, if not thousands of dollars in interest payments.

Do a search on a secure web site such as Find-Cards-Now.com and you will see that banks like Chase Manhattan, Citibank and Bank of America offer some very attractive choices. They will even feature 0% APR balance transfer credit cards that compare favorably with each other.

Discover Card and American Express are also major players in the balance transfer market. They offer great financial incentives to switch credit card issuers. But you must understand that when you see zero percent interest offers they are always introductory offers.

They do not last for the life of the credit card. Credit card companies are not in the habit of lending money for free. These offers will run anywhere from 90 days to one full year. I have seen some that are good for 15 months. The Advanta Platinum Business Card is one such offer.

These introductory rates lead me right into my point about the “secrets” of the balance transfer credit card application. While we all know that the introductory rates will expire in time, many people do not factor in the fees charged by the various credit card companies.

There is no shortage of choices in finding cards with no annual fees, virtually all issuers will charge a fee on balance transfers. There really is no avoiding this charge. It usually runs around 3% and in many cases will be capped at $150.

Meaning that no matter how much you are transferring, you will not have to pay more than the allotted maximum. Using a credit card calculator will give a ballpark figure of what you will be paying in interest.

Simply factor in the transfer fee and you will get a pretty good idea on how much you are saving. Truth be told, there really are no balance transfer credit card application secrets. Read the terms carefully and you will know exactly what kind of savings to expect.

Joanne