Consolidate Your Credit Cards

The average cardholder carries balances on five or six credit cards. Consolidating several high-rate balances into a low-rate card can save $200 or more in interest charges.

Here's how: Call the credit card company to which you want to transfer your balances (in this case, the Visa issuer) and ask for instructions. Some issuers will do it for you. You fill out an authorization form, and the issuer will pay off the balance you specify on another card.

Others will send you "convenience checks," which look just like personal checks. You simply write a check to pay off another credit card. The amount of the check or balance transfer will appear on your next statement, often as a cash advance.

Trap: Be sure the interest rate for transferred balances isn't higher than the advertised rate. Also watch for steep cash-advance fees for balance transfers-these can be as much as 2% of the amount you transfer. Many issuers will waive the fee if you insist.

Rack Up The Credit Card Freebies
Caution: These cards are often expensive, with high annual fees and interest rates. In most ...
rack-up-the-credit-card-freebies.php

Open Your Mail
Problem:If you use an introductory rate to pay off balances on higher-rate credit cards, keep in mind that you'll h...
open-your-mail.php

Demand A Better Credit Card Deal
Here's how: Call the customer-service department and p...
demand-a-better-credit-card-deal.php