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Rate surfing can be a great way of reducing debt but there's a risk. To avoid long term harm to your credit rating, it's best to ensure you do it right. Rate Surfing ResearchFirst of, start by researching the current charge card rate offerings to see which the first is best for your circumstances. Many people choose the 0% interest deals, as these permit them to apply the payments the help to make to clearing any outstanding debt. These deals usually last for any limited period (between three and 12 months), so canny rate surfers will need to look for the next deal. Keeping Tabs on Credit Card Interest RatesWith rate browsing, it is essential to move to another card before the reduced interest time period runs out. If you don't, you could discover yourself with hefty payments to help to make. If you're surfing with many charge cards, you'll need to keep track from the different offer expiry dates so you do not get caught short. Keeping track of these dates is often as simple as writing them down on a bit of paper. The more technically savvy may prefer to utilize a spreadsheet for this purpose. Whichever system you utilize, it's worth using a calendar to keep an eye on the dates when you need to use for new cards and move cash. If you have an electronic diary, set up automatic reminders for these types of dates. That means you will always know when it is time to make the next charge card balance transfer. Finding cards to proceed to is relatively easy, as there are several websites that provide comparisons of credit card deals. Exactly the same sites will also show you if the 0% credit cards offer other bonuses, such as air miles, vouchers, cash return or charitable contributions. Balance Transfer FeesOne factor to consider is the rate charged for the total amount transfer. With rate surfing becoming popular, many credit card companies are getting a one-off balance transfer fee of around 2% of the sum transferred. This can soon add up when you're transferring large sums or working with several charge cards. There are still a few cards that not charge this fee, so it's worth looking around to find one. Organise Your Rate SurfingOrganisation may be the key to successful rate surfing. For instance, it may be worth automating your charge card payments by setting up a position order through your bank. That way you may be sure that your credit card bill will be paid on time, and there defintely won't be any danger of damaging your credit score. Rate surfing works best for people who intend to clear a debt. Adding more income to a transferred balance will not assist with this goal. In addition, credit card companies may charge another interest rate on new spending. This may increase, rather than decrease, the financial debt. With a bit of organization, many people can manage to reduce their amounts of debt through rate surfing.






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