Do Skymiles Credit Cards Come With Competitive Interest Rates?

As with any other type of credit card, when it comes to skymiles, interest rates will vary from offer to offer. So, I can’t speak for all offers out there but, I can say, they generally come with highly competitive rates. Even though these offers come with great rewards, that’s not enough to get the masses excited. If you want people to be excited about a financial offer, you need to make sure that it’s the best one out there in all areas. With that said, most of the time, you will find surprisingly competitive interest rates on these cards. For instance, the Miles by Discover Card comes with a zero percent promotional interest rate and an incredibly competitive long term interest rate.

And The Fees…

Now, this is where you have to be a bit careful. In all reality, there are a few skymiles credit cards that are designed with lower fees. But, some skymiles credit cards have annual fees as high as $495.00 and, nobody wants to pay that for a credit card every year. But, if you do your research, you will find some with absolutely no annual fee! Just remember, before ever applying for a skymiles credit card or any other type of credit card for that matter, you should always read the interest rates and fees sections of the terms and conditions making sure you understand everything you will find yourself paying!

What About The Lenders That Offer Skymiles Credit Cards?

Did you like the commercial? Did it scare you a bit? Even though commercials like the one to the left may make you think there are some horrible lenders out there, the truth is, most of those that offer skymiles programs are great! But, before ever applying for any type of card, you should always make sure that you know and trust the lender. Although, you will be hard pressed to find a representative as bad as the famous Peggy, there are some lenders that are not as highly rated as others. When you open a new account, you are starting a long term, financial relationship. One that will either help or harm your financial stability! Before you apply, always ask yourself, “Do I know and trust this lender?”. Doing so will help you make sure that the credit card you open is provided by a lender that you will enjoy having a relationship with.

Are The Rewards Everything They’re Cracked Up To Be?

When it comes to any card that offers miles, the big talk is always surrounded by the rewards. But, are the rewards on skymiles credit cards worth all the hype? Well, that honestly depends on which card you choose to apply for. Some of them come with great rewards programs while others tend to lack in that category. Some cards only allow you to redeem your rewards with one airline, others allow you to redeem with whichever airline you’d like. Some only provide free airfare while others provide redemption offers like free airfare, hotel stays, car rentals and even cash back! It really does all depend on the skymiles credit card that you choose.

About The Author – Joshua Rodriguez

I know what you may be thinking, “Josh, why would you guest post on your own blog?”. Well, I started another website geared to similar topics called CNAFinance.com. I’ve been guest posting on several other relevant, highly trusted blogs to let people know about the new site and the services that I provide through it. With that said, click here to read a recent article posted the one, the only, CNAFinance.com!

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What Is Debt Negotiation

Basically it is a process which involves communicating with your creditors to negotiate a reduced payment of your outstanding balances, for less than the current balance. You have the option to do this on your own, or, if you lack the skills, to get help from a professional program whose expertise is to negotiate past due accounts. Creditors enter into such agreement in order to prevent more losses in case you decide to file for bankruptcy. So they benefit. And you pay off your debt for a reduced amount, so you benefit. You just have to know how the process works, know your accounts well, and either possess negotiating skills or find a good company to do it for you.

The Upside of Debt Negotiation

The upside of debt negotiation programs is that it enables you to settle your bills which you would otherwise not be able to do. You can save anywhere from 20% to 60% off your balance, depending on the creditor. It will also save you from the consequences of declaring bankruptcy. While bankruptcy may allow you to wipe your debts clean, its effect can follow you for at least 10 years.
Another advantage is that you will save yourself from all the stress, pressures, and harassment from your creditors. At the same time, you will enjoy the necessary relief knowing that you have pad off your existing debts. Typically you will find yourself free of past dues in anywhere from 12-24 months..

The Downside of Debt Negotiation

The downside to these programs is that they negatively impact your credit rating. The impact can stay for many years on your credit report, usually a minimum of 7 years. This may affect future borrowings such as the ability to get other loans or credit, or at least making the interest rate more expensive. But if you already have more debt than you can handle, or you are behind in your payments (both typical for people who choose debt negotiation) then your credit is already damaged, and debt negotiation will at least help you get out from under the burden of debt.

You also have the risks of using a company that is no more than a scam, or just plain old incompetent, or simply doesn’t educate you properly. Debt negotiation scams are common, online or offline. These scammers will disguise themselves as legitimate, make an attractive offer difficult to resist, and then once you fall into their trap, they scam you of your remaining and hard-earned money. You end up having more problems than one. But if you check out the company carefully, you can reduce the chances of getting ripped off.

Before you decide to use and benefit from these programs, it is always wise that you weigh the pros and cons. If you believe that this option will resolve your problems, then the next thing you have to do is to exercise extreme care in choosing the services. Do your part in getting all the information you need to enable you to make the right choice from only legitimate debt negotiation programs.

Kris Bickell offers a variety of debt relief tips at www.Debt-Tips.com. whether you are looking for help with too much credit card debt, fixing past credit problems, or saving money, you will learn actual tips to help you get back on track, including a helpful credit card debt calculator.

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The IRS will allow you to pay your taxes with a credit card. The benefit here is you avoid IRS failure to pay penalty and interest, which is currently .5% per month and 3% respectively on the tax amount owed. The 3% IRS interest rate is updated quarterly. However, on the flip side, all of the IRS e-pay service providers charge a convenience fee with the lowest being 1.89% currently (see below).

After you account for the convenience fee you will have to pay, you need to find a credit card with a low APR (10.90%-20.99% is the range now) and or with a long 0%  APR introductory promotional period (some are 18 months). You also need to make sure you can obtain the credit limit that you need to cover the amount you can’t pay of your tax bill. If you can pay off the credit card within the 0% promotional period, your only cost is the convenience fee from the e-pay provider you select. However, if you cannot, with an APR of 10.90%, currently you are probably better off setting up an IRS Payment Plan, applying for a personal bank loan or setting up a home equity line of credit (if you own a home) . The chart above should give you a visual breakdown in general of what you need to consider. It excludes the promotional credit card offers out there now (5-18 months generally). Furthermore, it doesn’t include the home equity line of credit possibility since not everyone owns a home.

If you decide to setup an IRS Installment Agreement, there is a fee you must pay with your first-month’s payment (ranges from $52 to $105) and you will need to fill out form 9465, which can be found at IRS.gov. The IRS with their Fresh Start program made it easier for individuals to setup a monthly installment agreement with balances up to $50,000 as long as the taxpayer decides to make the payment method direct debit. If you owe more than $50,000, setting up a payment agreement is possible, but generally will require you to fill out a collection information statement that will provide the IRS with a current snapshot of your financial situation. IRS payments plans generally are granted if you have previously filed your taxes, don’t have other agreements with the IRS, are not in bankruptcy, and the taxes owed are not more than 5 years old.  Interest on your unpaid tax balance is compounded daily (currently 3%) with an additional .25% a month failure to pay penalty. The IRS basically will cut the failure to pay penalty in half (generally .5%) if you setup a payment agreement.

Figuring out what is your best option can be tricky because the amount you owe will sometimes determine your possible options. When in doubt, ask a financial advisor or work with a tax professional such as a CPA, or Enrolled Agent. For more information on IRS Payment plans, visit BackTaxesHelp.com or click here to find out more details on setting up a payment agreement with the IRS.

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Tip #1: Don’t Look At The Rewards First: Unfortunately, a great deal of consumers get so consumed by the rewards that these credit cards offer that they forget to compare the most important factors associated with them. Factors like overall cost and issuing lenders are far more important than rewards. With that said, rewards are fun but, never allow them to consume you during your comparison. It is always best to keep a level head and choose the card that you feel will be best for your overall financial position.

Tip #2: Pay Attention To The Cost: When it comes to figuring out what factors you should compare as you shop for rewards credit cards, a good place to start is the overall cost of the card. The factors like interest rates and other fees will be the determining factors that tell you how much you will pay as a result of using your new credit card. With that said, when you compare the different offers available to you, the first thing you should do is read the rates and fees section of the terms and conditions for each offer that you are interested in. This will give you a thorough understanding of exactly how much money each different offer will cost you over time.

Tip #3: Choose A Reliable Lender: Once you have chosen 3 or 4 different cards that you are interested in and that have competitive rates and fees, it’s time to look into the lenders. The truth is, credit cards are just like any other product. Some of them are offered by reliable lenders and others are offered by less than reliable lenders. The way that you use and maintain your credit card will effect your overall financial stability. You want to make sure that when you choose a product that is so important, you choose to work with only lenders that you find to be reliable and trust worthy!

Tip #4: Time For The Fun: Finally, it’s time to compare the different rewards that are offered with rewards credit cards. The truth is, each offer will be different as far as pricing, issuing lenders and even rewards. There are tons of different types of rewards that you could earn like free airfare, cash back, gift cards, theme park tickets and much more. At this point, you should look into the rewards programs to find out which ones offer rewards you will use, which ones make it easier to earn points and which ones make it easy to redeem your rewards. After looking at all of these factors, choose the card that offers the best rewards.

If you follow these tips during your comparison, I’m sure that the offer you choose will be the best offer for you. If you have any questions or would like a free phone call consultation to find out which offer is best for you, please feel free to email me at Joshua@JEMCreditCards.com!

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Question #1: What Is The Best Credit Card?

Answer #1: The most common question that gets sent to my inbox from the consumers that visit my website is, “What is the best credit card out there?” and various different variations of the same question in different words. The truth is, this is one of those questions that simply doesn’t have an answer that would be suitable for everyone. The reason for this is that there are several different offers provided by several different lenders. Each different offer is designed for a specific group of consumers. Therefore, the card that may be best for me will most likely not be best for you! With that said, the only way to truly find the best offer for you is to do a proper comparison of the different ones that are available. For tips on how to compare, read this article….Finding The Best Credit Card For You!

Question #2: What Is So Special About Skymiles Credit Cards?

Answer #2: I talk about skymiles credit cards quite a bit here and for good reason. The truth is, skymiles cards offer consumers much more than most other types of offers out there. These accounts allow you to earn miles or points each time you make a purchase using your card! The points that you earn are saved in a points account and when you have enough, you are rewarded greatly for them. Common rewards associated with skymiles programs are free airfare, hotel stays, car rentals, theme park tickets and more! With that said, they are special simply because it is hard to find an offer that provides more rewards. To compare skymiles credit cards, please feel free to click this link….Compare Skymiles Credit Cards!

Question #3: What Is The Grace Period?

Answer #3: Finally, it seems as though quite a few people simply don’t understand what a grace period is. This is simply the amount of time that you have to pay your credit card off in full without being charged interest rates on the balances that are carried from month to month. Generally, if you pay your balance off each month, you will find that you will not be required to pay interest on the balances!

I hope that I’ve answered any questions that you may have had. However, I understand that you may have a few others. With that said, if I didn’t answer a question that you would like answered, please feel free to email it to my by sending your question to Joshua@JEMCreditCards.com!

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Step #1: Make A List Of Interesting Offers: To find the best of anything, you are going to need to compare the different options available. This is the same with credit cards. The best way to start when it comes to finding the best offer for you is to make a list of a few offers that you are interested in. A great number of offers to start with is 5! This way, when you compare, you will have all the different options right in front of you!

Step #2: Compare The Cost: As with anything in life, credit cards come with a cost. That’s right, they are not free! The cost associated with credit cards is displayed as 2 different basic sections. First is the interest rate. The interest rate on a credit card is the percentage of the balance that you will be required to pay as a fee. The higher your interest rate, the higher your bill will be each month. Therefore, you want to make sure to choose an offer with a low rate! On the other side, we have standard credit card fees. The simple fact is that most offers will come with their own unique set of fees. In most cases, these fees include annual, balance transfer, foreign transaction and other fees. However, each offer will be different. Pick 2 out of the 5 offers that you find to be the ones that cost the least overall.

Step #3: Breaking The Tie: At this point, you should have 2 offers left that have incredibly competitive interest rates and fees. So, how do we go about breaking the tie? Well, we look into the fun aspects associated with credit cards, the rewards and promotions. Due to the overwhelming competition in the lending industry, many lenders have added 0% promotional interest rates and great rewards programs to their offers in order to attract the attention of shopping consumers. Choose the card that offers what you believe to be the best promotions or rewards to break the tie!

I hope that I’ve answered all of your questions. However, I know that one article couldn’t possibly answer all questions that consumers will have about any topic. With that said, if you still have any questions that I haven’t answered, please feel free to contact me directly by emailing your questions to Joshua@JEMCreditCards.com!

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Fact #1: Balance Transfer Credit Cards Have Multiple Interest Rates: One of the very interesting things about balance transfer credit cards is that most of them provide low, even 0% promotional interest rates. But, all too often, consumers get too interested in the promotions that they forget to look at the standard, cash back and default interest rates! Because promotional interest rates are only short term rates, they are the least important of the 4 common types of interest that you will find on balance transfer credit cards! Don’t get me wrong, promotions are fun but, they should not be used as the basis of a decision to choose one credit card over the next.

Fact #2: Balance Transfer Credit Cards Come With Special Fees: The process of transferring that is just that, it is a process. Something that we would call a service! The truth is, I don’t know of many free services out there and balance transfers don’t fall under that category! As a matter of fact, most balance transfer credit cards come with transfer fees. These are the funds that pay for the process of transferring a balance. Generally, these fees aren’t too much, somewhere between 3% and 5% of the amount of the transfer. And, in most cases, they are absorbed by the interest savings during the promotional period. But, you should always pay attention to them!

Fact #3: Balance Transfer Credit Cards Are Not A One Size Fits All Debt Cure: Unfortunately, because it is possible to consolidate debts to a lower interest rate account using balance transfer credit cards, many consumers look at them as a one size fits all debt cure. The reality is, this isn’t at all what they are meant for. Yes, if you would like a lower interest rate, you might want to transfer your balance. But, if you are struggling to make ends meet and you are trying to save money to put food on the table, I strongly suggest calling your lender and asking what they can do to help in times of financial hardship. In most cases, you will be amazed at how much lenders really are willing to help!

I hope that you’ve enjoyed this article! If you would like to add facts to the collection, please do so by leaving a comment below. If you have any questions or concerns regarding this article or anything else you find on my website, please feel free to contact me by writing to Joshua@JEMCreditCards.com!

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Pointer #1: Open A Savings Account And Avoid Interest: The number one source of fees that the vast majority of consumers pay on credit cards are caused by interest rates. The cool thing is that…if you play your cards right, you don’t have to pay interest rates! Most credit cards including those with skymiles offers give the consumers who decide to use them a grace period. This is a short period of time that you have to pay your balance off entirely without having to pay interest. Generally, grace periods will range from 20 to 45 days. Often times you will see that if you pay your balance off in full each billing cycle, you won’t have to pay interest! So, to do so, open an interest bearing savings account. Every night before you get ready to go to bed, you should calculate all the money you spent on your card and transfer it to your new savings account. This way, no matter how long the grace period is, you know that you will have the money to pay off the card when the time is right. In the mean time, you will earn interest from your savings account on the funds as they wait to be paid to your lender!

Pointer #2: Use Your Skymiles Credit Card Often: The truth is, it is impossible for you to earn rewards if you don’t use your card. The key with skymiles cards is that you earn points or miles each time you swipe your card. So, you are going to want to use your skymiles credit card often. But, I am not telling you to go rack up a bunch of debt that you can’t afford to pay back. It is important that you use your credit card responsibly. Simply use your card for any purchases that you would generally use cash or a debit card for. And as I stated in the pointer above, transfer the funds to savings each night to ensure that when the time is right, you will have the money to pay the card off!

Pointer #3: Choose An All Inclusive Skymiles Credit Card: Skymiles credit cards are great! Generally, they offer great airfare based rewards. But, when it comes down to it, very few offers will provide rewards like free car rentals and hotel stays to go with the airfare. However, there are a few offers that do! My favorite is the Miles by Discover credit card with the Escape by Discover being a close runner up!

I hope that I’ve answered any questions that you may have had about getting the most out of skymiles credit cards. The process really is a simple one. However, if you do have questions that I have not yet answered, please feel free to contact me by emailing Joshua@JEMCreditCards.com!

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Question #1: Should I read the entire terms and conditions of each offer I compare?

Answer #1: The terms and conditions of a credit card will explain to you everything there is to know about that card. But, the terms and conditions on credit cards are often times multiple pages long. So, is it so important to read all the terms on all the offers you compare? Well, yes it is. This is because in the terms and conditions, you will find a detailed list of all the different rates and fees you will pay, you will learn about the grace periods that each card offers and what that means, you will even learn about how the lender protects you from fraud. Therefore, when comparing credit cards, you really have no idea of exactly what a card offers or how it works unless you read the terms and conditions.

Question #2: What are the most important factors to compare?

Answer #2: When it comes to any financial account including credit cards, it’s incredibly important to compare all factors. However, as with anything else in life, as you shop, you will find that there are a few factors that will be a bit more important than others. These factors include things like interest rates, fees, lenders and promotions. When it comes down to it, interest rates will be the primary source of fees that you will pay so you will want to compare those first. Then there are other fees, so, you want to compare them to be sure of what you will pay. You want to pay attention to the lender to ensure that it is one that you trust. Finally, the promotional offers add value to the credit cards they are offered on so, you may be interested in taking advantage of them.

Question #3: Are credit cards a debt trap?

Answer #3: Finally, although this is not a question that has to do specifically with comparing credit cards, it is one that I am asked often. Therefore, I think that it’s incredibly important to answer it! The truth is, no, credit cards are not a debt trap! In fact, credit cards are financial tools that when used properly can assist in the development and sustainability of your financial stability. On the other hand, as with any tool, when credit cards are used improperly, they can cause quite a bit of damage to your financial stability. With that said, you have to know yourself before opening a credit card account. You have to know that you are financially stable and responsible enough to handle the responsibility associated with these accounts. I hate to say it but, if you are asking this question, chances are, you are not informed enough about credit cards to be prepared for the added attention that they require.

I hope that I’ve answered any questions you may have had about this topic. However, I understand that one article simply couldn’t answer all questions all consumers will have on any topic. With that said, if you do have any further questions, please feel free to email them to Joshua@JEMCreditCards.com!

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#1: Balance Transfer Credit Cards Are Not Magicians: Although, balance transfer credit cards do help to consolidate debts and tend to help consumers by reducing payments, they are not the one size fits all, magical answer to credit card debts! The truth is, there are many phases of credit card debt and financial hardship. Depending on what your personal finances look like, balance transfer credit cards may or may not be best for you. For instance, if you are experiencing a true financial hardship, chances are, balance transfer cards are not for you! This is because they will not provide the amount of assistance that you would most likely need. Such assistance could be provided by financial hardship programs with your lender or credit card debt consolidation and debt settlement programs. However, if you are just looking to lower your rate, get a more trustworthy lender or you want to consolidate all of your payments into one easy to manage credit card, these special offers may just be for you!

#2: Promotions Are Only Short Term: As the owner of JEMCreditCards.com, I am often emailed by consumers stating that they wish they paid less attention to promotional interest rates as they compared the different balance transfer credit cards available at the time. This is because, while promotional interest rates are fun, they are not the long term rate that you will find yourself paying. In most cases, promotional interest rates will last anywhere from 6 to 18 months. Once the promotional interest rate expires, you will find yourself paying the standard interest rate on your outstanding debts. Therefore, when choosing a balance transfer credit card, it is best to choose one that has a lower standard interest rate than the card or cards that you currently have.

#3: Think Of Net Savings: Although, it’s always fun to save $500 over the course of a year, if you have to pay $550  to save that money, well, it’s not really worth it is it? Balance transfer credit cards generally come with a unique fee called the transfer fee. This is a fee that is charged for the process of paying off the other creditors. In most cases, the transfer fee will range between 3% and 5% of the amount of the transfer. This is well worth it if you are transferring to a card that offers 0% for 12 months. This is because, this will still equate to savings. However, if the fee outweighs the savings, it’s not worth comparing for the offer!

I hope that I’ve answered any questions you may have had on this topic. However, if you do have any further questions for me, please feel free to contact me at Joshua@JEMCreditCards.com!

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