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2

DID YOU KNOW?

	When most people are looking for loans or other financial services, they almost immediately turn to the bank or financial institution where they've done most of their business in the past. If this isn't an option, then their next resort is often whichever bank or institution is closest to where they live or work. While this practice does have convenience on its side, it isn't always the best choice, especially if you're in the market for a loan… after all, what's convenient might not be the best in terms of interest rates or loan terms. Below you'll find a listing of some of the advantages of using local lenders, as well as some of the disadvantages that you might encounter by not considering all of your options. Advantages of Lenders in Your Area As mentioned above, utilizing banks or finance institutions in your area is an incredibly convenient way of doing business. While this is in itself quite an advantage, other advantages of applying for a loan from a local lender also exist. Local lenders may offer you special rates or discounts as a repeat customer or simply because you live in the area, and there may also be more options for submitting payments available since you live locally as well. If there is a problem with a payment or any other aspect of your loan, it is also helpful to be able to go in person to clear it up instead of having to do it over the phone or via the internet. Local Interest Rates In some areas there may also be local interest rates, which is a general guideline of the rates that banks and lenders in a certain area set their rates at. This can be a mixed blessing, depending upon whether interest rates are on the rise or the fall in other areas… after all, if other banks fall below the local rates then it's unlikely that the banks in your area will match them before the local rates adjust. If rates in other areas rise, though, local rates may remain lower for at least a little longer. Of course, local rates generally only apply in smaller communities or larger cities (where there is little competition or a large amount of competition), and will still be dictated by rates that are set nationally. Limitations of Local Lenders Local lenders do have their limitations, and they may cost you money in interest if you're not aware of them. If you only do business with those lenders in your area you may miss out on lower interest rates because local rates haven't adjusted to one trend or another, or you might find that a national chain that isn't local to you is in the middle of a special promotion that could have locked you in at a better rate. You also might miss out on the rates and terms offered by non-traditional lenders that aren't bound by some of the limitations of your local lenders, such as those offered by online lenders or lenders with low overhead. Expanding Your Horizons Before committing to any loan, you should take the time to investigate the rates and terms that are offered by a variety of different lenders… everything from banks and finance companies to online lenders. Request quotes from several of each type, both in your immediate area and out of it. Compare the rate quotes carefully and determine which is really the best offer… not just which is the most familiar. You may freely reprint this article provided the following author's biography (including the live URL link) remains intact: About The Author

During the days when the federal bank interest rates were at its lowest, back in 2002 and 2003 to be specific, countless credit card providers offered 0% APR credit cards to many consumers. Needing only to pay the outstanding balance, smart consumers were able to charge up to their limits without incurring monthly interest charges. The question that some people were asking when these cards were at their peak of popularity was this: how do credit card providers make money off of this type of plan? Well, good question! Let’s examine 0% APR credit cards and the way they really work and if they are still available to you today. You just might be surprised at the answers!

Annual Fees. Depending on the credit card provider, some card holders have been charged an annual fee for the privilege of having a 0% APR credit card. Annual fees for some of these cards generally run from $15 to $20, even higher.

Late Fees. You would think that if customers had a 0% APR credit card that they would always pay them on time, right? Well, many do not. So, every time a payment is received late credit card providers would assess a late fee. With fees ranging from $19 to $39, that can add up especially if someone is habitually late.

Default Rate. Oh, that 0% rate is nice on the surface. Read the “member’s agreement” and you will quickly learn that late payments will not only incur a fee, but a “default rate” would be charged bumping up the annual percentage rate to double digit figures on existing balances as well as on new charges! If you are late you can say, “bye, bye” to your 0% APR credit card in no time.

Short Term Offer. 0% APR credit cards are still offered today. Almost always they are cards for new card holders that offer a 0% rate for a limited period of time, such as twelve months, before a higher rate kicks in, which usually is around 12%. Some cards will allow you to transfer existing credit card balances over to the new card and receive the 0% rate on transferred balances. What a great way to cut your costs and save money too!

Don’t worry about credit card providers having difficulty making money even with low or 0% APR credit cards. Rates have since increased, in some cases dramatically, making it more difficult to find a low interest rate credit card. Still, great offers exist, but you must know where to find them. Searching online for your 0% APR credit card is a great way to quickly find and compare all of the best offers available.

Copyright 2006 Ed Vegliante. Free online reprints of this article are allowed provided the resource box remains intact with a live link back to http://www.credit-card-surplus.com.