With many top card companies improving on the promotions they have offered to include more cash back, extra perks, sign up bonus rewards, its a great time to be in the market for a new credit card.  That is, of source, if you are keen to go further into debt than you already are.

Below are some examples of the great deals you can now take advantage of tempting no??

Chase Slate® – Chase is one of many companies that offers balance transfer credit cards without a transfer fee at zero percent. The slate card gives 0% interest on purchases and balance transfers for 15 months. In addition to no annual fees and great customer service.  Wow!!  What a deal.  If one of more of your current cards is “maxed out” you can transfer the balance to a new card at zero percent.  That’s assuming that your credit score is high enough to get approved in the first place.  At best you are postponing the inevitable. In the meantime, your debt to income ratio will go higher and your FICO sore will drop significantly. Sooner or later you will have to pay the piper.

Chase Freedom® – This card made the top spot for a few key reasons. It offers an awesome bonus opportunity of $150 if you spend just $500 during the first three months. Combined with a zero percent interest rate for purchases and balance transfers, select 5% cash back bonus opportunities throughout the year, 1% cash back on all other purchases (uncapped) and no annual fee and this card is clearly a top the top balance transfer card in 2016.  Same comments as above.

Starwood Preferred Guest American Express Card
**Limited Time Promotion For 2016
– Receive 25,000 bonus points with $3000 of spending during the first three months
– No foreign transaction fees (great for travelers)
– $0 Annual fee for the first year, $95 thereafter
– Over 1200 hotels around the globe participate in the program

Oh great!! Just add three thousand dollars to your debt ratio and you can get bonus points while lowering your credit score!!

. Citi Simplicity® Card – No Late Fees Ever – They claim they are working to put the C back into customer service. Offering an outstanding 21 months of zero interest on balance transfers and purchases (clear into 2017), this is a great card for borrowers looking to lock in savings on a balance transfer. Additionally, the Simplicity Card offers no fees for late payments and no annual fees. 

Again,  to qualify for any of these cards your FICO score should be high, which means that your current debt to income ratio is probably favorable.  If your finances are that good, these “benefits” probably don’t interest you.  If they are not, you probably don’t qualify.

 Now I don’t receive very many of these offers because they don’t like me.  Why?  I don’t have many cards and I keep my balance low or at zero.  But maybe you are one of those people who is constantly receiving these “attractive” offers to increase your debt load.  If so, you can exercise an option called “opt-out”.

III. What is “OPT-Out”?

You don’t hear too much about OPT-OUT. Certainly not from the repositories as they are not interested in anyone exercising this right as it will reduce the amount of times they can sell your credit information. The direct marketers do not want to limit their options in sending you pre-approved offers.

However, if you are not interested in having anyone review your credit without your authorization, you should exercise your OPT-OUT right.

You have specific privacy rights under the Fair Credit Reporting Act Section 604, Permissible Purposes of Consumer Reports.   You basically have the right to initiate all credit reports.  Unless you contact the repositories, you lose this right.

Your first contact with the repositories will result in them sending you a form asking if you wanted it for yourself, and, if you are able to keep good records and are 21.  To renew your rights every two years select the two-year program.  Although this program was originally intended to remove your name from all repositories simultaneously, you might have to receive a form from each of the three repositories.

The national credit bureaus offer a toll-free number that enables consumers to opt-out of all pre-approved credit offers with just one phone call. Call 1-888-5-OPTOUT (1-888-567-8688) for more information.

 Credit Bureaus: Sample Opt-Out Letter

Be sure to send your letter to ALL three credit bureaus

Options
Equifax, Inc. .
P.O. Box 740123
Atlanta, GA 30374-0123        

      Experian
      Consumer Opt-Out
      701 Experian Parkway    

      Allen,TX. 

    Trans Union Corporation’s
      Name Removal Option
      P.O. Box 97328
      Jackson, MS 39288-7328

 

Date  

To whom it may concern:

I request to have my name removed from your marketing lists. Here is the information you have asked me to include in my request:

FIRST, MIDDLE & LAST NAME
(List all name variations, including Jr., Sr., etc.)

CURRENT MAILING ADDRESS

PREVIOUS MAILING ADDRESS     (Fill in your previous mailing address if you have moved in the last 6 months.) Note: not required by Equifax and Experian.

SOCIAL SECURITY NUMBER    Note: not required by Experian.

DATE OF BIRTH     Note: not required by Equifax and Experian.

Thank you for honoring my request. 

 

_____________________________________
 SIGNATURE

CREDIT RESELLING

 

The Fair Credit Reporting Act (FCRA) Section 607 Compliance Procedure details the responsibility of the Credit Reporting Agencies in selling your credit reports and/or credit information.

You are entitled to the following—–

    1)  Name of reporting agency

    2)  Identity of end user of report information

    3)  Purpose for the report being furnished

Although you are entitled, it will not be released unless you request it.  The CRA’s are required by law to furnish this information to you.  Always remember this is your credit information they are selling. They are realizing billions selling something they do not own.  It belongs to you, me and every consumer that purchases on credit.

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