Bad Credit? - Repair it here yourself!

There're many reasons you may want help for bad credit. We're here to help you understand what affects credit, what makes credit bad, how and what entities define your credit, guide you through the credit definitions, financial concepts, common misconceptions and provide you with information and tools that will help to solve your credit problems. Get help for bad credit now! To achieve this, we provide you with Free Access to a wealth of credit related content, forms, tools and calculators. We show you how to improve your bad credit step by step, reestablish your ability to borrow monies, how and where obtain loans, credit cards, mortgages and other financing. Repair Credit now!

Lower debt with American Express Blue credit card

Tue Apr 11, 2006 11:04AM | By Tony

See more in Debt Relief | Permalink | Email |

American Express Blue credit card is offered right now on the very best terms. Of course as with any credit card you must be careful. We wrote on using great credit card offers to lower debt with credit card swapping. With American Express Blue you get a nice tool to lower debt as it offers:
- no interest on purchases for 12 months, that is - 0% APR for 12 full months
- 0% APR on balance transfers for 12 months AND no balance transfer transaction fee but you must have very good credit rating, otherwise transfer rate is 4.99% fixed APR for the life of the balance
- no annual fee, that is rather normal today
- American Express rewards from Home Depot, Dell, Hertz, Toshiba, KitchenAid and so on - 1 point for every $1, in some supermarkets, gas stations you get 2 points for each $1
- after 12 months, interest rate is variable 11.24% which is not bad either

American Express Blue credit card is great if you manage to transfer and pay off high interest loans in 12 months or a in bit longer to lower debt.
To apply, you can try American Express online or call at 800-800-BLUE (2583).

However, no American Express rewards and gift cards you receive will matter if you default. The APR will go to 20.24% if you miss your monthly minimum payment once. For seriously defaulted accounts APR will shoot to 29.24%. Account is considered being "seriously in default" if within 12 calendar months either of the following three event occurs:
- you miss monthly payment twice
- you go over a limit three times
- your bank returns payment
Keep in mind that these APRs are connected to the Prime Rate which is likely to go higher in a foreseeable future, so the seriously defaulted Blue card accounts will be looking at APRs with the 30 + percent.
The other thing, APR for cash advance is very high from the start - 22.24%.

So this American Express Blue credit card offer can help to lower debt and American Express rewards will come handy too, but only as long as you can manage it right.