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Home > > New Millenium Bank Secured Black Diamond Visa

New Millenium Bank Secured Black Diamond Visa

Approved regardless of credit history
Credit limits up to $10,000*
Reports to all 3 bureaus
Get cash at over 740,000 ATMs
No credit check
* Terms and conditions apply.

New Millennium Bank has guaranteed your credit approval for up to $10,000* in secured credit!

Build or rebuild your credit the SMART way with a

NMB Secured Black Diamond Visa®

credit card!

  • Approved regardless of credit history
  • Credit limits up to $10,000*
  • Reports to all 3 bureaus
  • Get cash at over 740,000 ATMs
  • No credit check
  • * Terms and conditions apply.

New Millennium Bank has helped thousands of people get their Visa® and/or MasterCard® through our unique, national secured credit card program. New Millennium Bank is known for excellence such as:

  • An established track record of trust and safety.
  • Rated 4 stars (Excellent) by Bauer Financial Services.
  • Passes stringent annual reviews by federal and state regulatory groups responsible for the safety and soundness of the national banking system.
  • Deposited funds are insured up to $100,000 by the Federal Deposit Insurance Corporation (FDIC).

2

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DID YOU KNOW?

Balance transfer credit cards can be a lifesaver for a person looking to get out of debt. Balance transfer credit cards allow the cardholder to transfer balances free of charge and provide low interest rates on the money that is transferred, helping the cardholder potentially save hundreds of dollars.

Balance Transfer Fees

Typically, credit cards charge balance transfer fees to transfer the balance from one credit card to another. These fees are usually a percentage of the total amount being transferred, which is generally 2-3% of the amount. In addition, there is usually a minimum on the amount of the fee, such as $5. Sometimes there is also a maximum, such as $75, but this is not always the case. As you can imagine, these costs can add up and basically negate the benefits of transferring the balance in the first place.

With balance transfer credit cards, these fees are waived. Depending on the card, these fees may only be waived for a certain period of time. Sometimes, balance transfers need to be initiated at the time of applying for the card in order to have the fees waived. With other cards, the balance transfer may need to be completed within the first six months or within the first year in order to be eligible for waived fees. Yet other cards never charge fees for balance transfers because they are more than happy to take on a debt and receive the subsequent finance charge payments. In fact, if you negotiate with a card that has balance transfer fees, you might be able to convince them to drop the fees. After all, allowing you to transfer your balance to their card does make money for the credit card company in the long run.

Finance Charges

Another obvious benefit of a balance transfer credit card is the low interest rates. The best balance transfer credit cards will have a 0.00% APR for the life of the balance of the transfer. This means you will not pay interest on the transferred balance - ever. Even after the interest rate goes up on other charges made to the credit card, your transferred balance remains interest free.

When comparing balance transfer credit cards, you need to take a close look at the interest rate. Some balance transfer credit cards offer the low interest rate for the life of the balance while others do not. Be sure to find out how the interest rate is determined after the introductory period is over. Also, make sure you are fully aware of what you need to do to be eligible for the low introductory rate. With some cards, the balance transfer needs to be initiated when applying for the card in order to be eligible for the lower interest rate. With other balance transfer credit cards, you have the luxury of transferring the balance any time during the introductory period, which generally lasts anywhere from a few months to a year.

Consolidating Debt

Another perk of balance transfer credit cards that many people fail to consider is the fact that you can consolidate your debt on these cards. Having all of your debt in one place makes it easier to keep track of your finances and make payments. In addition, you can save a great deal of money by putting all of your debts on one card with a low interest rate as opposed to having it spread out over several high interest cards. Just avoid the temptation to continuously open new accounts with balance transfer credit cards, as having a large number of open credit card accounts can reflect negatively on your credit rating.

If you have a history of bad credit, you will find it more difficult to find a lender who is willing to approve a mortgage for you. Although the increase in the number of people with debt problems has led to a similar increase in the number of adverse credit mortgages available, there are only a few ways of ensuring that you are getting the best adverse credit mortgage advice. One of these ways is to talk to a qualified, regulated mortgage broker.

How do I know which broker will give good adverse credit mortgage advice?

In order to give adverse credit mortgage advice, brokers must be qualified and regulated by the Financial Services Authority (FSA). Those brokers who are regulated must have a declaration to that effect on the communications they send to you – whether it be letters or marketing material. In addition, they must follow specific procedures, designed to make sure that the customer is always aware of the options and advice being offered. If you approach a mortgage broker for adverse credit mortgage advice, you should ask if they are regulated. You can use the FSA’s own website - www.fsa.gov.uk - to double-check which brokers in your area are regulated.

In addition to this, it can also be worthwhile to talk to your broker over the phone or, if they are local to you, to arrange to meet. Bad credit history can be complicated and it will help you to know that the broker is interested in taking your full history so that he or she can give you the best adverse credit mortgage advice. Taking on an adverse credit mortgage is a big commitment and you need to have confidence that your broker has access to a wide range of products and will be able to sort out any difficulties you may have.

If I seek out adverse credit mortgage advice, what do I need to know?

Before speaking with a mortgage broker, you should know exactly what your current credit status is. Although the broker or the lenders can look at your credit history, it is best if you can give them this information when you first ask for adverse credit mortgage advice. To get your latest credit history details, simply write to the three main credit reference agencies, requesting that they send you the appropriate information. Details for these agencies are available from the government website www.informationcommissioner.gov.uk.

When you first talk to a broker about adverse credit mortgage advice, you will also need to know how much money you want to borrow. This is important because it may help to define which types of products are best for you. Depending on your credit history, there may be a maximum amount of money that you will be able to borrow, so you will need to be prepared to adjust your property expectations.

Do I have to follow adverse credit mortgage advice?

No. The mortgage broker’s job is to look at your circumstances and give you professional advice on the options that are best for you. This does not mean that you have to follow their recommendations, but it does mean that if you choose to apply for a product that you have not received advice about, you will be unable to take any action against the broker should the product prove to be wrong for you. Adverse credit mortgage advice is a specialist area and it is possibly the most useful information you will get when you are looking for a mortgage. The broker will also be able to submit all the required paperwork, thereby making the whole process less stressful for you.










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