An Olympic Credit Mishap   Leave a comment


Olympic Torch 2012

Image: AP

Ilana Greene

Would-be attendees for the 2012 Olympics are now facing highcredit card bills due to an overzealous reaction when the lottery for tickets was established. 

Fearing they might miss out, or anticipating a bigger demand for tickets from their family or friends, many overbought.  The rules clearly stipulate that one must purchase whatever tickets were allocated to them.

Complicating matters is the fact that while the participants were not aware of which tickets they had been awarded until June 2011, the charges had already been applied to their credit cards or taken from their bank accounts by May 10th.

It doesn’t take an Olympic event for these things to happen. Over buying is often the case with many kinds of sporting events, concerts and other events where tickets are sold so far in advance that one is not yet sure of exactly how many tickets they will need. We’ve all probably been stuck with an extra ticket or two at some point, and of course, scalping is illegal. These situations are a perfect time to look for a no fee balance transfer credit card.

Until the recent downward slide of the economy changed things, these types of offers were one of banking and lending institutions’ sweetest peaches. They were convenient money-saving tools for those who habitually kept a high balance on their credit cards.

Though not as common as they were just a short while ago, these cards are still out thereas are the best balance transfer cards. These cards offer a way to consolidate all of your credit cards onto one card with 0% or low interest rate. The advantage is obvious: lower interest rates.

Consumers must keep in mind, though, that these lower rates usually apply for only a limited time, on average, anywhere between six to eighteen months. Some also carry annual fees, and while this may cut down on overall savings, with a sizable amount of debt, the money saved on interest can render annual fees meaningless.

As always, an informed consumer makes the wisest choices. Finding the best credit card offer these days is a relatively easy task; the TV, Internet, and the daily mail are usually filled with such offers. Consumers should make sure to read the fine print, consider the duration of the lower interest rate and compare fees and penalties to really enjoy paying a lower interest rate on their debt.

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Posted July 18, 2011 by ilanamelissagreene in Uncategorized

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