| Credit card jumping (or rate surfing) is | | | | for a new credit card about a month before |
| becoming more widespread as people struggle | | | | the old offer runs out. This leaves plenty of |
| to keep on top of the mountains of debt they | | | | time to get the new credit card and transfer |
| have amassed. It's called credit card jumping | | | | any balances on to it to take advantage of |
| because people jump from credit card to | | | | the new offer. Consumers can do this any |
| credit card, taking advantage of the best | | | | number of times.What About My Credit |
| deals on offer.How Credit Card Jumping | | | | Rating?The key to keeping a good credit |
| WorksIt works like this. Suppose you pay for | | | | rating is to always pay at least the minimum |
| your new car, DVD recorder or stereo using | | | | amount that is listed on the statement. This |
| your old credit card. After the interest free | | | | must also be paid on time and consumers |
| period of around 56 days (less on some cards) | | | | should never exceed their credit limit. It is |
| you will have to pay interest on the | | | | also important to keep the old cards even |
| outstanding balance. This can range from | | | | after the balance has moved to another card. |
| under 8% to well over 23% depending on the | | | | Old credit cards show people's credit history |
| credit card you have. And most of the money | | | | and improve their credit rating.How Companies |
| you pay back each month will pay off interest | | | | Protect Against Credit Card JumpersWhen 0% |
| rather than reducing the principal.Credit | | | | interest offers first appeared, credit card |
| card jumping offers a solution. Most credit | | | | companies did not realise the implications. |
| card companies offer reduced interest rates | | | | They lost hundreds of thousands of pounds of |
| to new customers. This can be a long term low | | | | potential interest. Now there's a strategy in |
| interest rate or a 0% interest rate for a | | | | place to make credit card jumping less |
| period of up to 12 months. This means that | | | | attractive. This is the balance transfer |
| during this period credit card customers are | | | | fee.The balance transfer fee is a new charge |
| reducing the principal when they make | | | | imposed by credit card companies whenever |
| repayments. This will help to reduce their | | | | consumers transfer a balance to a new credit |
| overall indebtedness.Shopping For A 0% Credit | | | | card. The rate for this is around 2%. This |
| CardTo get a 0% credit card, consumers just | | | | means that credit card companies get their |
| need to shop around. They can visit one of | | | | money up front. There are still some cards |
| the many comparison websites to find the best | | | | that do not charge a balance transfer fee, so |
| deal. Many credit card companies also offer | | | | it's worth shopping around while they |
| other incentives such as money-off vouchers, | | | | last.Joseph Kenny writes for the Card Guide, |
| cash back rewards and discounted | | | | a site where visitors can compare credit |
| insurance.The 'jumping' part comes when the | | | | cards. Browse credit cards by category |
| 0% offer runs out. Canny consumers will apply | | | | including 0% balance transfers. |