Can you make money giving away credit cards? Giving away credit cards is the basis of a brand new type of home based business. Some features that make this business stand out are that it is not multi-level marketing (MLM), you don't have to do any cold-calling, you don't have to sell anything you don't have to make a monthly purchase or pay fees to remain a member of the business, and you don't have to recruit other people into the business to make money.
So, back to the original question: can you make money giving away credit cards? I'd like to show you the answer by asking you to consider these, three questions:
1. How many people do you know who have at least one credit card?
2. How hard do you think it must be to get along without a credit card?
3. How easy do you think it would be to give a credit card to someone who wants one?
Nowadays practically everything we pay for calls for a payment card of some kind. Things that spring to mind are restaurant bills, purchases made online, vacation bookings, clothing purchases, grocery bills. Checks used to be an option but they are no longer accepted in many places; paper has been replaced by plastic for most everyday purchases. It is easy to see that credit card transactions offer a method of payment which is convenient to both the seller and the spender.
Most people who use a credit card own more than one card to enable them to get the maximum interest-free period on their purchases. Some people make a habit of changing to a different credit card company whenever there is a special offer such as a low interest rate, or a favourable deal on balance transfers, or some other promotional deal.
Other people who will be on the lookout for a credit card are those who have been refused credit. This might happen to people who have previously run into trouble with a credit card company during a period of unemployment. Students and graduates who have no credit history find it hard to find a credit card company willing to offer them credit facilities.
The most unfortunate group of people who can't get a credit card when they need one are victims of identity theft (also known as identity fraud). They can find that they have been blacklisted for credit even though they are completely innocent of any crime. Once adverse credit references get into the system, it can take years for a victim of identity fraud to have their records corrected and their credit lines restored.
Anyone who doesn't have a credit card (for whatever reason) is limited to carrying sufficient cash to cover any purchases they might want to make, or to using a cash card to have the money taken straight out of their bank account. Carrying large sums of cash is never a good idea because it is unlikely to be recovered if it gets lost or stolen. If you pay with a cash debit card, you must have enough cash in your bank account to cover the payment; debit cards take away any possibility of deferring payments for anyone on a tight budget who needs a little leeway to juggle funds.
Credit cards are undoubtedly an in-demand product and that is a good basis for a successful home based business. With comparatively little effort, and working part-time it is possible to earn a healthy monthly income from giving away credit cards.
Debt consolidation credit card is your savior if you are neck deep under credit card dues and looking for a way out. Many of us are tempted to purchase things because we use multiple credit cards. Easy availability of credit cards and loans have made life much more affordable! We hardly think twice while we swipe our cards again and again. Soon without proper control we may end up spending much more than we can possibly repay and the element of regret starts to set in.
The result of uncontrolled credit card spending is that we have to pay different bills on a multitude of cards all with outstanding dues, making it impossible to pay even the minimum dues on some of the cards. This situation can spiral out of control and you may end up with the option of facing bankruptcy or opt for a better alternative, credit card debt consolidation.
Consolidating Debt: What Are The Options Consolidating debt is the process by which you can consolidate all your outstanding dues on plastic money and other loans into one single loan with a lower interest rate than what you paid in interest for all the different loans and cards.
When you have several credit cards with outstanding dues, you may opt for a debt consolidation credit card that has a lower interest rates usually and better terms. This way, consolidating credit card dues enables you to transfer all the outstanding dues on multiple credit cards to this card, clearing your other credit cards and giving you a chance to repair your credit record.
Credit card debt consolidation may be done by using the services of a reliable firm offering these services and or cards. Such companies have trained professionals who will review the situation with you and contact your creditors, negotiate with them for lower interest rates, perhaps even eliminate penalties and late fees as well as reduce the total outstanding dues.
The professionals of consolidation companies help you in getting a credit card debt consolidation loan. There are two types of loans and consolidation cards - secured and unsecured. Secured loans require collateral such as house or assets and thus have a lower interest rate than unsecured loans.
Some people shop around for 0% APR credit cards that do not have any balance transfer fees and transfer their outstanding dues to the new card and start making payments on their dues. This works out as instead of just paying interest, the debt is actually being reduced. Be sure to study all the terms and select a debt consolidation credit card that has no hidden fee. The period of 0% APR is not a long-term phenomenon. Before selecting such products, check the duration for which you would be getting a 0% APR. Be careful while selecting a card that offers a longer period of 0% APR. Make sure that you eliminate your debt before the 0% APR period ends. After the expiry of the stipulated period, you may have to pay the standard APR on the debt consolidation credit card, which may be considerably higher.
Both Elaine Currie & Saurabh Jain are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.