When Declaring Bankruptcy is a Good Option

Author: Jerry Work

Bankruptcy is a legal process intended to help individuals and companies who are unable to meet their debt obligations. Bankruptcy can help you get control of your financial situation and help you maintain possession of property to which creditors might have a legal claim. The process can have very negative effects on your ability to borrow money for quite a long time (up to ten years), but there are circumstances where bankruptcy might be the best option.

There are two types of bankruptcy for individuals: Chapter 7 and Chapter 13. The two types work quite differently. When filing for Chapter 7, most of your unsecured debt disappears within 90 days. However, much of your property, including your home, will be sold off, with the proceeds distributed to your creditors. Basically, anything you have that is worth much at all will be sold to pay creditors. In addition, a Chapter 7 bankruptcy stays on your credit report for ten years. So Chapter 7 bankruptcy is no laughing matter.

A Chapter 13 bankruptcy lets you keep your property. This form of bankruptcy is a debt repayment plan, rather than a debt eliminator. With Chapter 13, you generally set up a three or five year repayment plan, and the bankruptcy only stays on your credit report for seven years. If you own property that you do not wish to relinquish to creditors, Chapter 13 may be your best option. Chapter 13 is also a better option for those who are having temporary difficulties but anticipate better times ahead because it has somewhat less of a long-term impact on credit ratings.

If you do not own a lot of property or are comfortable with the idea of relinquishing your property, then Chapter 7 may be the best option. It creates the best financial circumstances, from a debt management perspective, because it erases your debt. You are no longer responsible for debt repayment. How much property you must give up depends on the laws of the state where you live. But forget about moving to a state with better consumer bankruptcy laws in order to get a better deal. If you've lived in a state for less than two years, then you must abide by the bankruptcy laws in the state where you formerly lived.

If your credit score is already ruined from multiple missed payments or from being in default with creditors, then declaring bankruptcy won't have much of a negative impact on your credit score. In fact, it might even help your credit score. This is because once your declare bankruptcy, your balances and records of unpaid debts are removed. All of those debts will be marked as being included in a bankruptcy. So even though having the bankruptcy on your credit report is very negative, it may be offset by the removal of multiple active bad debts.

Since you are basically starting from scratch, you have the opportunity to begin rebuilding your credit anew. A good way to begin that process would be by acquiring a secured credit card. After being careful to make all your payments on the secured card for a year or two, you will be in position to apply for an unsecured card and continue the process of rebuilding your credit. Eventually, after seven or ten years, the bankruptcy will slide off your credit report. If you have made timely creditor payments in the meantime, then your credit will be restored.

Article Source: http://www.articlesbase.com/credit-articles/when-declaring-bankruptcy-is-a-good-option-386936.html

About the Author

ClearOne Debt Relief is a full-service debt management company providing debt settlement services such as credit card debt relief to customers throughout the U.S.

How Will Filing For Bankruptcy Affect My Credit?

Author: Justin Baxter

How will Filing for Bankruptcy Affect my Credit?

Bankruptcy is a life changing event in any person's life, with long lasting consequence.  For example, a record of the bankruptcy will appear in the Public Records section of your consumer credit report for the next ten years.  Having said that, however, consumers can and do seek and obtain credit after going through bankruptcy.

What Information will be on my Credit Reports?

In addition to the public record of the bankruptcy, each of your creditors that were included in the bankruptcy will update your account to reflect the bankruptcy.  The exact information reported will vary based upon the history of the account at the time the bankruptcy is filed.  In general, most accounts should be reported as "Included in Bankruptcy."  Some may refer to the specific type of bankruptcy with remarks such as "Chapter 7" or "Wage earner repayment plan."

After bankruptcy, the balance, current payment, and amount past due should all reflect zero dollars.  However, if you were late on your bills before your bankruptcy was filed, those notations may or may not appear on your credit reports.  The last part of this article discusses how to dispute false information on your credit reports after bankruptcy.

Will I be Able to Get Credit after Bankruptcy?

For the majority of consumers that file for bankruptcy and either obtain a discharge (Chapter 7) or complete their repayment plan (Chapter 13), the answer is "Yes".  It is likely that credit will be more costly than prior to bankruptcy, which may be reflected in higher interest rates, security deposits, or lower amounts of credit offered.  The two most important factors in being able to obtain credit after bankruptcy are 1) paying all of your bills on time after bankruptcy; and 2) the length of time that passes after your bankruptcy.  Obviously, you have control over the former, but not the latter.  Consumers can rebuild their credit after bankruptcy by using low limit or secured credit card accounts, and conscientiously paying them off each and every month.

How to Dispute False Credit Reports after Bankruptcy

As noted above, post-bankruptcy credit reports should show discharged accounts as "Included in Bankruptcy" with a zero balance and zero past due.  Often these accounts are reported inaccurately, or have not been updated with the correct information.  Under the Fair Credit Reporting Act, consumers have the right to dispute false or incomplete information in their credit reports.

First, get a copy of your credit report. Consumers can request their free annual credit report by writing to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. The request form is available at the annualcreditreport.com website.

Next, send a written dispute letter to the credit reporting agencies. Tell them that you filed for bankruptcy, and give them the bankruptcy court case number. List the specific accounts and account numbers which were discharged. Send your letter via certified mail, with a return receipt requested. Keep a copy of your signed, dated letter, along with copies of enclosures.

If you cannot get false information deleted from your credit report, you may want to talk to a consumer protection attorney about your rights under the Fair Credit Reporting Act.

Article Source: http://www.articlesbase.com/bankruptcy-articles/how-will-filing-for-bankruptcy-affect-my-credit-2140642.html

About the Author

Justin M. Baxter
Baxter & Baxter, LLP
8835 SW Canyon Lane, Suite 130
Portland, Oregon USA
Bankruptcy Attorney

Bankruptcy vs Debt Settlement Programs - Choosing The Best Option

Author: Hector Milla

An overwhelming and ongoing struggle with finances can encourage consumers to make rash and hasty decisions when it comes to choosing how to resolve the issues associated with indebtedness.

But it is important for individuals to understand that the wrong move could cause them significant trouble for years to come. When trying to decide whether to choose to file bankruptcy or select one of the available debt settlement programs, a consumer needs to ensure that they fully understand the processes involved and what the repercussions and results will be.

Aurora Lillo Editor of the "Best Debt Settlement Companies" website -- http://www.BestDebtSettlementCompanies.org -- pointed out;

"...Declaring oneself bankrupt is not only an extreme measure, but it is often unnecessary as well. Few people realize that their filing will remain on their credit report for up to ten years. While an individual may be dealing with large balances on their existing accounts, filing papers in court is certainly not the only way to handle the arrays. Many attorneys will claim that a debt settlement program can initially hurt a credit rating, but the simple fact of the matter is that the negative impact is very brief and will go away quickly. The only way to improve a financial standing is to pay off and eliminate the amount that is owed, and settling balances is an excellent way to do this quickly and allow a credit score to improve..."

Lenders look at bankrupt individuals in a whole different light than other consumers, and there is definitely something to be said for the responsible people who have taken measures to pay off their debt rather than erase it without paying. Most new loan applications ask if a person has ever filed bankruptcy, so the negative effects could last even more than the ten years that the court action is being reported to the credit bureaus.

Professional assistance is available no matter what a consumer opts to do, but attorneys that specialize in preparing bankruptcy cases often charge an incredible amount of money. There is no guarantee that a judge will allow the court filing to progress, so it is safe to say that there is a substantial risk involved. The various organizations that offer to help settle account balances are going to be focused on helping the consumer not only pay off their obligations, but also on improving the financial picture as well.

"...While there certainly are cases that will require an individual to declare themselves bankrupt, too many consumers rush to a permanent solution to what could be a temporary problem..." added A. Lillo.

Further Information By Visiting; http://www.BestDebtSettlementCompanies.org

Article Source: http://www.articlesbase.com/personal-finance-articles/bankruptcy-vs-debt-settlement-programs-choosing-the-best-option-2792122.html

About the Author

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

The Credit Effects Of Debt Settlement And Bankruptcy

Author: Adam Foster

Debt settlement programs offer a viable, and often preferable, alternative to bankruptcy. In some cases, bankruptcy may be the best option available to a consumer but debt settlement provides a way of repaying unsettled debts, reducing those total debts, and becoming debt free within three years or less. Bankruptcy should never be looked on as being an easy way to eliminate debt because it carries serious negative side effects on your credit rating, emotions, and personal circumstances.

Bankruptcy Types

There are two types of individual bankruptcy claims that can be filed - chapter 7 and chapter 13. Chapter 13 bankruptcy requires that you use all of your income, after the courts have calculated an average living allowance, to repay some or all of your debt over a period of three to five years. Chapter 7 bankruptcy is the most extreme and requires liquidation of assets and the proceeds of this liquidation is used to repay a portion of your debt.

Bankruptcy And Credit History

Regardless of the type of bankruptcy you file, it will remain on your credit history for 7 years in the case of chapter 13 and 10 years for chapter 7 bankruptcy. This will make it very difficult, or even impossible, to gain any credit during that time. Even though chapter 13 bankruptcy is looked on in a better light to chapter 7, the typical consumer will still have serious problems gaining any form of credit during this period.

Future Employment

There are further problems you should consider that are not directly related to your credit score but will have a major impact on your life. When applying for jobs you will be required to declare any bankruptcies you have filed and a potential employer can refuse your application based on this information. You may, therefore, find it difficult to get a new job in the future although some employers will still employ you even with a bankruptcy against your name.

Debt Settlement Programs

Debt settlement programs will impact on your credit history in some way. If you currently have a good credit rating, and are meeting your regular repayments, then enrolling in a debt settlement program will have a negative effect - your credit rating will get worse. The likelihood of a consumer enrolling in debt settlement when they have good credit rating, though, is low.

If your credit rating has already been hit because of late or missed payments and you frequently default on payments then debt settlement is unlikely to have a negative impact on your credit rating. Once you start making the new renegotiated repayments, your credit rating may actually improve.

Default Payments

When you initially start a debt settlement program you willingly cease making payments to creditors while the debt settlement company negotiates on your behalf. This obviously leads to default payments. However, a good debt settlement company will also ensure that once a renegotiated debt figure is fully repaid, the lender will report that your debt has been paid in full. This is reported to the credit agencies and marked against your credit rating - often seen as a positive mark compared to the alternatives.

Once a debt settlement program is complete, those that had poor negative rating should be on their way to rebuilding a reasonable credit score and being able to apply for new lines of credit such as mortgages and car loans. In contrast to the seven to ten years minimum that it will take to start rebuilding your credit score after bankruptcy this is a much shorter period.

Article Source: http://www.articlesbase.com/finance-articles/the-credit-effects-of-debt-settlement-and-bankruptcy-432510.html

About the Author
Adam Foster is one of the founders of DebtSettlementOne.com which is a professional debt settlement company offering debt settlement programs to consumers that require financial help.

What You Need To Know About Bankruptcy

Author: Terry Cordell

Most people don't think of bankruptcy as the 'solution-of-choice' to their financial woes because of the long-term ramifications and social stigma. However, when you have no other means of keeping the ship afloat, bankruptcy offers hope to sail another day. For qualified applicants, bankruptcy can mean a fresh financial start and an opportunity for a secure future.

Chapter 7 and Chapter 13 bankruptcy are legal proceedings that are available to a person in severe financial distress. But remember, bankruptcy does have far-reaching and long-lasting effects, and should be considered only as a last resort.  Bankruptcies remain on your credit report for 7 to 10 years.  However, bankruptcy data is commonly reported incorrectly. The issue generally stems around final determinations as to which accounts are included in the bankruptcy and which accounts are excluded. A qualified credit repair professional may help you ensure that your bankruptcy, including the individual accounts, are reported correctly. 

Creditors and Bill Collectors Must Stop Contacting You
By law, all actions against a debtor must cease once bankruptcy documents are filed. Creditors cannot initiate or continue any lawsuits, wage garnishments, or even telephone calls demanding payments.  Secured creditors such as banks, holding for example, a lien on a car, may get the stay lifted if you cannot make payments.

The Effects of Bankruptcy on Your Spouse
Your wife or husband will not be affected by your bankruptcy if he/she did not sign an agreement or contract for any of your debt. Your spouse would most likely be responsible if a supplemental credit card was issued meaning you each have your own card, but jointly applied.

However, in community property states, either spouse can contract for a debt without the other spouse's signature on anything, and still obligate the other. There are a few exceptions to that rule, such as the purchase or sale of real estate; those few exceptions do require both spouses' signatures on contracts. But the day-to-day debts, such as credit cards, do not require both spouses to have signed. Professional advice from a qualified bankruptcy attorney in your state should be sought to determine the effects on you and your spouse.

Public Knowledge
Even though Chapter 7 filings are public records, under normal circumstances, no one other than your creditors will know you filed for Chapter 7. However, the credit bureaus will record your filing and it will remain on your credit record for 7 to 10 years.

Keeping Your Current Credit Cards
Whether a debtor keeps credit cards after filing bankruptcy is up to the credit card company. If you are discharging a credit card they will usually cancel the card unless you reaffirm the debt. Even having a zero balance, the credit card company may still choose to cancel the card.

Keeping Your Current Job
U.S.C. Sec. 525, prohibits any employer from discriminating against you because you filed bankruptcy.

Keeping Your Possessions
In a bankruptcy, assets in excess of your allowed personal exemption, or non exempt assets such as, real estate, automobiles and boats will be liquidated by the trustee. You are allowed to keep certain assets, depending on the state in which you reside.

Rebuilding Your Credit
Several banks now offer 'secured' credit cards. These credit cards can be obtained when a debtor deposits a certain amount of money (as little as 0) into an account to guarantee payment. Usually the credit limit is equal to the security amount given and is increased as the debtor demonstrates ability to pay the debt.

Two years after a discharge in bankruptcy, debtors are generally eligible for mortgage loans on terms as good as those of others, with the same financial profile as those who have not filed Chapter 7.  The size of your down payment and the stability of your income will be much more important than the fact you filed Chapter 7 in the past.

The fact you filed Chapter 7 or 13 stays on your credit report for 7 to 10 years becomes less significant the more time has passed since the filing.  Depending on your specific situation, you could be a better credit risk to some lenders after bankruptcy than you were before.

Costs of Filing Bankruptcy
The cost to file a Chapter 7 bankruptcy varies, but is generally about 0. Keep in mind that this is only a filing fee and in most cases you should consider consulting with a qualified attorney who is licensed in your state. Bankruptcy attorneys' fees vary considerably throughout the country. It is not uncommon for bankruptcy lawyers to offer a free initial consultation, so shop around and meet with a few lawyers who offer the free consultation and see which firm you feel would most effectively meet your needs. Also, to keep costs at a minimum, organize your financial statements before your meetings with the attorney.

Article Source: http://www.articlesbase.com/credit-articles/what-you-need-to-know-about-bankruptcy-797223.html

About the Author

Mr. Cordell is an attorney and consumer credit advocate. He founded Ovation Credit Services in 2004. Ovation Credit Services has helped more than twenty thousand consumers resolve credit profile issues and regain their financial independence.

Reestablishing Your Credit After Bankruptcy

Author: Eulalia Allmand

When it comes to reestablishing your credit after a bankruptcy, the first thing that you must consider is how long you should wait. Not everyone's circumstances are the same; some will not have the extra income to take on debt, some will still be repaying old debt based on their Chapter 13 bankruptcy repayment schedule, and they will all have a different credit score.

However, when you do finally decide that you are ready to begin the process of rebuilding your credit profile, there are different roads that you can take. Which method you are able to start out with will depend largely on what your credit score is and what your overall credit profile looks like. For many, it can take 5 or more years to get their credit back to where it was or they may have to wait for the bankruptcy to fall off of their credit report altogether.

Secured cards are one of the best ways to reestablish your credit profile when you continually get denied for unsecured cards. With a secured card, you will send the lender a check for a certain amount of money (usually 0-0) and they will send you a credit card that has an equal credit limit. Even though they have your money, you will still receive a monthly bill. Your bill will include interest and late payment fees if you don't pay it in full every month. The idea is that, if you default, the lender can use the money you sent them to secure the card toward your debt.

Eventually, if you use your card responsibly and pay on time, the lender will unsecure your card by sending you back your money (sometimes with interest) and allowing you do keep your credit line. Although you may be able to qualify for a low-limit, high annual fee unsecured credit card (for example, a 0 credit line that comes with a 0 annual fee), a secured card may still be a better option because you will eventually get your money back and you won't have to pay the high fee each year to keep the card listed as "open" on your credit report (which is important when rebuilding credit).

All in all, it is important to remember that, as someone who has been through bankruptcy before, the last thing you need is to get trapped by predatory lenders who will loan you money and then charge you ridiculously high interest rates and fees. These lenders will be the first to line up at your post-bankruptcy door, but the best thing to do is to avoid them so that you don't end up in over your head once again this time with no way out.

Article Source: http://www.articlesbase.com/finance-articles/reestablishing-your-credit-after-bankruptcy-390126.html

About the Author

Fort Worth Bankruptcy Attorneys Allmand & Lee specialize in consumer bankruptcy and offer bankruptcy services that help good people through one of the toughest times in their life. For more information please visit us at http://www.allmandandlee.com/

Best Credit and Debt Counseling Advice - Where Is It?

Author: Hector Milla

Are you able to follow directions?

You may be feeling the pinch in your pocket or just looking for some advice on managing credit that could go out of control at any minute. The need for help and advice regarding these two financial dilemmas may be pretty much urgent in your case, so finding a solution quickly is what you require.

Hector Milla Editor of the "Credit Card Debt Counseling" website -- http://www.CreditCardDebtCounseling.biz -- pointed out;

“…If you are able to follow a few simple instructions and requirements to fix your financial problems, then you will be well on your way to becoming debt free, or more credit savvy….”

No matter what you do from now and until you have put in place a solution to your cash flow crisis, you have to be resilient. Without resilience and curbing any overspending then you are surely going to stay on the path to severe debt and bankruptcy.

Your solution may be found in some of the best consumer credit and debt counseling agents, they can be of great help to people troubled with debt and looking to find a way of controlling spiraling credit card bills and loans payments.

What will I find helpful with regard consumer credit and debt agency advise?

• They have the ability to contact your creditors and hammer out a financial agreement that is of benefit to both you and your creditor – including total payment write offs in some cases.

• With a better Business Bureau registered and National Foundation for Credit Counseling accredited agency, you will find low set up fees ( or less) and monthly payments ( or less).

• A good agency will have many options open to help you; you may need help with a pre-rental on a property or even foreclosure relief. You may be in need of some help sorting out those debts and credit purchases; or you may just need educating on spending control in which case a debt management plan (DMP) could work for you.

A common mistake for most people getting involved with debt control is not being honest with debt amount. Do not hide anything – for instance if you are going to get help via a debt management plan you will need to place all you debts into your profile, or it simply will not work.

“…You will find some fantastic advice in regard to these methods of debt and credit help on these free advice pages. Have a good browse around and while you are here get in touch with some of the available agents that are there to help you…” added H. Milla.

Further information about how to get the most of your credit counseling process by visiting; http://www.CreditCardDebtCounseling.biz

Article Source: http://www.articlesbase.com/finance-articles/best-credit-and-debt-counseling-advice-where-is-it-1523022.html

About the Author

Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.

How to Prepare Filing Bankruptcy

Author: Teeny

If you are already sure that filing for bankruptcy is the only solution to all your financial problems but are unsure of how to get started, you can quickly feel overwhelmed with the number of resources you can go through for information.  Reading up on how to get started filing for bankruptcy may not be enough if you aren't really familiar with the terms and processes.  You should know that there are also a lot of people available who have the knowledge and resources to help you file for bankruptcy and make sure you have all the necessary paperwork in order.  It may be best if you consult them for your bankruptcy issues.

Your first step would be to gain as much knowledge about bankruptcy as possible. Know exactly what bankruptcy is, what it involves, and how it will affect your life in the long run. You must understand that bankruptcy is when the court system assists you in arranging payments will all of your creditors, or when they discharge your debts. It is not the easy way out of your current financial problems.  There are many tips about financial information at http://www.fidetips.com/finance for you to read.

When you file for bankruptcy with the courts, they will appoint a person to review your case, conduct a thorough study of all your finances.  That person will decide whether or not you are qualified.  If you are, the same person will likely be in charge of deciding on which of your debts can be discharged and which will require arrangements for payment.  The person will find a way to make sure that a payment plan you can handle is developed and agreed upon. Normally, the payments will be deducted from your paychecks.  This will continue until you have paid off all your debts to your creditors.

Another thing about bankruptcy you should understand is that some debts will never be discharged.  These include tax liens and back child support.  The court system makes the decision regarding which creditors you will have to pay back and which ones you do not have to but you are likely to pay off all as long as there is a way to do so.  Any assets or property you have will likely be sold off to pay some of your creditors.

If you have a particular question about bankruptcy, you can always rely on the internet and perform an online search to get the answers that you are looking for. Also, be advised that there are bankruptcy law experts and attorneys available online to guide you through the bankruptcy process as well.  Just be sure that before you get help from anyone online, you should do research on the company and the individual to verify if they are legitimate.  You should try to find the more reputable ones to help you.

You should try to avoid becoming a victim of a scam or a fraudulent entity. For this, you can go to some online forums for references and recommendations from people that have already gone through similar situations. These people can offer you a lot of great advice and tips on how to go about your own financial situation. Of course, you can also rely on your local telephone book to seek bankruptcy help, or speak with a bankruptcy expert.

Always consider other means before you decide to file for bankruptcy. You should only consider bankruptcy when you have no other means and have tried all other financial routes available to you.

Article Source: http://www.articlesbase.com/finance-articles/how-to-prepare-filing-bankruptcy-932003.html

About the Author

Teeny is a writer for finance, computer, travel, cars, shopping and other subjects for many years, please visit http://www.fidetips.com/finance for more information.

Getting Credit Cards After Bankruptcy

Author: William King

It is not uncommon to go through the agony of facing a bankruptcy and spending many a sleepless night worrying about whether you have any chances of getting credit cards after bankruptcy. This might have been impossible earlier, but not now. Increasing market competition has ensured that there are now credit card providers who specialize in providing credit cards after bankruptcy.

It is not too difficult to get a credit card after bankruptcy from these kinds of credit card providers. The only hitch is that they take a higher interest rate and a lower credit limit. This is because of the risk that they are taking for offering a credit card after bankruptcy to a person.

It is not difficult to rebuild good credit after bankruptcy. In fact filing for bankruptcy in the court is a good move in itself. It might be a huge blow to your credit report but eventually it will prove to be a sensible move. Once you have eliminated debt by filing for bankruptcy you can make a new start by applying for bankruptcy credit card application. You should take care that you fill you bankruptcy credit card application properly. While filling up your bankruptcy credit card application make sure that all your paid expenses are shown as paid or else they would tag along and spoil your new credit report.

You can either opt for secured credit cards after bankruptcy or unsecured credit cards after bankruptcy. A secured credit card after bankruptcy is a wiser decision than an unsecured credit card. These are secured by special savings account one establishes with a credit card issuer which acts as a security for his credit limit. A unsecured credit card is exactly its opposite. Once you have opted for a secured or unsecured credit card after bankruptcy make sure that you build up a good credit report. Building up a good credit report is absolutely essential if you want to come to a good standing back again. For this, always pay your bills on time and also cut down your expenses to bare essentials. Another way to rebuild your credit after bankruptcy is to add years of positive credit history to your account. It is a slow and could be an agonizing process but once you build a good credit record, you will be in a different league altogether.

Credit cards after bankruptcy while on one hand may prove to be expensive, but then, they can help you secure a stronger footing in future with regards to your credit rating.

Article Source: http://www.articlesbase.com/credit-articles/getting-credit-cards-after-bankruptcy-188977.html

About the Author

William King is the director of Wholesale Pages: http://www.wholesalepages.co.uk , Australia Wholesalers: http://www.australiawholesalers.com , Pakistan Real Estate & Pakistan Property: http://www.zameen.com , and Dubai Property & Dubai Real Estate in UAE: http://www.bayut.com . He has 18 years of experience in the marketing and trading industries and has been helping retailers, entrepreneurs and startups with their product sourcing, promotion, marketing and supply chain requirements.

Chase Bp Visa Credit Card

Author: Jeremy Biberdorf

If you buy gas from BP gas stations, you should be using the Chase BP Visa Rewards Credit Card. You could be saving up to 10% on purchases made at participating BP gas stations! You could also be saving money almost everywhere else that you shop.

The 10% in rebates does only apply to the first 2 billing cycles/months. During that 2 month introductory period, the Chase BP Visa Credit Card can also save you 4% on eligible travel and dining purchases and 2% rebates on other purchases.

After the 2 month introductory period, the rebates are cut in half. So you would get 5% on BP purchases, 2% on dining & travel and 1% on all other eligible purchases. Get out a calculator and estimate how much you would save each month.

One exception is that purchases made at competing gas stations are not eligible for rebates with this credit card. With some discipline you could limit yourself to just buying BP gas. You could also get a different rewards credit card for non-BP gas purchases.

Once you accumulate at least in rebates, you decide how and when to redeem your reward. Redeem for your choice of:

•A BP Gift Card

•A check made payable to you

•A donation to The Conservation Fund, an environmental charity

There is also no limit to the number of rebates that you can earn. So you could use the Chase BP Visa Rewards Card almost everywhere you shop and save hundreds or even thousands of dollars. Plus the card has no annual fee! As an added bonus there is a 0% APR for the first 6 months on purchases and balance transfers.

This credit card is a must have for anyone who regularly buys gas at BP gas stations. Gas prices are at an all time high. Fight back with the Chase BP Visa Rewards Card. Apply today.

Article Source: http://www.articlesbase.com/credit-articles/chase-bp-visa-credit-card-50462.html

About the Author

Get your BP gas credit card now. Apply for a gas card online today and start saving. Also click for airline credit card application information.