Card Holders are Still Finding Zero Percent Credit Cards Deals
October 18th, 2008Want to get your finances back in order? If you are like a lot of people you have been spending a little more than you should be. Some of this isn’t your fault. With the increase in prices for gas and other necessary goods, you can’t help it. But when you are making purchases on credit cards with high interest rates, it can become a nightmare of increasing balances that start to bury you.
Thankfully, there is a solution. You need to start shopping for zero percent interest credit cards. Believe it or not, they’re out there. Many companies offer 0% interest credit cards that you can use to get your debt back under control.
There are a few things out need to look for when you are choosing a zero percent credit card.
What does the 0% apply to?
What you can use your 0% interest credit cards on will differ by card. Some only allow you to take advantage of the 0% interest on balance transfers. While this is great if you have a lot to transfer over, you can’t get new purchases with the 0% interest card.
How long does 0% APR last?
0% interest rates don’t last forever. They often last for 6 months, 9 months or a year. A few select 0% interest credit cards will let you keep the deal going for 15 months. The longer this offer lasts, the better. After all, if you have gotten into some debt and want to pay it down, you will appreciate not getting any interest tacked on, as it will let you pay down the principal more quickly.
What are the balance transfer credit card fees?
Another thing you need to watch for, if you are thinking of transferring a balance from another card over to your 0% interest credit card, is the balance transfer fee. All credit cards have these and they can be anywhere from 3% up. If you are transferring $5,000 in debt that means you will have to pay them $150 to do it if the rate is 3%. Make sure you will be saving more in the long run than the money you pay to make the transfer.
What will the credit card interest rate be?
Once your 0% APR term runs out, you need to know what your permanent interest will be. If it’s going to be higher than your other cards, you may not like this idea so much. Look for the lowest rate possible. Otherwise, make sure you will be able to pay off your balance by the time the zero percent interest credit card offer runs out and then go back to your lower interest cards.