Where To Find 0% APR Credit Cards

Category: Finance, Credit.

I m sure you ve seen direct mail offers, promotional brochures and Internet ads announcing: "0% APR credit cards.

Apply today! " You can t beat that for a credit card. Limited time offer. That s just like buying something with cash. But you may be wondering, "How can the credit card companies and banks make money if they aren t charging interest? " Well, read on to find out whether or not these 0% APR credit card offers are just pulling your leg. A great deal, especially if you don t have cash on hand. Deal Or No Deal.

Just think. you can refurnish your home, pay for your child s college tuition or go out on a spending spree without paying a penny more. Every time you buy something using 0% APR credit cards, you pay absolutely no finance charges or interest rate charges on your entire credit card balance. However, most 0% APR credit cards offer only" introductory rates" at 0% . In addition, 0% APR credit cards often allow you to transfer balances( up to a specific amount) from another credit card to take advantage of the zero interest deal. This low rate may be limited to a specific time period, such as 3 months or as long as a year. Once the introductory rate period ends, then the APR can go through the roof.

But, if you play your card right, you can still reap the benefits of these unique offers. Okay, so maybe you can t get 0% interest into eternity. Making Zero Interest Work For You. After all. personal finance experts advise against having too many credit cards. You may already have several credit cards and can t imagine what you d do with another. Before getting a 0% APR credit card ask yourself, "What is the APR on my credit cards? " and" Do I carry a balance on my cards from month to month? " The average interest rate for credit cards is around 14% . Retail credit cards tend to have a high interest rate around 19% , even if you have A1 credit.

On the low end, you may have a card that charges as little as 5% interest, whereas cards for those with bad credit or no credit can be a whopping 29% . If the interest rates on your cards are up into the teens, then you definitely need to consider other options( a 0% APR credit card) , unless you pay off your balances on a monthly basis. If you have high interest cards and pay only the minimum balance, then it can take years to pay off. $1000 spent could nearly double to almost$ 2000 by the time it s paid off. Don t throw money out the window and into the pockets of the credit card companies. The best thing to do is transfer the balance to a 0% APR credit cards. If you have good credit, chances are you ve already been bombarded with mail offers.

Where To Find 0% APR Credit Cards. You might even find these special values available through organizations you belong to or companies that you do business with regularly. And don t forget to search the Internet. Other sources include your local banks and credit unions. It s a great place to comparison shop for numerous credit cards. If you are in debt, this is especially helpful in that you can pay down your balance much more quickly.

Keep in mind that you usually need to have good credit to qualify for a 0% APR Credit Card. 0% APR credit cards allow you to avoid finance charges altogether. But be sure you don t end up in a situation where you transfer balances from one card only to fill the old card back up again with new purchases. Just be sure to pay off your balance before the introductory rate ends and finance charges begin. If you ve been thinking about making a large purchase but don t yet have the funds and don t want to take out a loan, then a 0% APR credit card will be like paying cash.

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