Credit card providers use zero percent credit cards as a marketing strategy that is rather successful.
In fact, these particular types of credit cards typically come with enormous benefits attached for potential cardholders to take advantage of.
Credit card borrowers are highly attracted to zero interest charges, even if it is only for a limited period of time.
Credit card debt can cause people to suffer a serious financial disadvantage, so transferring balances from higher interest rate credit cards to a zero percent credit card will allow you the opportunity to regain control of personal finances.
If you have more than one credit card, a sure recipe for financial stress and potential damage to your credit score, is to get yourself into a situation where you are juggling monthly credit card payments that are rather high. The opportunity to rid yourself from that type of stress while preventing financial ruin is something that zero percent credit cards can do for you and is well worth taking advantage of.
I would have to say that the best zero percent credit cards are those that include an introductory period that is at least twelve months, low or no balance transfer fees and competitive ongoing fees. Of course, any kind of break from high interest charges is better than none, but the longer the period of time is, the better off you will be. It is always a good idea to take the time to thoroughly read the terms and conditions of any credit card that you are interested in applying for. Do not just skim through the information as this may lead to costly mistakes.
If you have access to the internet, you can conduct a search for zero percent credit cards and the results should wield a plethora of offers for you to choose from. If you don’t want to spend a lot of time comparing different zero percent credit card offers, you can always take advantage of a credit card website that has already done the initial groundwork for you. In fact, these particular types of websites offer a wide range of alternatives that you can consider while providing all of the relevant information that you require in order to make a final decision.
Once your application has been approved for a zero percent credit card, use as much of the interest savings as possible to help reduce your overall credit card balance. After all, the interest-free period will eventually come to an end and you will once again be stuck paying normal interest payments unless of course, you decide to transfer your balance to another zero percent credit card. Therefore, it is extremely important that you make the most of your interest free period.
Even if you have quite a bit of credit card debt, you too can reduce your credit card balance while removing the financial stress of your previous situation. If you are able to do this successfully, you will move from debt to stability and as a result will be in a much more empowering situation. What are you waiting for? Check out a wide variety of zero percent credit cards and choose the one that best fits your financial needs.
In today’s touch economy, one of the most successful promotions for credit card companies is presenting consumers with zero percent credit cards.
This is a great way for credit card companies to obtain new customers and will increase their bottom-line.
At first, it may appear that this is simply a trick to get you further into debt, but the reality of zero percent credit cards is that they are a great way to save money as well as get ahead!
There are a few steps to follow in order to ensure that you receive the maximum benefit that zero percent credit cards offer. The steps are as follows:
First, make sure that you take note of the date that your interest-free period will expire. If you do enough research before picking a card to apply for you may be able to find a zero percent credit card that offers a full 12 months of interest-free charging. In order to stay on top of your debt, you must be certain to completely pay off any balances that you have built up before the period ends.
Next, check with the company to make sure that balance transfers are also covered in addition to new purchases made with the zero percent credit card. If they are included, transfer any and all balances that you may have on other credit cards to your zero percent credit cards. There more than likely will be a small transfer fee that is assessed, but in the long run it will save you a lot more money by doing this.
It is crucial that you make your monthly payments on time consistently! Most companies that offer zero percent credit cards have a strict stipulation that states if one payment is late, they have the right to retract the offer. If you have trouble making your payment on time, this type of credit card would not be a good fit for you.
Last, review the debt that you have accumulated and pay off anything that is outstanding. Zero percent credit cards are a great way to help you save money while you attempt to become debt-free. Why take out a personal loan that has high interest fees attached to the total when you can simply use zero percent credit cards?
It seems that several times a year, credit card companies participate in mass mailing campaigns in order to get their offers for zero percent credit cards out there among the public.
Have you ever received an offer like this and wondered if you should switch from the high interest rate credit cards that you are currently using?
Well, the question that many consumers today have is “Does interest free really mean interest free?” The answer fully depends on exactly which offer from zero percent credit cards you decide to apply for.
I have decided to do some research on the multitude of zero percent credit cards that are currently available and have discovered that there are a few zero percent credit card offers that stand out among the competition. These two cards are the Citicard Platinum Select Card and the Chase Platinum Card. Keep in mind, what appears to be a great deal today, might not be so great tomorrow or next month. It appears that many credit card companies enjoy being able to frequently change the rules regarding these offers. If you are going to be traveling abroad, make sure that you read the fine print carefully as some zero percent credit cards will charge extra fees that are not travel-friendly.
Zero Percent Credit Cards
Both of the above mentioned zero percent credit cards provide a 12 month period where no interest is charged for the first twelve months. In addition, each of these credit cards allow free balance transfers and neither one of the cards charge an annual fee. On top of the above mentioned benefits, both of these particular credit cards allow online access to be able to check your account as well as free bill payment. This is where the similarities between the two cards end.
For instance, the Citicard Platinum credit card goes up to as high as 11.24% interest after the first year and the Chase Platinum card goes up even higher, to a whopping 14.24%. In order to avoid paying such high interest fees, I suggest that you make sure that you have significantly reduced your credit card debt through zero percent credit cards before the interest-free period is over. In order to get a line of credit extended to you from Citicard, you must have an excellent credit score. However, with the Chase Platinum Card, you may be able to squeak by with just having a good credit score. It is ultimately up to the company on whether or not you get accepted for an offer.
Out of all of the zero percent credit cards that are available for consumers to take advantage of, Citicard Platinum and Chase Platinum are the only offers that provide coverage if your card is used for unauthorized purchases. Both of these zero percent credit cards offer a $0 liability on unauthorized purchases whereas most credit cards hold you to minimum charge of $50 to cover the unauthorized use of your credit card. The last thing you want to deal with is your credit card getting stolen and you being stuck with paying a fee in order to get rid of the unauthorized charges. Always read all of the fine print in order to be able to take the most advantage out of zero percent credit cards!
If you follow the rules and have a good credit score then you will more than likely be able to take advantage of zero percent credit cards.
Obviously, this type of credit card offer can be a fantastic deal, but, you will need to be careful!
One late payment and you can kiss the interest-free period goodbye and will end up paying a much higher interest rate that is hard to get out of.
Before you start applying for zero percent credit cards, there are definitely some considerations to keep in mind.
First of all, not everyone is going to qualify for zero percent credit cards. It doesn’t matter how many pre-approved offers turn up in your mailbox. The credit card companies do not discriminate on who receives the offers in the postal mail, but, they are very strict in the underwriting process to determine if a line of credit should be offered or not. As with any excellent interest rate offer, you will need good if not excellent credit to qualify.
No lender is going to offer zero percent credit cards to someone who has maxed out their line of credit on any other accounts or who has been late on several credit card payments. If you are someone who hops from credit card to credit card, this will also reflect on your credit report and potential future lenders may deny you a zero percent credit card offer simply because they are not going to waste an interest-free introductory rate on a customer who is going to move to another lender after a short period of time.
If you are interested in zero percent credit cards, make sure that you are aware of the potential fees that may be assessed. Some credit card companies will assess a fee for each and every balance that gets transferred to the new card. First USA and Citibank both charge a fee that is equal to 3% of the total balance that is being transferred.
As you can see, this is percentage can equal to some pretty hefty transfer fees. Make sure you do your research prior to applying for and accepting a line of credit if it is given to you on zero percent credit cards, this way you will be aware of any potential fees for transactions.
As far as balance transfers are concerned for zero percent credit cards, it is extremely important that you continue to make your minimum monthly payments on your old credit card while you are waiting for the requested balance transfer to take effect. Take note that it could take up to four weeks for the transfer to be completed.
If you don’t keep up with your monthly payments, your old credit card issuer can potentially slap you with a late fee. As soon as a balance transfer from a high-interest credit card has been completed, you will notice a nosedive in the amount of your minimum monthly payments that you are required to pay. Don’t fall for the lower payments, it is better to pay more than what a credit card is asking for to help you get out of debt quicker.
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Have you heard of zero percent credit cards?
These types of credit cards are quickly gaining popularity among cardholders as this is a very attractive offer.
It is important that you discipline yourself when it comes to using credit cards as they can potentially become a danger tool.
For instance, in order to pay bills online or to purchase items online, you will need a credit card. Many consumers choose to avoid using credit cards simply because if the high interest rates that are attached to many of these cards. I am going to discuss how to take advantage of credit cards without getting locked into a high interest rate.
Several big name credit card lenders such as Citibank, Discover and American Express, offer zero percent credit cards. If you credit score is in good standing, a 0 percent interest credit card may have many perks that you can take advantage of.
One thing that you must understand is that this rate will not remain at zero percent. This is simply an introductory rate for the card in question. Typically, most introductory periods only last for the first six to twelve months. As you may have already guessed, at the end of the introductory period, cardholders will be required to pay a much higher interest rate.
In order to get approved for zero percent credit cards, you must have a good credit rating. I suggest that you check your credit score prior to applying for this type of card so that you will know what your exact score is.
Remember, too many credit inquiries can have an effect on your overall score. The next step is to contact the creditor and find out about their credit approval guidelines. Each lender has a different definition of good credit.
It is also very important to carefully read the terms of agreement for the card. This should be done before you submit the completed application. This is where you will find out important information regarding late fees, over-the-limit-fees, potential penalties for late payments and how long the introductory period will last.
Be very careful to make your monthly payments on time! It is typical of zero percent credit cards to end the interest-free period immediately after just one late payment is made. In fact, many of the creditors will monitor your other credit card accounts and if a late payment is received by another credit account, they reserve the right to end the zero percent interest agreement. It is as if the credit issuer is slapping you on the hand.
When should you use zero percent credit cards? Well, these types of cards are perfect for financing larger purchases that you intend to payoff within a few months. This is simply because you won’t be accumulating interest charges on the purchase. If you wait to completely pay off the larger purchase, you will end up paying more than you planned. Zero percent credit cards are more practical than using high interest credit cards or obtaining a bank loan.
Will a zero percent credit card work for you? Check your credit score, find out the details and if you fit into the guidelines, go for it! Used wisely, zero percent credit cards can help people buy items that they may not have been able to do with cash.
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