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.
Get Your New Zero Percent credit card by Clicking Here!
Tags: Best Zero Percent Credit Cards, Zero Percent Credit Card, Zero Percent Credit Cards
November 22nd, 2009 at 9:23 am
The main reason why many people use balance transfer credit cards type of card is that they want to consolidate all their credit card debt into one. This will make it easier to pay the balance and can also reduce the amount of monthly payments. However, people who do this can actually end up paying more. The reason for this is that even though balance transfer credit cards offer no or low initial interest rate, the interest will eventually increase. People have to realize that when they choose to combine all their debt into a single large sum, they can pay a lot more once the interest rates increases.
January 5th, 2010 at 4:19 pm
[...] 0 credit card offers, then visit http://bestzeropercentcreditcards.com to find the best advice on zero percent interest credit cards for you. Share and [...]
January 29th, 2010 at 11:57 am
[...] about 0 credit card offers. Stop by James Strathman’s site where you can find out all about 0 percent credit cards and what they can do for you. var $j = jQuery.noConflict(); $j(function() { [...]
January 30th, 2010 at 9:37 am
[...] 0 credit card offers, then visit http://bestzeropercentcreditcards.com to find the best advice on zero percent interest credit cards for [...]
April 23rd, 2010 at 11:37 am
[...] more about 0 credit card offers, then visit James Strathman’s site on how to choose the best 0 percent credit card for your [...]