0% Percent Credit Cards
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0% APR credit cards are those credit cards that charge 0% interest rate on your outstanding balance. If you carefully study various credit cards offers you will find that the credit cards that charge a 0% or low APR over a longer period of time are the best. You should carefully study various credit card offers and always look for ones that offer low fixed interest rates.
Low fixed APR credit cards charge a fixed low interest rate on your credit card balance, as they are not subject to changes associated with various financial indexes. Although the credit card company can change low fixed rate any time, they have to notify you at least 15days before the change takes place. Mostly all credit cards offer 0% APR for a limited period of time usually from six to twelve months.
Thereafter they charge a high rate of interest that should be taken into account while applying for a 0% APR credit card. Most of the 0% APR credit cards also offer 0% balance transfer facility that you should avail and transfer your high interest balances to your 0% APR credit card and save money in interest.
You should try to pay off the balances you transfer as early as possible because if you don't pay them off during or before the end of the interest free period, you may end up paying more in interests and incur losses.
Who Qualifies for a 0% APR Credit Cards?
It is not easy for every one to get a 0% APR credit card, as you will need a very good credit rating to acquire one. You should always check your credit report and your credit score before applying for a 0% APR credit card. You will need other supporting documents such as proof of residences, both past and recent one, proof of employment, copy of photo identity card, copy of any utility bill, etc. 0% APR credit cards are the best when it comes to saving money in interests.
Using Your 0% APR Credit Card Wisely
Who is responsible for using 0% APR credit card? Of course you are. It is you who are going to pay the monthly payments due for the credit you used. So it is very important for you to know the long lasting affects if you fail to make your payments in time. Credit card companies want you to pay for your new television, car and other purchases by using the 0% APR credit cards.
You decide when to make the monthly payments due and clear the total outstanding balance before the 0% introductory period ends. Because if you won't then the interest rate charged on your balance amount will be very high. The same applies for the balance transfers. You should pay them in time or you will end up paying more. Don't overspend. It is totally up to you to use your 0% APR credit card wisely and avoid credit debt.
Posted by jonathan on February 03, 2005 at 06:32 PM