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Credit Card Tips
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How
To Simplify Your Choice Of A
Zero
Percent Credit Card
Zero percent credit cards are certainly one of the best credit cards you
can get - especially if you have any credit card debt. Generally, a
zero percent credit card, also sometimes called a 0 interest credit
card, or a 0% APR credit card, enables you to get no interest on your
balance transfers and your new purchases.
When it comes time to go after your own zero percent credit card,
though, you want to look at some of the specific features to make sure
it is the best credit card for your needs. Before you apply for a
credit card, however, you should know about all of the little features.
These things in the small print areas of the credit card application
can hide some nasty little details. Here are some of the things you
need to find out about your zero percent credit card before you apply
for credit.
Length Of The Introductory Offer
The length of time will vary on the different credit cards, but you may
receive anywhere from 3 months up to 15 months on the introductory
offer. Of course, 3 months really will not do you much good, but 12 or
15 months would be a lot better. Note that the balance transfer part of
the introductory offer may not be the same as other features. It is
possible that you could get only three months for balance transfers on
the offer, but six months or more to enjoy 0% APR on your purchases.
Balance Transfers
The balance transfer feature on a zero percent credit card is an
excellent way to reduce your debt quicker. This is why you want the
longer time period. With some 0 interest credit cards, you could even
get to have the 0 interest for the life of the transfer - which means
until you pay it off completely. It does not get much better than that.
It is like free money. Try to get your zero percent credit card that
does not charge you a percentage of your balance transfers, otherwise,
it could cost you up to 4% of the amount you transfer.
0 Percent On Purchases
It is great to be able to get 0 percent on purchases on your credit
card. This gives you a wonderful way to buy the things you need or want
without any interest. Of course, it only lasts until the introductory
period wears out. Then, the full amount of the interest rate takes
effect at the end of that time.
The Rewards And Rebates
Most zero percent credit cards will not have rebates or rewards. A few
of them, however, will give you the options you want - with as high as
5% return possible on some of them. This high percentage, however, may
only last during the introductory offer. With some of these 0 interest
credit cards, though, it goes beyond the offer - giving you better
benefits. Ideally, you want to get the card with the benefits that last
as long as possible. Also, be sure to select one that is the best
suited to your needs and monthly expenditures. This way you will
receive the largest percentage of rebates.
The Interest Rate
After you look at all of the other benefits, don't forget that your
zero percent credit card also has an interest rate. The good thing is
that it does not start right away - but it will eventually, and it will
probably come faster than you want it to. Choose the lowest interest
rate you can get, especially if you keep a balance on your credit card
after the introductory offer expires. This way you can pay less
interest.
The Fees
Finally, look at whatever fees may apply to your zero percent credit
card. There can be a number of them, so get informed. There could be an
annual fee, and of course there will be over the limit fees and late
fees - and a few more!
When you get it all narrowed down to just a couple of cards, be sure to
compare them to find out which zero percent credit card will be the
better one for you. If you use the balance transfer option, then you
may also want to destroy the other credit cards in order to help keep
your debt in check.
By Mike Valles - Not to be copied
or redistributed without
Permission of the author.
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