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Zero Percent Interest Credit Cards
Written by: Bill Matthews
APR Is the Most Important Aspects of Picking a Credit Card
0 interest credit cards are the general term to refer to those cards that carry a zero percent annual percentage rate, or a 0% APR. The APR of credit cards is perhaps one of the most important aspects of the entire account, and basically determines how much extra money you'll be spending for the privilege of having a credit card.
Zero Interest Credit Cards Are Gaining Popularity
0 interest credit cards are gaining in popularity as lenders compete for consumer's business. Some of these cards offer that unbeatable rate for a period of six months, while others may last for an entire year. After that period, the APR will either be a fixed or variable rate. To attract even more cardholders, lenders are also offering various reward and incentive programs.
Some of the most important questions to consider when shopping for 0 interest credit cards are:
- What is the length of time of the free interest period?
- What will the APR be following the introductory period?
- Does the card's zero interest rate apply to balance transfers?
- Are there any other benefits or rewards associated with the card?
- When will your card's credit limit be eligible for an increase?
Transferring Balances From High Interest Cards
If you have more than one card that carries a high interest rate, 0 interest credit cards are a smart solution, particularly if you're able to transfer balances to the card with no interest. Of course the absolute ideal situation is to pay off balances at the end of each month, but when that's not possible, as is the case for most of us, 0 interest credit cards are clearly the better choice.
Consider The Other Fees
Before applying for one or more 0 interest credit cards, be sure that other fees associated with the card won't negate the benefits of no interest charges. Some of the most common fees that can add up rather quickly include annual fees, over-the-limit fees, late fees, and balance transfer fees.
