Comparing 0 APR Credit Cards

June 2nd, 2010 - 
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With all the introductory 0 APR credit cards popping up all over the internet in emails, on websites as advertisements and even in the regular mail through flyers, it is very hard to decide which credit card company is really offering the better deal in the long run. The introductory offers all look great but what happens after they expire? Do not take the introductory offer for 0 APR credit cards at face value. Above all, do a bit of research before you make your decision.

There are so many different 0 APR credit cards being offered that you can become overwhelmed. Today, you can find several companies offering 0 APR credit cards and other incentives to get you to apply for their credit cards.

The four most popular offers today include:

Citi Platinum Select Card You must have excellent credit or you will not be approved for this 0 APR credit card. The card offers 0% APR on balance transfers and purchases for your first 12 months. There is no annual fee, you can manage your account online, and there is zero liability on unauthorized purchases.

Chase Platinum Credit Card – With the Chase Platinum credit card you can be approved for their 0 APR credit cards but you must have at least good credit. You’ll get 0% interest on all purchases and balance transfers for up to 12 months. However in some cases 3 months is all you get for 0% on balance transfers (your credit history comes into play). Regardless, you won’t have to pay an annual fee and you can also access your account online. Whether you qualify for 3 months or 12 months of 0% interest, you will be paying a competitively low APR after the introductory special.

Discover Platinum Card With this 0 APR credit card you will receive the 0% introductory special for 12 months on purchases and balance transfers, with no annual fee and 5% cashback on purchases made at certain stores such as bookstores, gasoline stations, and restaurants. You’ll also get 1% cashback on all other purchases and the cash rewards will never expire as long as you are a cardholder, and in some cases, you can even double your cashback bonuses. Keep in mind, that you will need to have excellent credit to qualify for this offer.

Blue from American Express is one of American Express’ 0 APR credit cards that will give you 0% for up to 15 months, no annual fee, a credit card reward program as well as online account access. Once again, you must have excellent credit to be approved.

This is the information that you will first see when you visit the websites for these card offers while you are searching for the best deal on 0 APR credit cards, however, you should never apply with this information only. Be sure to learn if any of the points or cashback options have expiration dates, and above all, always be sure to thoroughly investigate the card offer’s terms and conditions before applying.

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0% APR Credit Cards

5 Things You Should Know About 0 APR Credit Card

April 25th, 2010 - 
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5 Things You Should Know About 0 APR Credit Card Offers

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If you have received one of these offers in the mail, you know how tempting they can be. They claim that you will pay no interest on any purchases or balance transfers in the first period of owning your card. But there are some things about these offers you need to know before you sign on the dotted line and let them pull your credit report

1.The 0 APR offer is for a limited time.

Most credit card companies that offer the 0 percent interest rate deal only offer it for a limited time. This means that you will pay 0 APR for six months, nine months, or up to a year. You need to check the fine print for this information and be careful to notice it when the time is up.

2.The 0 APR offer might not apply to everything you put on the card.

Many cards offer 0 APR on all balance transfers and any purchases made during the introductory 0 percent interest period. But some only offer the 0 APR on balance transfers, and you pay a very high interest rate on any purchases.

3.The 0 APR offer might be null and void if you are not on time with your payment.

Most of these credit card offers are contingent on your being an exemplary member. This means that you have to pay your minimum payment on time every month during the introductory period or else you automatically lose your nice 0 APR and move up to a rate that usually ranges from nineteen to twenty-one percent interest.

4.The 0 APR offer might carry a ridiculously high interest rate after the introductory period is over.

Again, the rate of interest for these cards after the 0 APR is over usually runs from nineteen to twenty-one percent.

5.The 0 APR credit card will not repair your credit.

Remember that consolidating your cards or transferring your loan balance will help you pay off the balance without interest, but it will not remove the damage already done to your credit.

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0% APR Credit Cards

5 Cons of Owning a 0 APR Credit Card

April 14th, 2010 - 
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If you have received an offer recently for a 0 APR credit card, you may have been very tempted to send in the form signed and ready to go. You may have seen the words 0 percent interest and jumped at the chance to shop for six months with impunity. You may even have thought that this was the answer to all your credit card or bank loan debt, allowing you to consolidate your bills and pay one low price with no interest. And all of these things may be true. However, there are some serious consequences that you need to know about before you blindly start spending with your new card.

1. Limited introductory period – Credit card companies who offer 0 APR cards cannot offer you this deal for very long or else they would not make any money off of you. So most deals last for six months, nine months, or even up to a year. This means that you will only pay 0 percent interest for this introductory period and no longer.

2. High interest rate – Very often, after the introductory period is over, the interest rate charged for use of your new credit card will be higher than the average rate. Usually, it is anywhere from nineteen to twenty-one percent interest, and perhaps a higher rate on cash advances and other transactions.

3. Penalty for late payments – If you pay your bill late or forget to pay it altogether anytime during the introductory period, you interest rate will immediately go up to a penalty rate. This could be as high as twenty to twenty-four percent on your entire balance.

4. Limited application of 0 APR – Some cards offer the 0 percent interest on all purchases made in the introductory period as well as on all balance transfers during this time. However, read the fine print because some only offer the 0 APR on balance transfers, and they charge a high rate on purchases.

5. Tricky conversion period – When it comes time to move from 0 APR to your regular interest rate, you may be charged interest on any unpaid balances from purchases during the introductory period.

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0% APR Credit Cards