Getting the Most Out of Interest Free Credit Cards

February 6th, 2012 - 
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Interest free credit cards offer an excellent way to reduce the amount of interest you pay each month on your outstanding debts. However, if you do it the right way, a good interest free credit card can also be very helpful for debt reduction plans.

Unfortunately, if you’re not careful with these types of cards, you could also find you end up in more debt than you expect. Banks can be quite crafty with the way they word their offers. Always make sure you understand exactly what you’re getting into and then stick to your plan. You’ll save plenty of money this way.

Here are some ways you can get the most out of interest free credit cards.

Interest Free Purchases

0% purchase credit cards sound like the ideal solution. You get to charge your purchases on plastic and not have to worry about exorbitant interest charges adding onto your original debt balance.

Yet, not all credit cards offering a zero per cent deal work in exactly the same way. In order to really see zero interest charges on the things you’ve purchased with your card, you need to double check that your card offers 0% on purchases made, and not just offering no interest on balance transfers. (more…)

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The 0 APR Credit Card Offers

November 21st, 2011 - 
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Yea right, nothing in this world is free. To think that you can get something free is only setting yourself up for the big fall. However, the 0 APR credit card offers online is something to consider. You will not find free credit cards, but you will find free promotional 0-Interest APR and transfer rates.

FREE…is the word to make everyone wonder if he or she should click the link or not. We all know that nothing in life is free and we wonder why promotional advertisers hang up the slicks claiming to offer 0 APR credit card offers. Well, perhaps something’s are free.

Nevertheless, when we see 0 APR credit card offers it prompts us to check it out…What they really mean is that they are offering no annual fees, or deposits. You sign up for the card online and wait until the lenders run a credit check and you get your answer. Nothing truly is free. (more…)

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Say Hello To Those 0% Credit Card Deals!

August 25th, 2010 - 
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Getting the best deal on a credit card is not always about jumping from one 0% APR card to another and getting a bad name for you. As you will because the credit card companies are getting wise to this and are beginning to refuse serial jumpers their credit card application.

This though is not aimed at those who up until now have found it easy to get their hands on any credit card that they choose; this article is aimed at those who find it extremely difficult to get their hands on a credit card at all and can only dream of taking advantage of all the 0% interest deals that are out there.

Your low credit rating can affect your application

This is down to the fact that many potential credit card customers have such a low credit scoring that the credit card issuers; see them as too much of a credit risk. So they ultimately refuse issuing those with a low credit scoring the cards, as they only want those, who they see as profit making customers. This can even happen to you if you have no debt and never have had debt, as the credit card lenders only go on credit information that is held on you on their data bases. So if you have no credit history, they will more readily refuse you one of their cards.

What you have to remember though, is that you should not take your anger out on the credit card company as you have no divine right to expect them to let you borrow their cash just because you want it, they have to be sure that you are a worthy credit risk. To combat this, the first thing that you should not do is to apply again and again to different credit cards, credit agencies or banks for loans, this will only dig the hole deeper for yourself. The next time you apply for any type of credit it will be known that you have applied before and been rejected in the past, so they will find theyre answer easier to come by.

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Get your credit rating background

What you should do is contact a credit reference agency, to see where you are going wrong and maybe find the reason why the credit cards are not letting you handle theyre plastic. Ask the credit card company who have refused you, which credit reference agency they use, this will normally be one of two the main ones which are Equifax and Experian. Once you have ascertained which one it is, you can write to them asking for a detailed run down of your credit history. This will normally cost a couple of pounds, but will be a worthwhile practice to help you get your credit scoring back up.

Once that you have found out where you have gone wrong in the past, you can then begin working on getting your credit scoring up. You may wonder as how this can be done if you are not allowed credit, but by keeping your household bills up to date and paid on time, making sure that you can prove where you live, make sure that you are on the electoral role and make sure that you never lie on your application for credit. These are all simple things and if followed through, you will not only find that your credit rating will go up, you will also be able to build on it and be able to one day get the best credit card deals and when you want them.

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How To Select A 0% APR Interest Credit Card

August 4th, 2010 - 
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When you are looking for a credit card, you probably already know that you cannot beat a 0% APR interest credit card. After all, what can be better than paying no interest? Of course, this only applies to the introductory offer, but it can sure beat the interest levels you may already be paying on another credit card. Getting the perfect 0% APR interest credit card, however, will not come as easily as that. Here are some other things that you want to look for to make your credit card an even better deal.

0% APR Interest May Apply To More Than One Thing

When you look at the ads for credit cards and you see 0% APR interest credit cards, it may apply to more than one thing. Generally, it applies to the overall interest rate on the credit card. This means that there is no interest charged on a balance during the introductory period. Of course, there will be late fees if you do not make the minimum payment on time.

The other thing it can apply to is the balance transfer option – if it has one. This option on a 0% APR interest credit card means that you can make transfers of outstanding balances from other cards onto this card and pay 0% APR interest. The time frame, however, is what you need to notice, since it may be different than the general introductory offer. Also, check to see if there is a balance transfer fee or not. Some cards can charge up to 4% for this service.

Rewards Available

Just about any kind of reward may be possible with a 0% APR interest credit card. So, if you are looking for air miles, a student card, a business credit card, or any other kind of reward – it can be found somewhere. Rewards means that you can get anywhere from one to six points for every dollar that you charge to the card.

These points accumulate and you can get either rebates in cash amounts, or discounts toward future purchases. Many cards will give you more points toward the purpose of the card (gas card, air miles card, etc.), but many will also give you one to three points for every purchase you make at the grocery store, the pharmacy, and the gas station.

Compare Card Offers

Before you sign-up for the 0% APR interest credit card, you will want to shop around some and see which one may be the best offer for you. There are many offers out there – in the mailbox and online, but not all of them are what you really want. Be sure to look at the various fees, and try to get one that has as few fees as possible. If you have good credit, this will allow you to get a good card and better rates of interest.

Remember to pay for your purchases each month in full and on time. This way you are sure to be able to enjoy the rewards without having fees and charges eat away at your benefits.

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How To Keep Your Credit Card Interest Rate At 0%

July 25th, 2010 - 
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How To Keep Your Credit Card Interest Rate At 0%

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We’ve all been tempted by 0% credit card interest rate offers. These offers are usually for short periods of three to 12 months and there are usually conditions attached. For example, the preferential rate may apply to balance transfers, but not to cash withdrawals. The low interest rate may not apply to credit card cheques or purchases either.

People who are carrying a large debt will want to make the most of 0% interest rate offers. Here’s how to keep your credit card interest rate at 0%.

Researching 0% Credit Card Deals

First of all, it is best to research the credit card thoroughly. Consumers need to find out:
- what period the 0% interest rate is for
- whether it is for balance transfers only
- whether it applies to other spending on the card
- what the rate is for cash withdrawals or credit card cheques
- whether there is a balance transfer fee
- what other incentives there are for using the card

Answering these questions will help consumers to decide which 0% credit card is right for them. It is especially important to pay attention to the period that the incentive offer lasts for. To keep paying 0% interest, consumers will need to apply for a new 0% credit card a month to six weeks before the old offer runs out. This leaves time to get the card, activate it and transfer the balance without incurring any additional fees from the current credit card company.

Rate Surfing Benefits

Moving from card to card, or rate surfing, is a common way of keeping interest rates low and paying off as much of a debt as possible. Using a 0% card means that any money paid is reducing the outstanding debt rather than paying interest. This is good news for consumers’ long term financial stability.

Of course, there’s no guarantee that consumers will be able to get another card. This will depend on their credit profile. The best way to maintain a good credit profile is to have some credit card debt (but not too much) and to make all payments on time. This will show credit card companies that you are a good credit risk.

Watch Out For Balance Transfer Fees

Credit card companies do not like credit card tarts, another term for rate surfers, because they lose hundreds of thousands of pounds’ worth of income that they would normally gain from interest. As a result, many credit card companies take their money up front by charging a balance transfer fee of around 2% of the balance transferred. Even with this fee, savvy consumers should be able to shop around for the best rates and pay much less interest than they would normally have done.

In addition to the incentive of a 0% interest rate, consumers can also benefit from other rewards. These include points that can be used for travel, earning vouchers, cash back and charitable contributions. This means that consumers can reduce their outstanding debt and gain a reward as well.

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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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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 Card Is It Really Zero For

March 17th, 2010 - 
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0 Apr Credit Card Is It Really Zero For Trouble?

In the financial industry, the number zero can be something thats either totally goodor totally bad. As for 0 APR credit cards, companies are primarily cashing in peoples interest for 0% interest (pun intended). But is everything good and nothing bad about 0 APR credit cards?

The Advantages of Using a 0 APR Credit Card

Balance Transfer You can make use of your new 0 APR credit card as a way of reducing payment for your other credit card debts. You can do this by transferring the balance of your old credit cards to the new one. Of course, make sure that you do get to pay off your debt within the allotted time!

Saving on Purchases Of course, the most obvious benefit in having a 0 APR credit card is being able to purchase anything for zero interest. You can even opt to pay the minimum amount required for several months if you wish, just as long as you do settle your credit card bills before the promotional period ends.

The Disadvantages of Using a 0 APR Credit Card
If youre not careful with the way you swipe your 0 APR credit card, your latest plastic money might just be your downfall.

Zero isnt Forever No-interest-offers dont last forever; when the promotional period ends, your card will just be like any other credit card in which youll be required to pay standard interest rates once more. It could even be worse if your 0% ends up with an interest rate thats twice as much as what youre paying for your other credit cards.

No to Balance Transfer You might belatedly realize that your intention of balance transfer is actually not allowed. Or, it could charge you with very high processing fees before you can be allowed to transfer the balance of your old credit card to your new one. To prevent this from happening, you should read the terms and conditions carefully before applying for a 0 interest credit card.

High Penalties Many 0 APR cards charge you high penalties if youre a delinquent payer. Worse, they can even cancel the zero interest offer at the slightest infraction you commit.

Uncontrollable Swiping Many individuals, upon getting their hands on their new 0 APR credit cards, are struck with swiping fever and end up shopping more than they need and certainly more than they can afford.

Tips for Choosing and Using a 0 APR Credit Card
No credit card is perfect. You need not feel bad just because you now know the limitations and problems you might face when using a 0 APR credit card. With the right attitude, youll still be able to take full advantage of a 0 APR credit card without having to suffer any of its disadvantages.

READ the terms and conditions carefully. Know what its interest rate would be when the promotional period ends. Know if youre allowed to make balance transfers and what repercussions youd face if you unintentionally fail in paying on time.

CHOOSE the 0 APR credit card that best fits your needs and budget.

DISCIPLINE is the key to beating the temptation of overspending. If you really want to indulge yourself with your new credit card, at least make purchases that are necessary, useful, and will last for a long time.

Hope you enjoy yourself with your new credit card!

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0% Credit Cards: Are They The Real Deal?

February 28th, 2010 - 
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Whenever I hear the number 0%, I hope that it refers to the interest rate I have to pay and not the interest rate that I have to earn. There are many different credit card offers out there, and of course when you see the 0% it seems like it would be the best option. But, when you sit and think about it you might wonder why one credit card would be 0% and the other would be 26%, what’s the catch?

It is not that the issuer is out to scam you. But you still need to look close. You never know what you are in for unless you read all the terms and conditions associated with the card.

0% Doesn’t Mean 0% Across the Board

While there are some legit 0% credit cards out there you need to look at the fine print before you simply assume that you can buy everything with no interest. The 0% is not a blank check that you cash anywhere. If applies to some types of transactions. This isn’t to say that you shouldn’t take advantage; you just need to be an aware consumer and make sure that you know how the 0% works.

If you have some credit card balances that you would like to transfer than you may want to look for a 0% credit card. There are many credit cards out there that offer 0% balance transfers. The more the transfer, the higher the saving. Many people use these cards to do away with those high interest credit cards so that they can actually start making a dent in the amount of money that they owe instead of just paying off the interest each month.

Many 0% credit cards have 0% interest rate offers on specified purchases. These may be purchases at specific stores or for specific products, but depending on what you purchase these credit card offers really can save you a lot of money. You’ll need to be sure to read all of the fine print on these cards to be sure that it is something that will save you as much money as you would hope.

Then there are the cards that use 0% as the way to ensnare you. Often times this 0% is good for the first six months or a year that you have a card. This is a nice way to consolidate debt, make big purchases, pay for car or house repairs, or just buy things that you have been putting off because you didn’t want to pay interest. One more interesting dimension of credit cards relates to rewards and cash back.

Before you choose any one of the 0% credit cards that you come across you should read through all of the features. The prudent buyer wants to know the interest rate, not just on day one but also on later days. Do you need to pay off all of the items that you bought during the 0% time? Whether you make money or lose money will depend on how smartly you use the card.

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0% APR Credit Cards – True Benefits?

January 4th, 2010 - 
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A 0% APR credit card is an opportunity for you to cash in on a good amount of savings across the board. If you are like many, you are realizing that this might be a great way to realize true benefits from a credit card without having to pay much for it. Yet, there is much more to know about these 0% APR credit cards. You should take the time necessary to find the right opportunities for your specific needs. In many cases, this is a great option, if used in the right manner.

What Is 0% APR?

When a company offers you a credit card at a 0% APR, they are basically allowing you to borrow funds for no interest. There are generally some fees that are associated with the credit offers, but in most cases, you will see that they are still quite an affordable option. In most cases, the APR that is offered to you will one of two types. Some credit cards will offer you a standard APR, or annual percentage rate that is the rate you will likely hold for the time that you hold the line of funds. Others will offer a lower introductory offer. Normally, a 0% interest credit card is offered for an introductory time period only.

Should You Use It?

If you have the choice between two offers of credit, one with a lower rate than the other, you may be tempted to just go with the lowest offer. Yet, there is more to it than just that. In fact, you need to consider what the interest rate will be after the introductory period is over. For example, if you have two offers, one lower in the six month introductory period than the other, you may be tempted to go with the lowest offer. Yet, in the long term, that line of credit may have a higher rate. Determine which offers the best overall ability for you to get what you need in the least expensive manner.

The Benefits Of 0%

Yet, even with that said, there are plenty of benefits of selecting a 0% APR credit card. For example, if you know that you will be paying off that line of credit quickly, within the introductory period, it is well worth making the switch. After all, there is not anything better than borrowing money for free. If you have a credit card currently that has a much higher interest rate, you can save yourself quite a few fees if you do a balance transfer to the 0% APR credit cards as well. Here, make sure that the rate applies to balance transfers before making the move.

In short, a 0% APR credit card is an opportunity for you to invest in paying less. To benefit from them, make sure to get all the facts and take the time necessary to compare them. To find these offers, simply check out the opportunities offered by the lenders. Most credit card companies do offer some form of introductory rate reduction offer including 0% interest credit cards.

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