Its Easy To Find A 0 APR Credit Card

August 12th, 2010 - 
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Millions of Americans have credit cards, using them almost every day for everything from mundane things like groceries to exciting purchases like vacations. But unless you already have a 0 APR Visa, Mastercard, or Discover credit card, chances are youre still looking for one. Who wouldnt want a credit card that offered 0 percent APR?

The APR is the annual percentage rate, and it determines how much interest you pay on your credit card. No-interest credit is the best, obviously; a credit card with no APR means youre paying back only the amount you borrowed, with no additional charges. When the bank makes you a 0 APR credit card offer, youre liable to jump at the chance! But you dont need to wait for the bank or credit card company to come to you. You can get a 0% APR credit card yourself.

First youll need to check your credit score. The credit card companies are more likely to give you a low-repayment credit card as a reward for being a low-risk consumer. Get a copy of your credit report from one of the online sources available — youre entitled by law to one free credit report per year — and see if there are any blemishes that might prevent you from getting a 0 APR credit card. You should check your report even if youre sure youve never done anything to earn bad credit, because mistakes can creep into your report. The last thing you want is to be denied an interest-free credit card because of something you didnt even do!

Once youve confirmed your credit report is solid, or done whats necessary to clean it up, you can apply for a credit card with confidence. There are two ways you can go about getting no-interest credit. One is to approach your current credit card companies and request a lower interest rate. Tell them youd like to do a balance transfer, point out your positive credit history, and ask for zero APR credit. Many times, they will give you 0 APR for a period of six months or a year, which is fine: Before the time is up, you can set up 0 percent APR on a different card and transfer the balance. If your credit stays good, you could move your balance from one card to another indefinitely, thus keeping 0 APR credit for the life of the loan.

Another option is to open new credit cards that have 0 APR offers. These are easily found online, and the 0 APR credit card is usually an introductory offer, which means it switches to a higher APR after six months or a year. The same procedure applies: Take advantage of the offer, and then transfer the balance to another 0 APR credit card before the time is up. Before you get any new credit cards, though, be sure to check into their policies on balance transfers. Some have different APRs for balance transfers as opposed to purchases.

With a little work and careful spending habits, its possible for anyone with good credit to get a 0 APR credit card. Why should the credit card company get all your hard-earned money with its fees and APRs? No-interest credit is the way to go. Good luck, and happy spending!

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How To Have A Trouble-free Life With A 0% Apr

July 20th, 2010 - 
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How To Have A Trouble-free Life With A 0% Apr Credit Card

Having a 0% APR credit card is indeed wonderful, but only if you know how to use it wisely. Heres what you can do to enjoy a trouble-free time with this kind of credit card.

Tip #1 Look for the longest promotional period. 0% APR offers unfortunately never last for a lifetime. They can last anywhere between six months to a maximum of one year. Once that time period expires, youll have to join the rest of humanity and pay interest charges for your credit card. Thus, when looking for a 0% APR credit card, try to find one that you can enjoy the longest.

Tip #2 Look for the lowest possible rates. Once the 0% APR offer expires, youll start facing the risk of paying interest charges if you dont pay your credit card bill on time. And thats why you need for the lowest possible rate from your future credit card. This early, you need to prepare for the future and look for the easiest way out of credit card debt.

Tip #3 Check your credit score. Youre entitled to one free credit report from each of the three major bureaus in the country, namely, Equifax, Experian, and Trans Union. See if youre considered a good credit risk or not. If you fall on the latter category, try improving your credit first before applying for a 0% APR credit card. You can avail services of a credit repair agency if necessary. Once your ranking has improved, thats the time you should apply for a credit card and you just might qualify for even better interest rates.

Tip #4 Multiple credit card applications can immediately hurt your newly repaired credit score so its best to know beforehand what kind of credit card you truly need. Compare rates and features. Ask yourself what else do you need from a 0% APR credit card? Are you more interested in having a low interest card or do you prefer a reward based credit card?

What other privileges, benefits, or features are you looking for in a credit card? Consider having automatic insurance, online management, and customized designs for your credit card. Choose carefully because its best that you only apply for a credit card once.

Tip #5 Prepare other documents you may need for the application process such as proof of identification and income. If you are not yet working and still in school, you will have to submit proof that you are indeed a student. Having excellent scholastic records help, by the way.

Tip #6 Pass your application together with your requirements. If youve completed all the requirements and youre not categorized as poor credit risk, youre sure to have your 0% APR credit card on your hands in no time.

Tip #7 Its time to enjoy your credit card, and you should indeed enjoy it to maximize the 0% APR offer. If youve got big purchases to make, nows the best time to do it because you wont have to pay any interest for it. All you need to worry about every month and for as long as the promo period lasts is paying for the minimum payment required.

Tip $7 All good things must come to an end, however, and the same rule applies to having a 0% APR credit card. At least three months prior to the expiration of your no-interest status, start tightening your belt and try paying off your credit card debt as much as you can. That way, when your 0% APR status expires, you wont have a heavy burden on your shoulders.

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5 Pros of Owning a 0 APR Credit Card

April 19th, 2010 - 
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When you get the offer in the mail for a 0 APR credit card, you may be tempted to throw it out, thinking that it is too good to be true. But before you toss it in the circular file, take a good look at it. There are some distinct advantages to owning one of these 0 percent interest cards that could help you in ways you dont know yet.

1. Transfer high interest credit card balances.
If you have a credit card that you use often but cant seem to pay off, you can transfer the balance of this card to your new 0 APR card. If you are paying twenty percent interest on another card and have stopped using it because all you can afford to pay each month is the minimum balance, this is a great option for you. You can not only pay off your other balance, but you can also get your purchasing power back.

2. Consolidate all credit card debt to one card.
For people with several credit cards that are maxed out, consolidating them all onto one 0 APR card is the perfect way to pay down the debt quickly. Instead of your monthly payment going to the interest alone, you will be able to pay on the principle for the entire 0 APR introductory period.

3. Transfer high interest rate loan balances.
If you have a car loan that is at an exorbitant interest rate, this is your chance to pay off the loan with no interest. Pay it off at the bank with the 0 APR credit card and then make your interest free payments to the card to pay off this balance.

4. Make big ticket purchases with no interest financing.
Planning to buy some furniture or an appliance? Want to buy some plane tickets to Europe? Use your 0 APR credit card to finance the purchase of these items at 0 percent interest.

5. Improve your credit.
By paying your bill on time each month and paying off balances from other cards or loans, you improve your credit score and better your chances for getting future credit offers.

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0% APR Credit Cards Explained

February 4th, 2010 - 
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What Is A 0% APR Credit Card? Many of us have heard about them, but has anyone every explained 0% APR credit cards to you? Well, for starters, the APR or annual percentage rate is the rate of interest credit card companies charge on outstanding payments. The amount you are charged depends not only on the rate of interest, but also on the method of calculation of rates of interest. 0% APR credit cards are credit cards that charge you no interest on credit, for a specified period of time. The best 0% APR credit cards offer 0% APRs to customers for up to 12 months. After 12 months the credit card issuer charges you at the normal rate. The card issuer assumes a risk by offering you interest free credit for such an extended period. They balance that risk by offering 0% APR credit cards to only customers with the best credit.

What Determines Your Credit?

Your credit depends on a number of factors. Your credit score, also known as the FICO score is widely used as a credit rating for Americans. Since your credit rating will determine whether you are issued a 0% APR credit card, knowing what goes into the score helps a great deal. Your credit score is determined based on five parameters. The most important among these parameters is your current debt and your history of repayment of debt.

The other three parameters for calculation of credit score are the length of your credit history, amount of new credit and types of credit used. Based on these five parameters, the individual is given a score ranging from 300 to 850. This is indicative of the credit worthiness of the person at a particular point of time. People with credit scores above 770 usually qualify for a 0% APR credit card. However scores above 700 are also considered good. 0% APR credit cards typically require, at a minimum, very good credit and often will require excellent credit.

One method used by customers to avoid interest is balance transfer credit cards. It is possible to shift from a credit card that charges interest to a 0% APR credit card using a balance transfer, provided you have the requisite credit. Once the introductory period of the card expires, people often shift to other 0% APR credit cards using the balance transfer method. Doing this however harms your credit rating and can hurt your prospects of receiving good credit in the future.

Prudence Pays

It is good to be informed of clauses like the universal default clause. This clause states that if you default on your payments to one creditor, for example a bank, it affects your credit rating and can increase the rate of interest you are charged elsewhere. Responsible vendors realize that informed customers make for the best customers in the long run.

0% APR credit cards sometimes come topped with other offers. You can find a variety credit card offers online that come at 0% APR from the best companies. Choose the 0% APR card that makes the most sense financially and functionally. And always try to maintain you good credit rating that got you your 0% APR credit card in the first place.

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0% Apr Credit Cards: A Smart Way To Save

December 10th, 2009 - 
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With the plethora of credit card options available today, you can use plastic to pay off debt and save money. Using a credit card to get rid of debt, rather than rack it up, may sound strange. But it is possible with 0% APR credit cards. All of the major credit card companies offer 0% APR credit cards. They are a great way to save hundreds, even thousands, of dollars on interest. If you use them wisely, 0% APR credit cards will help you get one step ahead in the credit card world.

What 0% APR Credit Cards Are

APR stands for the annual percentage rate on your credit card. When credit card companies advertise 0% APR, they are giving you the chance to carry a balance on your card and not pay interest on it. The timeframe for this 0% APR is usually between six months and a year.

Some credit cards only include 0% APR on new purchases. Others offer the 0% interest rate for purchases and balance transfers. With the balance transfer option, you can shift the amount that you owe on a card with a high interest rate to the 0% APR credit card. If you pay off the balance within the introductory period, you will avoid paying high fees in interest.

The savings youll receive from a 0% APR credit card can add up fast. Lets say you carry a balance of $2,000 on a credit card for a full year. If the interest rate is 20%, you will have to pay $400 in interest. This would not be the case with a 0% APR credit card. If the 0% introductory period is twelve months, you will avoid paying $400 in interest. Thats a significant savings!

Read the Fine Print

While 0% APR credit cards offer a great way to pay off debts and save on interest, it is important to understand the details involved. Some companies issue the introductory period based on your credit score. If you have good to excellent credit, you will receive a longer introductory period than if you do not have outstanding credit. Keep in mind, however, that there will still be an end to the introductory period.

This is why it is also essential to look into the go to rate. This refers to the APR that will go into effect after the 0% APR introductory offer. This go to rate is often higher than other credit card offers. If you check into this before applying for a 0% APR credit card, you will know what is in store for you after the initial grace period.

There are sometimes additional fees involved with 0% APR credit cards. They may charge a certain amount to transfer balances on to the card. Also, the interest rate may be raised if you miss a payment. Some 0% APR credit cards are only available to those with good credit. If you have poor credit, you may be better off with a different credit card.

If you want to pay off some debt or make a large purchase, it is time to look into a 0% APR credit card. You can use the introductory period to pay off balances. Then take the money youll save on interest expense and use it for other purchases. Apply today for a 0% APR credit card and start saving.

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