If you're like many of today's consumers and you pack a wallet full of purchasing power in the form of various credit cards chances are good that you're overpaying on several of them based on the annual percentage rate or APR that they may be charging you. For many credit card users the average APR is normally around 13% in some cases it can as low as 6% - 8% with lower rates sometimes offered as part of an introductory teaser rate offered in order to get you to fill out yet another credit card application. Now with the advent of 0 APR credit cards many people are capable of saving large amounts of money that was formerly wasted on credit card finance charges.
The fact is not owning a 0 APR credit card may prove to be disastrous to your financial well-being. If you're currently paying 6%, 10%, 13% or higher as your standard credit card interest rate then you are effectively washing money down the drain. With the current state of the economy, rising interest rates and outrageous cost of gasoline every penny saved truly is a penny earned. A 0 APR credit card can significantly help to improve your current money or lack of situation.
I'm sure you've been bombarded with numerous credit card offers in your mailbox. If you currently throw those credit card applications away as soon as you recognizes them you may want to hold off on the next bunch that get delivered by your mailman. With an increase in credit card companies providing 0 APR credit card offers, chances are good that you will have more then one application that you can easily fill out and return to the credit card merchant in order to quickly be taking advantage of a zero annual percentage rate on your new 0 APR credit card.
Naturally, as with any new credit card offer there is a slight element of risk associated with using a card that provides 0 percent APR as its main selling point and that is the ability to fall victim of the over usage syndrome. The temptation to purchase many unnecessary items could result in your ability to create a substantial amount of debt on a brand new credit card. If you don’t possess the means to pay the minimum payment amount on time your 0 APR credit card could suddenly transform itself into a high interest-charging juggernaut that could actually prove to be more financially frustrating then your previous 10% credit card.
When applying for a 0 APR credit card always make sure to read the fine print so that there are no surprises in case for some reason you fail to make a payment on time or if you should charge more then your allowable credit limit. A 0 APR credit card can be very helpful to you but only if you plan on using it wisely.
Timothy Gorman is a successful Webmaster and publisher of BestOnlineCreditCardOffers.com He provides more credit card facts, tips and advice on finding the best 0 APR credit card offer online, that you can research in your pajamas on his website.
Article Source: http://EzineArticles.com/?expert=Tim_Gorman
Saturday, November 29, 2008
Credit Cards Offering 0% Interest
Credit cards offering a 0% interest rate often lure consumers in with zero interest, instant approval and easy online balance transfers, but beware of the number one factor that will void your 0% easy street annual percentage rate and throw you out into the poor house fast.
Banks and financial institutions know the spending habits of consumers and understand that most people max out their credit cards around the holidays. They wisely take advantage of this fact and start flooding your inbox and snail-mail box with hundreds of 0 APR credit card offers soon after the holiday season ends. Knowing that if you are like 98% of the American public, you’ll jump at the chance to consolidate credit card debt and transfer balances to 0 APR credit cards.
But don’t fill out that online credit card application too fast, there are a couple of money saving details you need to be aware of before you apply and transfer your balances over to 0 APR credit cards.
Credit card companies are banking on the fact that you will never read the fine print at the bottom of the 0 APR credit cards terms of service agreement. There are two very important details down there that need to be brought to your attention before you sign on the dotted line.
Most importantly is the fact that if you make just one payment late your introductory 0% APR is revoked and you’ll automatically be required to pay the full annual percentage rate. Credit card companies are banking of the fact that you never know this fact till its too late, so please read the fine print before accepting any 0% APR balance transfer credit card offers.
The second detail is that could either help you out of credit card debt or sink you even deeper into debt is the fact that the 0% APR is only an introductory offer by the credit card company. It applies for a short, limited time only, then interest rates on your credit card goes up to the usual high rate.
The amount of time the company offers the low 0 APR credit card varies from 6 months to as much as 18 to 24 months in some cases. You need to read your agreement carefully to see what the annual percentage rate will be on your 0 APR credit card after the introductory rate expires before you sign the credit card application.
It is imperative that the 0 APR credit cards regular percentage rate is at least 3 points lower than the annual percentage rate you are currently paying, if its not, you may want to consider consolidating credit card debt by some other method. It simply won’t make sense for you to transfer you balances over to 0 APR credit cards if the interest rate is going to be jacked up higher than the rate you are already paying.
Check out our list of the Top 10 0% APR Credit Cards in America including what the normal apr’s will be after the intro rates expire, and discover how to finally find the Best Credit Card to help you achieve Credit Card Consolidation the smart way at 0BalanceCreditCard.com.
Article Source: http://EzineArticles.com/?expert=Jennifer_L._Wilson
Banks and financial institutions know the spending habits of consumers and understand that most people max out their credit cards around the holidays. They wisely take advantage of this fact and start flooding your inbox and snail-mail box with hundreds of 0 APR credit card offers soon after the holiday season ends. Knowing that if you are like 98% of the American public, you’ll jump at the chance to consolidate credit card debt and transfer balances to 0 APR credit cards.
But don’t fill out that online credit card application too fast, there are a couple of money saving details you need to be aware of before you apply and transfer your balances over to 0 APR credit cards.
Credit card companies are banking on the fact that you will never read the fine print at the bottom of the 0 APR credit cards terms of service agreement. There are two very important details down there that need to be brought to your attention before you sign on the dotted line.
Most importantly is the fact that if you make just one payment late your introductory 0% APR is revoked and you’ll automatically be required to pay the full annual percentage rate. Credit card companies are banking of the fact that you never know this fact till its too late, so please read the fine print before accepting any 0% APR balance transfer credit card offers.
The second detail is that could either help you out of credit card debt or sink you even deeper into debt is the fact that the 0% APR is only an introductory offer by the credit card company. It applies for a short, limited time only, then interest rates on your credit card goes up to the usual high rate.
The amount of time the company offers the low 0 APR credit card varies from 6 months to as much as 18 to 24 months in some cases. You need to read your agreement carefully to see what the annual percentage rate will be on your 0 APR credit card after the introductory rate expires before you sign the credit card application.
It is imperative that the 0 APR credit cards regular percentage rate is at least 3 points lower than the annual percentage rate you are currently paying, if its not, you may want to consider consolidating credit card debt by some other method. It simply won’t make sense for you to transfer you balances over to 0 APR credit cards if the interest rate is going to be jacked up higher than the rate you are already paying.
Check out our list of the Top 10 0% APR Credit Cards in America including what the normal apr’s will be after the intro rates expire, and discover how to finally find the Best Credit Card to help you achieve Credit Card Consolidation the smart way at 0BalanceCreditCard.com.
Article Source: http://EzineArticles.com/?expert=Jennifer_L._Wilson
0 APR
When a credit card is advertised as being 0 APR, the company/bank is in effect stating that there is no Annual Percentage Rate (APR) of charge. The APR is the rate at which interest is calculated on the unpaid balance of your card.
Not all 0 APR credit cards are equal. Actually, in the long run, 0 APR credit cards can turn out to be pretty expensive. Most of these cards offer this low rate for a short period of time, usually for six months to twelve months. Once the introductory period is up, the rate goes up. Based on this, be sure to find out if the APR rates that will chip in after the introductory period is a fixed rate or not. A fixed rate APR will remain the same, while one that isn’t will change over time.
To make a decision on a 0 APR credit card, you need to compare the following:
• The introductory period for which the 0 APR runs
• The regular APR after the introductory period ends
• What are the annual fees applied to the card
• If you are able to transfer balances, and
• The type of credit rating you need to apply for and receive a 0 APR credit card.
The grace period before any penalties are applied to your 0 APR card should be taken into account when comparing different credit cards. Some 0 APR cards attract higher interest if bill is unpaid beyond the grace period.
Another feature that should be compared is the fees that are attached to your card, since these can really add up and your 0 APR will mean nothing.
You will also want to see what other member's benefits you get with this card before making a final decision. For instance, if you are the type of credit card holder who does not pays off your balance each month, a 0 APR credit card may be just the thing for you.
To compare 0 APR credit cards, Eric Wasselman recommends Find Credit Cards.
Article Source: http://EzineArticles.com/?expert=Eric_Wasselman
Not all 0 APR credit cards are equal. Actually, in the long run, 0 APR credit cards can turn out to be pretty expensive. Most of these cards offer this low rate for a short period of time, usually for six months to twelve months. Once the introductory period is up, the rate goes up. Based on this, be sure to find out if the APR rates that will chip in after the introductory period is a fixed rate or not. A fixed rate APR will remain the same, while one that isn’t will change over time.
To make a decision on a 0 APR credit card, you need to compare the following:
• The introductory period for which the 0 APR runs
• The regular APR after the introductory period ends
• What are the annual fees applied to the card
• If you are able to transfer balances, and
• The type of credit rating you need to apply for and receive a 0 APR credit card.
The grace period before any penalties are applied to your 0 APR card should be taken into account when comparing different credit cards. Some 0 APR cards attract higher interest if bill is unpaid beyond the grace period.
Another feature that should be compared is the fees that are attached to your card, since these can really add up and your 0 APR will mean nothing.
You will also want to see what other member's benefits you get with this card before making a final decision. For instance, if you are the type of credit card holder who does not pays off your balance each month, a 0 APR credit card may be just the thing for you.
To compare 0 APR credit cards, Eric Wasselman recommends Find Credit Cards.
Article Source: http://EzineArticles.com/?expert=Eric_Wasselman
0% APR
A 0% APR is essentially a credit card offered by credit card companies to their consumers with an ‘annual percentage rate’ (APR) of zero percent. However, this rate does not exist forever, and after a period that ranges between three to twelve months, credit card companies begin charging higher rates of interest. Therefore, the major factors to be considered are the duration of the no-interest period, and what would be the APR rate after the offer ends.
Advantages of owning a 0% APR Credit card:
Though 0% APR credit cards have a few catches, they can also prove to be advantageous for its users. The best way to assess these cards is by actually using one. If you pay off the monthly balance regularly, then the rate of interest will not be a major concern. Some of its main benefits are as follows:
- Cut down the interest rate: A 0% APR credit card is popular among users with heavy outstanding card balances. It helps them to slash the rate of interest incurred upon their debt.
- Travel benefits: A 0% APR credit cards offer travel benefits to its users. You could profit from this card if you travel by air frequently. Most companies provide bonus air mile benefits on APR credit cards. This could be as much as twenty-five thousand miles, merely by signing up and making your first purchase from this card. The travel facility could also be used for hotel rooms, meals and other additional alternatives. It also provides you with free gas discounts and rebates in purchasing a car.
- Cash back or reward benefits: Low APR credit cards also provide a system where you could get back a percentage of your purchases. You could get a reward of five percent for certain kinds of purchases you make.
- Paying off debt: Transferring your credit card balance that needs to be paid off to a new credit card with 0% APR would be a better money- saving solution, than holding on to the old card with a high rate of interest.
- Start up a new credit history: A 0% APR credit card can be used to establish a new credit history for a cardholder with a previous credit card debt. These cards curb the credit card usage, and initiate the necessity of spending within the budget. However, it might not be issued to people with a bad credit history.
Limitations of 0 percent interest APR credit cards:
A 0% APR credit card often comes with strings attached. Some of the major limitations are as follows:
- Usually, a 0% APR credit card offers the no-interest benefit for only a limited period, such as six months to a year.- It might not allow you to transfer balances from high interest credit cards during the introductory 0% offer period.- It could charge expensive fees for the process of transferring the balance.- Some of these credit cards bear very high penalties for late payments, and automatically transfer you to an inconsistent APR rate.- It often charges a very high interest rate once the initial offer period expires.
Therefore, although 0% APR credit cards may seem too good to be true, they do have a number of real advantages. While these promotional offers by credit card companies are useful, they need to be taken up judiciously.
Joe Kenny writes for the Card Guide, a UK credit cards site, visit today for introductory 0% balance transfers and start clearing credit card debt today.Visit today: http://www.cardguide.co.uk/
Article Source: http://EzineArticles.com/?expert=Joseph_Kenny
Advantages of owning a 0% APR Credit card:
Though 0% APR credit cards have a few catches, they can also prove to be advantageous for its users. The best way to assess these cards is by actually using one. If you pay off the monthly balance regularly, then the rate of interest will not be a major concern. Some of its main benefits are as follows:
- Cut down the interest rate: A 0% APR credit card is popular among users with heavy outstanding card balances. It helps them to slash the rate of interest incurred upon their debt.
- Travel benefits: A 0% APR credit cards offer travel benefits to its users. You could profit from this card if you travel by air frequently. Most companies provide bonus air mile benefits on APR credit cards. This could be as much as twenty-five thousand miles, merely by signing up and making your first purchase from this card. The travel facility could also be used for hotel rooms, meals and other additional alternatives. It also provides you with free gas discounts and rebates in purchasing a car.
- Cash back or reward benefits: Low APR credit cards also provide a system where you could get back a percentage of your purchases. You could get a reward of five percent for certain kinds of purchases you make.
- Paying off debt: Transferring your credit card balance that needs to be paid off to a new credit card with 0% APR would be a better money- saving solution, than holding on to the old card with a high rate of interest.
- Start up a new credit history: A 0% APR credit card can be used to establish a new credit history for a cardholder with a previous credit card debt. These cards curb the credit card usage, and initiate the necessity of spending within the budget. However, it might not be issued to people with a bad credit history.
Limitations of 0 percent interest APR credit cards:
A 0% APR credit card often comes with strings attached. Some of the major limitations are as follows:
- Usually, a 0% APR credit card offers the no-interest benefit for only a limited period, such as six months to a year.- It might not allow you to transfer balances from high interest credit cards during the introductory 0% offer period.- It could charge expensive fees for the process of transferring the balance.- Some of these credit cards bear very high penalties for late payments, and automatically transfer you to an inconsistent APR rate.- It often charges a very high interest rate once the initial offer period expires.
Therefore, although 0% APR credit cards may seem too good to be true, they do have a number of real advantages. While these promotional offers by credit card companies are useful, they need to be taken up judiciously.
Joe Kenny writes for the Card Guide, a UK credit cards site, visit today for introductory 0% balance transfers and start clearing credit card debt today.Visit today: http://www.cardguide.co.uk/
Article Source: http://EzineArticles.com/?expert=Joseph_Kenny
0 APR Credit Cards
With 0 APR credit cards, cardholders accrue no monthly interest charges for any purchases they make for the duration of the card's introductory and promotional period. This introductory period typically lasts for around twelve months, but can last anywhere from six to over fifteen months.
0 APR credit cards are one of the favorite financial instruments of many consumers. Over the years, credit cards with 12 month or more 0 APR terms have served many well, netting the users substantial balance transfer arbitrage profit in the way of high yield bank interest income, and cushioning them during difficult financial times by providing a way to get quick interest free loans.
During tough economic times these credit cards may be able to help you bridge temporary budget shortfalls, saving you from having to turn to high interest, high risk alternatives like payday loans. Be sure to read the application in its entirety. It is often in the credit card provider's best interest if you skim over and miss things. That's why they call it "the fine print."
All providers have their own application form, and they are almost always for the exact kind of card you are applying for with that provider. There is basic information that you will be expected to provide. This includes your name, contact information, social security number, address, and date of birth. Many 0 APR credit card offers also require more in depth information including job status, salary, driver's license, length of time at your current address, whether you own the home you live in, and more. Some questions will refer more to the card itself such as what persons are authorized to use the card. Credit card offers don't typically ask you to list your bank account number or balance.
Each month's minimum payment, typically quite small, must be paid in a timely and regular manner to avoid any unintended late payment fees or penalties. During the promotional period, cardholders can continue to make free 0 APR purchases up to the maximum credit limit available on the card in question. However, as always, credit card users need to be responsible for their credit card usage.
SmartCreditChoices.com has many credit card offers including 0 APR credit cards, balance transfer credit card offers, and much more.
Article Source: http://EzineArticles.com/?expert=Jake_Wilson
0 APR credit cards are one of the favorite financial instruments of many consumers. Over the years, credit cards with 12 month or more 0 APR terms have served many well, netting the users substantial balance transfer arbitrage profit in the way of high yield bank interest income, and cushioning them during difficult financial times by providing a way to get quick interest free loans.
During tough economic times these credit cards may be able to help you bridge temporary budget shortfalls, saving you from having to turn to high interest, high risk alternatives like payday loans. Be sure to read the application in its entirety. It is often in the credit card provider's best interest if you skim over and miss things. That's why they call it "the fine print."
All providers have their own application form, and they are almost always for the exact kind of card you are applying for with that provider. There is basic information that you will be expected to provide. This includes your name, contact information, social security number, address, and date of birth. Many 0 APR credit card offers also require more in depth information including job status, salary, driver's license, length of time at your current address, whether you own the home you live in, and more. Some questions will refer more to the card itself such as what persons are authorized to use the card. Credit card offers don't typically ask you to list your bank account number or balance.
Each month's minimum payment, typically quite small, must be paid in a timely and regular manner to avoid any unintended late payment fees or penalties. During the promotional period, cardholders can continue to make free 0 APR purchases up to the maximum credit limit available on the card in question. However, as always, credit card users need to be responsible for their credit card usage.
SmartCreditChoices.com has many credit card offers including 0 APR credit cards, balance transfer credit card offers, and much more.
Article Source: http://EzineArticles.com/?expert=Jake_Wilson
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