0 Interest Credit Cards – Is APR All That Matters?
by Admin / 0 Comments / Apr 10, 2015
Everyone wants 0 interest credit cards, but what do you really need? The web is full with instant payday loans etc. In my opinion 0 percent credit cards are the easiest, quickest and most effective loan. If you have good credit, you can receive instant approvals and sometimes get a credit card in the mail within 24 hours. I’ve seen people being approved for $25,000! You need great credit to receive such a high credit line, but even with average credit, you can receive credit lines of $5,000 to $10,000.
What to Look for in 0 Interest Credit Cards
It’s always important to read the fine prints on all 0 interest credit cards. Look out for the length of the offer and the APR after the promotion expires. Also, check for balance transfer fees – not every interest free card is a 0 balance transfer credit card. Some cards might charge up to 5% for a balance transfer, while others have it free. Make sure you calculated how much it will cost you.
All 0 interest credit cards offers expire (besides if you pay the full balance before the due date) after a period of time. They usually range between 6 to 18 months and rarely up to 24 months. So before applying double check the length of the offer.
It is also recommended to combine the above two factors: the transaction fee and the length of the offer. While a 3% transaction fee might sound cheap, if it is only for 6 months and then it rises to 25% it’s not as good. On the other hand a 5% fee that lasts for 18 months will get you much more.
Purchases vs Balance transfers
Do you want to buy new furniture for a new house, or you want to pay out other credit card balances? For the first example you need a credit card that offers 0 APR for purchases. If you want to pay out other high balances than you need a Zero APR balance transfer offer. Most credit cards offer good introductory balance transfer offers.
Enjoy reading and good luck making the most of your credit cards!
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