Read
The Fine Print When Choosing 0% Interest Credit Cards
Credit cards-are they the bane of our existence or the wave of
the future? No matter how you view them, credit cards are here
to stay. With the seemingly endless variety of cards available
from any number of financial institutions, the market for your
credit card business is extremely competitive. Many credit card
companies try to entice the average consumer with 0% interest
credit cards. The offer looks great on the surface, but it is
vital that you read the fine print when considering one or
several of these offers.
In addition to the 0% interest rate, credit card companies offer
many other perks, as well. The offer 0% on balance transfers,
which can include other credit card debt, and even other types
of debt, such as appliance loans or something similar. Many
companies offer some kind of points program that awards you
points for every dollar you spend and you can use them toward
travel costs such as airline flights and hotel accommodations.
Still others offer cash back percentage on all your spending,
with higher rates for spending at grocery stores, drug stores
and gas stations. Some even offer money towards a specific
purchase, such as the GM card, which you can earn money towards
a new GM vehicle purchase. Nearly every card offers zero fraud
liability if your card is lost or stolen, and many offer other
incentives like low annual percentage rates (APR) and no annual
fees. Visa, MasterCard, American Express, and all the rest are
jumping on this bandwagon to get their piece of your business.
However, it is important to look before you leap. Most of these
0% interest rate incentives only last for six to twelve months.
It is imperative that you look at what your regular APR will be
after the promotion period is over. The rate can be a variable
rate that changes or a fixed rate, which can also change at the
whim of the credit card company as long as they notify you in
writing thirty days in advance. Also, if you make a late
payment, it can negate the whole incentive and revert
immediately to the regular APR. All that fine print in the
little brochure that arrives with your offer should be read
thoroughly before signing the credit agreement.
So, while a 0% interest credit card may look good at first
glance, it is important to do your homework on any credit card
offer you are considering. It is also a good idea to remember
that it is easy to get into some serious debt very quickly with
credit cards. Credit cards make spending money easy, but if you
are not disciplined about your credit card use, you can get in
over your head. Also, if you can't afford to pay more than the
minimum payment, it can take you decades to pay it off, and the
whole time the credit card company is making a fortune off of
you. It is always a good idea to be in charge of your money, not
let your money (and debt!) be in charge of your life.
By Bob Hett offers great tips and advice regarding all aspects
concerning Credit Cards. Get the information you are seeking now
by visiting
http://www.creditcardsreview.info
