Credit Card eZine - News and Articles about Credit Cards

Zero Percent Credit Cards

02:07:30 AM Wednesday, June 13, 2007

A credit card deal isn’t free so don’t treat it like that!

Credit card companies are very competitive when it comes to what they offer their card holders. Offering zero percent credit cards used to be enough. These 0% APR credit cards made people happy but now this isn’t enough. Now, credit card companies have to include all kinds of features from 0% balance transfer credit cards to rewards programs in order to keep consumers happy.

No matter how many adjustments they make with their credit cards, zero percent credit cards will always be the most popular and the most sought out. However, many of these cards come with restrictions and limitation so consumers must be extra careful. If you can read the fine print and be aware of all that goes on with your credit card deal then you should be in good condition!

Credit card companies only offer these zero percent credit cards because of their competition with other financial institutes. They aren’t stupid though. These companies aren’t just going to let you go with 0% deals forever and they plan on making money off you, if not now, then down the road. As a consumer you’ll have to be aware of this.

Here is how these amazing credit card deals work: A credit card company offers a card that you can transfer your entire credit card debt onto. Usually they make it very easy for you to transfer the debt at 0% interest. These balance transfer cards also come attached with 0% interest for purchases but…here’s the problem. These great credit card deals aren’t offered to everyone.

In fact, they are only offered to those with excellent credit or good credit. It will often take at least 650 out of 850 on your credit score to get one of these instant approval credit cards. Also, while these cards can save you a ton of money, they also can come with a multitude of surcharges and penalties if you fall into them. Here is an overview of these charges:

• Late fees: The one thing you don’t want to do is pay your zero percent credit cards late. If you do this then you can pretty much kiss that zero percent good-bye! You will lose your benefits and most likely get stuck with a 20%+ interest rate!
• Length of Introductory Rate: Most consumers are not aware of the introductory rate that is connected with their 0% credit card. Each card comes with 6 to 15 months of 0% and if you don’t know when your intro period ends you could end up with quite a bit of interest when it hits you!
• New purchase fees: Many times credit card companies will charge extra for purchases after you get your new card. You’re zero percent rates may only be there for your balance transfer, not your new purchases so you should be careful.
• Balance transfer fees: Look for a credit card that allows you to purchase at zero percent and transfer at zero percent. There are many cards that allow for both- look for them!

Zero percent credit cards can work wonders for many people and these cards are a great tool for the consumer that uses it correctly. The smart thing to do is set up a plan ahead of time.

Don’t go right into applying for a credit card, you should plan out how you will transfer the balance and have a debt management plan to deal with it before your introductory period is over. Since credit cards are much like loans, if you do it right you can end up with a zero percent loan!

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Capital One, lying cheats not only once but twice. You think I would have learned the first time

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