Credit cards with a 0% or a low interest offer usually don’t last long.  The introductory period can start from 3 months to a year and it can even extend at least a few months beyond that.  Is it possible to keep your credit card interest rate at 0% or at a low interest for a longer time?  Here are some tips worth thinking about:

Study carefully what the credit card really offers. It’s not enough that you know that the interest rate is at 5% for a period of 6 months.  Aside from these two important details, you need to know about the rest of the credit card fees that you’ll be facing.

For instance, how much will the interest rate be after the 6-month period?  Are there balance transfer fees? What about annual fees?  How much is the late penalty charge?  All these fees are disclosed in your credit card’s Terms and Conditions so you really need to do your homework and understand your agreement before signing up for the credit card of your choice.

Apply for a new 0% interest credit card before the old one runs out. To keep the interest rate low or zero, you need to pay close attention to when the zero interest offer expires and submit your application to a new credit card at least a month before you reach the end of the introductory period.  This way, you’ll have enough time to transfer over your balance to the new card before you incur the interest rate.

Maintain good credit.  Low interest credit cards are exclusive for people with good or excellent credit.  If you let your credit score drop, you lose your chance of getting approved for a low interest credit card.  So it is very important that keep your credit rating in good standing by submitting your payments on time, staying within your credit limit, and keeping up with all your debts- yes, even with your other creditors.  By taking care of your credit score, you can guarantee a quick approval of your application whenever you want to apply.

Watch your credit card usage. Ultimately, staying away from debt depends on your spending habits.  Since you’re trying to pay off your credit card debts with the help of a zero interest or a low interest credit card, it only proves that you need to start taking control of your spending and lifestyle.

Even as your credit card debt starts to decrease, you shouldn’t be too relaxed with the use of your credit cards.  Concentrate on completing your payments within the zero interest period and avoid incurring new charges at the same time.  If you must use your credit card to keep it from closing, limit your spending to just a small amount of purchase so you can pay it off in full without interest.

About the Author

Melanie Mathis is a credit analyst and a writer for 8 years. She has been participating in the programs of NHBS, Inc such as their continuous effort in giving out Free Credit Repair and Building Ebook. NHBS also has a list of recommendedCredit Cards for Bad Credit.
Copyright 2010.

About Melanie Mathis

Melanie Mathis is a credit analyst and a writer for 8 years. She has been participating in the programs of NHBS, Inc such as their continuous effort in giving out Free Credit Repair and Building Ebook. Connect with Melanie Mathis on Google+

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