Are 0% Credit Cards Really Possible?

At first glance, all zero percent interest credit cards may seem like the best choice. Is it really possible to get a credit card with 0% interest without worrying about hidden costs or surprise charges? Are credit cards with zero interest for real?

0 interest credit cardZero Percent Interest is Not Everything

Some credit cards in the market offer 0% APR but the more important question is, what specific transactions does the zero interest apply? Most cards use different rates for varying transactions. For instance, a different rate may apply for purchases than the rate applicable for balance transfers or cash advances.

Therefore, the zero interest rate offer can be applicable either for your purchases or balance transfers only. While you enjoy 0% APR on balance transfers, you could get charged with an expensive rate on new purchases.

[Article: What Makes a 0% APR Credit Card An Attractive Offer?]

Understand the Restrictions

Are there credit cards that offer 0% APR on both balance transfers and purchases? Yes, there are. Sounds perfect. Perhaps. However, the zero percent rate may be applicable only to specific types of purchases, not all. Perhaps you can enjoy zero APR when you purchase from selected establishments. If you don’t usually shop from those places, you may not even get the chance to enjoy the zero interest offer at all.

Typically, the 0% APR offer is good only for a limited time. The offer may last for12 months, 6 months, 3 months or shorter. After the introductory period, how much will the regular rate cost? It is crucial to be clear about this before signing up for any credit card.

Do you really need a 0% credit card?

Some people are lured to get a new credit card because of the introductory offer. But ask yourself, do you really need a new card? ? Does your present credit card charge you with high rate or is it reasonable? Even if there is a zero percent balance transfer offer, will you really be able to use it? Do you really have balances to transfer?

If you feel that a 0% credit card will be beneficial spend time evaluating the terms and conditions. Furthermore, make sure that your credit score will be good enough to get an approval. Otherwise, your application may get declined.

 

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Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

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NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

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NHBS Inc © 2022

NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

Privacy Policy Terms of Use

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