Credit Card Coach - Playing the 0% Game
Anyone who has opened their mailbox lately knows that there are lots of 0% credit card offers floating around out there.
For those consumers staggering under seemingly endless high interest credit card debt, those 0% intro rates can look pretty attractive, and those who know how to pay the 0% game can use those offers to pay off their bills more quickly and save lots of money.
The key to winning at the 0% game, however, is to pay careful attention to the terms and conditions of that seemingly great offer.
That is because those 0% introductory rates are just that - introductory rates, and once the initial low interest rate period has expired they typically revert to much higher rates.
Before signing up for that new 0% balance transfer offer, it is important to read the fine print carefully, and to carefully note how many days or months the 0% rate will be in effect.
It is also important to determine if the 0% interest rate is good on new purchases or balance transfers only.
While some credit cards will provide the 0% financing option on new purchases, others will limit that introductory rate to balance transfers only.
Keeping track of the expiration date of those great 0% financing offers can be quite a challenge, so the best strategy is to post a note on the calendar a month before the 0% rate expires.
Having that much advance warning will help you prepare by moving on to the next 0% balance transfer offer, or better yet, pay off that credit card bill.
Playing the 0% balance transfer game is a great way to save significant amounts of money on interest, but only for the disciplined.
The key is to carefully track the expiration date of the offer, and to read the fine print.
It is also important to carefully read any notices you receive from the credit card company, to make sure that they do not change the terms mid stream.
As the original 0% balance transfer offer is set to expire, it is time to start looking for a new offer and start playing the 0% interest rate game all over again.
Hopefully the 0% interest rate you have been paying has helped you to pay down the balance, and the goal is to have that credit card balance get progressively smaller with each change.
For those consumers staggering under seemingly endless high interest credit card debt, those 0% intro rates can look pretty attractive, and those who know how to pay the 0% game can use those offers to pay off their bills more quickly and save lots of money.
The key to winning at the 0% game, however, is to pay careful attention to the terms and conditions of that seemingly great offer.
That is because those 0% introductory rates are just that - introductory rates, and once the initial low interest rate period has expired they typically revert to much higher rates.
Before signing up for that new 0% balance transfer offer, it is important to read the fine print carefully, and to carefully note how many days or months the 0% rate will be in effect.
It is also important to determine if the 0% interest rate is good on new purchases or balance transfers only.
While some credit cards will provide the 0% financing option on new purchases, others will limit that introductory rate to balance transfers only.
Keeping track of the expiration date of those great 0% financing offers can be quite a challenge, so the best strategy is to post a note on the calendar a month before the 0% rate expires.
Having that much advance warning will help you prepare by moving on to the next 0% balance transfer offer, or better yet, pay off that credit card bill.
Playing the 0% balance transfer game is a great way to save significant amounts of money on interest, but only for the disciplined.
The key is to carefully track the expiration date of the offer, and to read the fine print.
It is also important to carefully read any notices you receive from the credit card company, to make sure that they do not change the terms mid stream.
As the original 0% balance transfer offer is set to expire, it is time to start looking for a new offer and start playing the 0% interest rate game all over again.
Hopefully the 0% interest rate you have been paying has helped you to pay down the balance, and the goal is to have that credit card balance get progressively smaller with each change.
Source...