0% Credit Cards Can Save You Money
0 credit cards (as many people call them) or 0% credit cards to use the full title are very popular.
Getting a 0 credit card and transferring an outstanding balance to it is a great way of paying off debt.
On this site you will be able to find many companies that supply 0% credit cards and also clear unbiased information about what to look for when applying for a 0 credit card.
These cards are exactly like all your other credit cards but with the big incentive of 0% interest for a period of several months and up to a year.
So you will save a lot of money each month, which can really help your cash flow.
You will be amazed when you receive your first statement and see how much less the minimum payment is.
What to look for in a 0% offer There are only a few things to consider when looking for a good deal.
This does make it easier when trying to compare deals and most companies are quite transparent so it is easy to rapidly compare.
Length of 0% Offer The majority of balance transfer offers last around 6 months.
However some do last for longer up to 12 months and occasionally as high as 15 months.
Most offers of 0% on purchases last for between 3 - 6 months.
Clearly the longer the offer period the better the value.
Balance transfer fee If you aim to transfer a balance you must allow for the balance transfer fee.
This is usually between 2-3% of the amount or $20 - $30 per $1000 transferred.
Do not forget this extra amount.
Interest rate after offer ended How much you pay after the offer (the APR) is important if you do not think you will pay off the debt in full before the offer ends.
Although you could always just apply for another 0% card and repeat the process.
Any other costs or offer? Some cards may also charge annual fees or have offers such as cash back or loyalty points.
They may be enough to tip the balance in your decision making.
If you do obtain a 0 credit card and transfer a balance to it you must always make at least the minimum payment each month and not miss a payment.
You must never use the card to make a purchase as most cards will charge the purchase at the normal 16 - 20% interest rate.
What is worse your monthly payment will only pay off the 0% offer balance not your purchases, so the interest will soon mount up If you choose the right 0% credit card deal you will save hundreds of pounds as long as you use it as it is meant to be.
Do not buy anything with it, just pay off the debt and you will soon be smiling.
Getting a 0 credit card and transferring an outstanding balance to it is a great way of paying off debt.
On this site you will be able to find many companies that supply 0% credit cards and also clear unbiased information about what to look for when applying for a 0 credit card.
These cards are exactly like all your other credit cards but with the big incentive of 0% interest for a period of several months and up to a year.
So you will save a lot of money each month, which can really help your cash flow.
You will be amazed when you receive your first statement and see how much less the minimum payment is.
What to look for in a 0% offer There are only a few things to consider when looking for a good deal.
This does make it easier when trying to compare deals and most companies are quite transparent so it is easy to rapidly compare.
Length of 0% Offer The majority of balance transfer offers last around 6 months.
However some do last for longer up to 12 months and occasionally as high as 15 months.
Most offers of 0% on purchases last for between 3 - 6 months.
Clearly the longer the offer period the better the value.
Balance transfer fee If you aim to transfer a balance you must allow for the balance transfer fee.
This is usually between 2-3% of the amount or $20 - $30 per $1000 transferred.
Do not forget this extra amount.
Interest rate after offer ended How much you pay after the offer (the APR) is important if you do not think you will pay off the debt in full before the offer ends.
Although you could always just apply for another 0% card and repeat the process.
Any other costs or offer? Some cards may also charge annual fees or have offers such as cash back or loyalty points.
They may be enough to tip the balance in your decision making.
If you do obtain a 0 credit card and transfer a balance to it you must always make at least the minimum payment each month and not miss a payment.
You must never use the card to make a purchase as most cards will charge the purchase at the normal 16 - 20% interest rate.
What is worse your monthly payment will only pay off the 0% offer balance not your purchases, so the interest will soon mount up If you choose the right 0% credit card deal you will save hundreds of pounds as long as you use it as it is meant to be.
Do not buy anything with it, just pay off the debt and you will soon be smiling.
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