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I’m sure you’ve seen direct mail offers, promotional brochures and Internet ads announcing:

“0% APR credit cards. Limited time offer. Apply today!”

You can’t beat that for a credit card. That’s just like buying something with cash. A great deal, especially if you don’t have cash on hand. But you may be wondering, “How can the credit card companies and banks make money if they aren’t charging interest?” Well, read on to find out whether or not these 0% APR credit card offers are just pulling your leg.

Deal Or No Deal

Every time you buy something using 0% APR credit cards, you pay absolutely no finance charges or interest rate charges on your entire credit card balance. Just think… you can refurnish your home, pay for your child’s college tuition or go out on a spending spree without paying a penny more.

However, most 0% APR credit cards offer only “introductory rates” at 0%. This low rate may be limited to a specific time period, such as 3 months or as long as a year. In addition, 0% APR credit cards often allow you to transfer balances (up to a specific amount) from another credit card to take advantage of the zero interest deal. Once the introductory rate period ends, then the APR can go through the roof.

Okay, so maybe you can’t get 0% interest into eternity. But, if you play your card right, you can still reap the benefits of these unique offers.

Making Zero Interest Work For You

You may already have several credit cards and can’t imagine what you’d do with another. After all… personal finance experts advise against having too many credit cards. Before getting a 0% APR credit card ask yourself, “What is the APR on my credit cards?” and “Do I carry a balance on my cards from month to month?”

The average interest rate for credit cards is around 14%. On the low end, you may have a card that charges as little as 5% interest, whereas cards for those with bad credit or no credit can be a whopping 29%. Retail credit cards tend to have a high interest rate around 19%, even if you have A1 credit. If the interest rates on your cards are up into the teens, then you definitely need to consider other options (a 0% APR credit card), unless you pay off your balances on a monthly basis.

Don’t throw money out the window and into the pockets of the credit card companies. If you have high interest cards and pay only the minimum balance, then it can take years to pay off. $1000 spent could nearly double to almost $2000 by the time it’s paid off. The best thing to do is transfer the balance to a 0% APR credit cards.

Where To Find 0% APR Credit Cards

If you have good credit, chances are you’ve already been bombarded with mail offers. You might even find these special values available through organizations you belong to or companies that you do business with regularly. Other sources include your local banks and credit unions. And don’t forget to search the Internet. It’s a great place to comparison shop for numerous credit cards. Keep in mind that you usually need to have good credit to qualify for a 0% APR Credit Card.

0% APR credit cards allow you to avoid finance charges altogether. If you are in debt, this is especially helpful in that you can pay down your balance much more quickly. But be sure you don’t end up in a situation where you transfer balances from one card only to fill the old card back up again with new purchases. If you’ve been thinking about making a large purchase but don’t yet have the funds and don’t want to take out a loan, then a 0% APR credit card will be like paying cash. Just be sure to pay off your balance before the introductory rate ends and finance charges begin.

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In today’s economic situation, almost all items and services are getting more and more expensive everyday. This is why people go to any lengths just to save money. Some people try to save money by purchasing cheaper goods and some try to save on utility expenses, like electricity, gas, and water.

Credit cards are one of the most popular ways to purchase goods and services. It can even be used to pay for your utility bills. With a credit card, you don’t have to carry a lot of cash in your wallet to purchase the things you need in your everyday life. With a single swipe of the credit card, you automatically purchase the items you need.

However, credit cards also have its disadvantages. With a credit card, people tend to lose control in spending their money. People tend to spend more than they can afford. This is why credit cards are only recommended for people who know how to manage their money.

But, more and more people today are applying for a credit card as a way to purchase the items they need even if they still don’t have the cash for it.

There are available banks and lending companies that offer 0 percent APR credit cards. You now wonder what 0% APR credit cards are and what it can do to benefit you.

APR or Annual Percentage Rate is used by credit card companies to calculate the total cost of borrowing. The APR is used by credit card companies to make it easier for them to compare loan options and also to compare lenders.

Today, there are a lot of credit card companies that offer 0% APR on their credit cards. So, you now ask, “What’s in it for me?” Since the APR determines how much you have to pay on interest, a no interest credit is obviously the best. A credit card with 0% APR means that you don’t have to pay for interest, you only have to pay the amount you borrowed with no additional fees.

For you or someone who is looking for a way to save money on credit cards, this offer can be very attractive and you would try and apply for it immediately after the bank offers this kind of credit card to you. However, before you make any decisions, you have to consider a few things first.

First of all, 0% APR credit cards are only available on a limited time only. Sometimes, these offers last for only 6 months to a year. People who are unaware of these things tend to pay more than they have to because of not considering that this offer is only introductory and they find themselves using the credit card way past the introductory period.

For this, you have to find out how long the 0% APR promo will last and also how much the interest rate will be after the introductory period expires. There are times that interest rates can go from 0 to 20% in a single billing period.

0% APR credit cards are great for making balance transfers. A balance transfer is what people do to carry out payments from one card to another. It is a great way to pay off your debt from another credit card. For example, if you have a remaining balance from one credit card with 20% monthly interest rate, you can manage this debt more effectively by transferring it to a card that has 0% interest. This means that you will pay off the debt instead of paying off the interest rate.

Before you do this, however, you need to make sure that you can pay off the debt during the 0% introductory period. Always remember that interest rate can really go up after the 0% interest rate introductory period expires.

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0 apr credit card benefits

0 apr credit cards aren’t just a luxury. They’re a necessity. Before I got a 0 apr credit card, I was paying 20 to 30 percent apr, and not even noticing it, because I was shelling it out monthly, as opposed to once a year. Sure, 20 dollars a month might not seem like much, but when you figure it as 240 dollars a year, just as interest that doesn’t even pay back the money you owe, suddenly you’ll realize how stupid it is not to get 0 apr credit cards.

This is especially true because 0 apr credit cards are so common, and so easy to get. Most weeks, I get in the mail no less than 3 offers for 0 apr credit cards, in addition to the half a dozen or so offers for higher rate ones. And many of these 0 apr credit card offers allow you to apply on line, which is so quick a way to do it, that how could you afford not to?

Of course, there is a downside to 0 apr credit cards. It can seem like almost a miracle  at first: a card that lets you borrow money with no interest. As a result, many people rack up substantial debts on their 0 apr credit cards, debts which later cripple them, and which they have to repay at substantial interest rates when they can not make their credit card payments in time. If you have a 0 apr credit card, you’d better make sure
that you understand: it is not a “magical goodies” card giving you everything that you could want at no cost. Make sure that you are always prepared to pay off your debts, or else you will have big troubles ahead of you!

0 apr credit cards are especially dangerous for young adults who might be somewhat naive about the rules of finance. If you are just getting out into the world, after high school, or college, and don’t really yet understand how to budget correctly, a 0 apr credit card can seem like a godsend – something which will help you now, and which you don’t have to worry about for a long to. But it is precisely for a long time that you will have to be worrying about your 0 apr credit card recklessness, once you become sunk in debt. Sometimes paying off your credit card debt can take upwards of 10 years!