0 Interest Credit Cards

There are many competitions among credit card companies.  They are offering 0 Interest Credit Cards to get your business.  You might think having 0 interest credit cards are great to have and can help you with your financial problems.  However, know the facts about 0 interest credit cards before you get them so you don’t get into trouble.

Read the fine print before you get those 0 interest credit cards.  Credit card companies know that a lot of consumers do not read the fine print.  They can legally print in small text hidden charges and limitations for the 0 interest credit cards.  They can offer the 0 interest credit cards for 3, 6, or 12 months, and after that time period the interest rate sky rockets.  Make sure you read all the information and understand the credit card offer to avoid problems.

Another thing to look out for on 0 interest credit cards is that some will offer zero percent APR on balance transfers.  However, once you have paid that off, the APR goes up.  Other purchases you make with that credit card are charged higher APR.  Credit card companies make up for the 0 interest credit cards by charging other fees.  These fees can include annual fees, high interest rate after the 0% interest promotional period, transfer fees, and late payment fees.

Another trick credit card companies use for 0 interest credit cards is to decrease the payment period to increase the likelihood that you will be late on a payment.  Sometimes these credit card companies will send you a different credit card then the 0 interest credit card that you applied for.  They include this in the fine print on your application.  It will state that they can offer you another credit card if you don’t qualify for the 0 interest credit card that was offered.  This is a sneaky way for them to get out of the 0 interest credit card offer.

So read the fine print because some of these 0 interest credit cards offer are not great as you think.  Make sure you read everything and understand everything about the credit card offer before you sign up to avoid any problems.

So where do you find these 0 interest credit cards?  They still can be found but just not as many as a few years ago.  Due to the recession and the tightening of credit among financial institutions has made these 0 interest credit cards harder to find.

Not long ago, these 0 interest credit cards were everywhere and you might of have received them in your mail box.  Credit card companies used 0 interest credit cards to attract new customers and to attract customers away from their competition.

Those good old days are gone.  Credit card companies are stricter when screening customers due to the recent record high default rates.  You will need a much better credit score to qualify for one of these 0 interest credit cards.

You can search the internet for these 0 interest credit cards.  You can find these offers on some credit card comparison websites and compare them yourself.

As stated before, please make sure you read the fine line and understand the length of the introductory period and what the interest rate will be when the introductory period ends.  Too many people get themselves into trouble by not understanding the terms to these 0 interest credit cards.