Many People save money today by applying for a credit card that offers a 0 APR introductory rate. A 0 APR deal is available on most credit cards for good credit. These zero introductory rates on credit cards is a great way for Americans to save money. In some cases, a new cardholder can save even more money by doing a balance transfer. It is important to read the terms and conditions of the credit card you receive before doing a balance transfer. Each credit card is different, and you may end up spending more money than you will be saving.
Is a 0 Apr Deal a Real Deal? Pros and Cons
It sounds like a good deal at first, receiving o interest on a credit card. How long will this last? Many credit card companies advertise that you can receive up to 12 months 0 APR. If you read the terms and conditions, you will see that most of these offers range between three and twelve months. Not every person who gets approved will receive the twelve-month 0 APR deal. Only the people with very good to excellent credit will receive this rate. People with average to good credit will only receive three months.
The con of some 0 intro deal credit cards is that some credit cards carry annual fees. If you are not a revolver, you do not need a zero APR intro because you do not accrue interest. If you do not accrue interest, there is no benefit to having a 0 APR credit card. The annual fee is an added cost you do not need. The other thing you need to watch out for is the interest rate after the introductory period ends. Will the new interest rate be higher than the other credit cards you carry? If so there is no deal with these types of cards.
The pros of having a 0 APR
The pro of having a 0 APR deal credit card is that you can save money on interest for an introductory period if you carry a balance. In many cases, you will save money on interest even if there is an annual fee. Many people will apply for 0 intro cards that offer a rewards program.
The best 0 APR deal is where you get a card with a 0 intro offer, that card has no annual fee and offers a rewards program. The length of your introductory offer can only be determined once the credit card is issued to you. Your credit score will determine the rate. There is no way to determine which credit card will give you the longest 0 interest period. The best thing you can do is to apply for the new credit card offer you like best.
If you have bad credit or no credit you should not apply for this type of credit card. The chances for approval are slim to none. There are many credit card offers that can help you to improve your credit. Once your credit has improved, you can apply for a 0 APR deal credit card.
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