0Interest Cards For 15 Months On Balance Transfers

0 APR Credit Card — Truths and Traps

If you're struggling with credit card debt increasing, credit card 0 April could be the magic wand for you. There are a number of 0 credit cards on the market in April. These 0 interest credit cards offer cardholders zero percent on new purchases and some credit cards 0 April also proposes to allow balance transfers, lowering the interest burden, even further.The types Truth About 0 April Cards.These credit 0 credit cards are offered in April by popular lenders credit card: American Express, Citibank, Chase, HSBC, and Discover. These cards have many benefits to offer if you have a credit rating of good to excellent.Keep in mind, that the zero percent offered with these cards is not permanent. It is an introductory rate and is typically offered for ninety days to as long as 12 months. At the end of the interest-free or zero percent periods, cardholders will have to pay a higher ongoing interest rate. Generally, these rates could vary between 10 % – 14% and sometimes can be as high as 24%. A 0 APR credit card is ideal when you want to purchase something expensive but cannot find another way to finance it. There will be no interest charges for the in and you will have the introductory buffer period to pay off the expense. But buyer beware… make sure you can pay the purchase off before the introductory APR expires. Most 0 Interest credit cards allow balance transfers from your existing higher interest cards and many will waive the transfer fees. This is one of the best methods to pay off debts at a faster rate, leading to substantial savings on the interest charges incurred.It is possible that a single credit card can have several RPA including: 1) An April for balance transfers, one for purchases and another for cash advances à ¢ â, ¬ "l APR is usually higher for cash advances with respect to balance transfers and purchases.2) Tiered APR à ¢ â, ¬ "April levels can be assigned to different levels of account balance or levels, for example, 15% for balances between - 0 and 17% for balances greater than 0, etc.. 3) introduction in April à ¢ â, ¬ 0 April that the introductory offer and a higher rate at the expiration of the introductory period. 4) Penalty APR — A penalty APR rate may apply if you are late with your payments. The Traps to Watch Out For:A 0 APR credit card is an attractive proposition, and often is too tempting an offer to resist. However, it is essential to be informed about the often-untold catches in these lucrative offers. 1. The 0 APR is a Limited Time Offer — In general, the 0 APR offered is only for a limited period. The period could vary from 3 months to 12 months. This implies that purchases made during this period will not attract any interest. You need to be cautious about the expiry period and remember to pay off before the period ends inorder to avoid hefty interest charges. 2. Once the introductory period is over, the 0 APR credit card may have a ridiculously high interest rate like 20% or higher. 3. On-Time Payment — Most of these 0 Interest credit cards require you to pay the minimum payment on time every month during the introductory period. Late payments will result in penalties that include shifting the remaining balance to a much higher APR. 4. Complete Payment — Certain 0 APR cards require you to pay off the balance entirely before the expiration period of the introductory offer. If not, the default high interest rate could be applied to the entire balance. Ensure that you understand these credit card terms clearly. 5. Applicability of the 0 APR — Most of the 0 Interest cards offer the 0 APR on new purchases and balance transfers in the introductory period. However, there are some cards that offer 0 APR on balance transfers only with higher applicable APR’s on new purchases.6. Other Fees — Some credit card companies compensate the 0 APR by charging high annual fees or transfer fees on balance transfers. 7. Cap on Balance Transfer — Certain cards may have a cap or limit on the balance transfer amount. This means that the 0 APR will apply only for the amount within the cap limit and anything more will be charged the default higher APR. While it may be an attractive offer to go for 0 APR credit cards, it may not be a wise decision in certain scenarios. So, before you seriously consider a 0 APR credit card, it is essential to compute credit balances, interest rates, and your pay off capability. Read the terms and conditions carefully to avoid credit traps. Understanding the fine print could have substantial savings apart from trouble free credit rating.