By Matt M on 9/6/2009 10:02 PM

% APR credit cards allow the consumer to pay zero finance charges during the promotional period, which could be from 6 to 15 months making it a good deal. But what happens after that promotional period comes to an end?

Many times very little debt is actually paid off by the time the 0% APR period ends and many consumers find themselves dashing to move the debt to a new credit card. But each subsequent balance transfer may come with a balance transfer fee, which is typically between $5-$75 or even more now that fees are on the rise.

But the good thing is that there are cards available in the market that offer 0% APR with no balance transfer fee. However, even if you do have to pay a balance transfer fee, the benefit of paying zero finance charges may outweigh the cost of a low interest rate credit card.

There is one disadvantage of 0% APR credit cards which is that ... Read More »

By Matt M on 11/3/2008 11:27 PM

By Matt M on 10/1/2008 9:22 AM

I found a really good site for applying for credit cards. The site is www.EverythingCreditCard.com and there are some really good offers to be found. The site is easy to navigate and seems to be very professional.

Good luck with your applications!

 

 

By Matt M on 7/13/2008 7:47 PM

Paying a zero-percent introductory rate on a credit card can be a super deal but you'll need to be careful -- very careful. One misstep and you can kiss that interest-free period goodbye. Let's say you manage to land a zero-percent credit card deal. Congratulations. But before you go out and celebrate -- grab a magnifying glass.

Is that interest-free introductory period for purchases or balance transfers or both? When does the introductory period end? What kind of interest rate will you pay then?

If the zero-percent teaser rate is on balance transfers only, avoid making any new purchases with the card. Issuers have a policy of applying payments to balances with the lowest interest rates first. You'd have to pay off the entire balance transfer before a single penny gets directed to any new purchases you've made with the card.

Be on the lookout for fees. Some cards charge you a fee for every balance you transfer to the c ... Read More »

By Matt M on 6/30/2008 9:18 AM

Zero percent interest will last for a limited time. In the industry this is called a teaser rate. You want to choose the credit card with the longest zero percent interest time. If you are one of the fortunate souls, who has excellent credit, or even if you aren't, you can call the credit card companies and ask them to match terms or better their terms to compete with other offers. Most are so desperate, they will do it even though you are not a customer yet! Once you have the card, transfer your balances and pay off as much as you can before the zero percent interest offer expires.

Where can you get the sweetest deals? Discover's Platinum MasterCard, Chase's Platinum Visa, and MBNA WorldPoints Platinum Plus MasterCard all offer zero percent interest from eight months to one year.

By Matt M on 6/30/2008 9:12 AM

To truly make the most of zero interest credit cards, you can keep transferring the balance to new zero rate offers before the end of each introductory period. If you do this, you will never pay interest. Unfortunately, with the best will in the world, life tends to take over and we can easily forget to transfer the balance before interest payments kick in. Some of the better online credit card services also offer a reminder service to let you know when your interest free period is due to expire so that you can apply to transfer your balance to a new interest free credit card offer. It's worth your time to manage this process and save potentially thousands of dollars on interest.