0% Charge Cards: Are They The Real Deal?
Whenever I hear the number 0%, I hope that it refers to the annual percentage rate I have to pay and not the apr that I have to earn. There are many different credit card account offers out there, and of course when you see the 0% it seems like it would be the best option. But, when you sit and think about it you might wonder why one charge card account would be 0% and the other would be 26%, what’s the catch?
It is not that the issuer is out to scam you. But you still need to look close. You never know what you are in for unless you read all the terms and conditions associated with the card.
0% Doesn’t Mean 0% Across the Board
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While there are some legit 0% charge card accounts out there you need to look at the fine print before you simply assume that you can buy everything with no interest. The 0% is not a blank check that you cash anywhere. If applies to some types of transactions. This isn’t to say that you shouldn’t take advantage; you just need to be an aware consumer and make sure that you know how the 0% works.
If you have some credit card account balances that you would like to transfer than you may want to look for a 0% credit card account. There are many credit card accounts out there that offer 0% balance transfers. The more the transfer, the higher the saving. Many Americans use these cards to do away with those high interest charge card accounts so that they can actually start making a dent in the amount of money that they owe instead of just paying off the interest each month.
Many 0% charge card accounts have 0% interest rate offers on specified purchases. These may be purchases at specific stores or for specific products, but depending on what you purchase these charge card account offers really can save you a lot of money. You’ll need to be sure to read all of the fine print on these cards to be sure that it is something that will save you as much money as you would hope.
Then there are the cards that use 0% as the way to ensnare you. Often times this 0% is good for the first six months or a year that you have a card. This is a nice way to consolidate outstanding debt, make big purchases, pay for car or house repairs, or just buy things that you have been putting off because you didn’t want to pay interest. One more interesting dimension of credit card accounts relates to rewards and cash back.
Before you choose any one of the 0% credit card accounts that you come across you should read through all of the features. The prudent buyer wants to know the annual percentage rate, not just on day one but also on later days. Do you need to pay off all of the items that you bought during the 0% time? Whether you make money or lose money will depend on how smartly you use the card.
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