0 interest credit cards
These days everyone's mailbox is full of credit card offers. Some offer low interest rates, some offer rewards, some offer cash back and some offer 0 interest rates. However, these offers are not as great as they seem to be. But still can be a bit beneficial to people who avail them. Here we will be talking about 0 interest rates credit
Facts about 0 interest credit cards
The 0 interest credit cards have become a craze and you can see that every other company is advertising for such credit cards. However, you should not get carried away with these offers, as the offer does not stay throughout the life of the credit card.
The 0 interest credit card offer is only for a limited period of your credit card life when you take the credit card. This period is called as the introductory period and ranges from 9-12 months depending on the company through which you are applying.
Once that the introductory period is over then you would have to pay the same interest rate as on other credit cards. This signifies that the interest charged on the card would no longer be zero.
Who can benefit from 0 interest credit cards
0 interest credit cards are a good option for people who have big amounts to be paid on their other credit cards and are looking for a credit card with lower interest. For such people the 0 interest credit card would be a boon as they would not have to pay towards the high interest and would be paying towards the principle of the credit card. This can happen when they transfer the balance of their high interest credit card to the 0 interest credit card.
These credit cards are also a good option for people who are looking forward to make big purchases. When you make a big purchase with this credit card you would not be making any payment towards the interest on the credit card. Rather you would be paying off the principle amount over a long period of time and can get rid of the expense.
Getting approved of 0 interest credit card
Getting approved of a 0 interest credit card requires you to fulfill a number of criteria. The first criteria for the 0 interest rate credit card approval is to have a good credit score. It is important that before you apply for the 0 interest rate credit card you should know about your credit score.
You can get your credit report from any of the three major credit-reporting bureaus. Once you have it then you should check it for the previous payments. In case any of your payments have not been reported then you should inform the credit bureaus about the same.
The other things that are looked into are your employment and income details and your personal details. The details that you provide in the application should be accurate so that when the information is verified it is found to be correct.
Besides, every credit card provider has their own approval guidelines for the 0 interest credit cards. Before applying for these cards you should make sure that you confirm the criteria with the credit card provider so that you can assess whether you should apply for it or not.
Before applying for 0 interest credit cards
Before you apply for the 0 interest credit card you should make sure that you read through the terms and conditions of the credit card. It is of high importance that you pay special stress on the fine print as this contains some important information.
You should also check out on factors like late fees, penalties for late payments, over-the-limit fees etc. When you do not submit the late fee for a 0% interest rate the provider is capable of ending the interest free period of the credit card.
You should also ask the credit card provider about the interest that you would be charged once the 0 interest period gets over.
0 interest credit card providers
There are a number of companies that provide 0 interest rate. Some of these credit cards that give 0 interest rates are mentioned below.
Citi Platinum Select Card: They provide 0% APR* on balance transfers and purchases for 12 months and have no annual fee. the regular APR after introductory period is 11.24%. You can manage your account online and also apply for this card online.
Discover More Card: They offer 0% Intro APR* for purchases and balance transfers for 12 months and 5% Cash back ">Bonus on get more purchases in popular categories that change four times a year like home, apparel. They have no annual fee and the regular APR is 10.99%.
Blue from American Express: With this credit card you can enjoy 0% APR for up to 15 months with low Balance Transfer APR 4.99% Fixed APR for the life of the balance
. There is annual fee involved and you can enjoy different reward programs.
Chase FreedomSM Visa Card: With this credit card you can get 0% APR for up to 6 months and No Annual Fee. You can also enjoy a $50 Check once you\'ve earned $50 in rewards and earn 3% Cash Back for every eligible $1 spent in purchases at Grocery Stores, Gas Stations, and Fast Food Restaurants and many more benefits.
Bank of America Visa Signature WorldPoints Rewards: They offer 0% Intro APR on balance transfers for your first 12 billing cycles and you can earn 1 Point for every dollar you spend in net retail purchases. You can also have an advantage of no annual fee and enjoy more savings and more extras.
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