You may be aware that some credit card companies offer zero percent APR credit cards. These are a way to make free purchases for twelve months or so without having to pay the balance back, or any interest, until the end of the promotional offer period. If you’re you low on cash or having a temporary financial emergency, credit cards with 0 percent APR on purchases can help you deal with your expenses until you get going again.
The principle attraction of zero percent APR credit cards is that you will accrue no monthly interest charges for any purchases you make during the card’s introductory period. This period normally lasts for around twelve months, but can last anywhere from six to fifteen months. During tough economic times, these credit cards may be able to help you cover temporary budget gaps, saving you from having to turn to high interest, high risk alternatives like payday loans.
Some credit cards offers will give you zero APR on balance transfers. These are a good way to pay less in interest if you carry a balance on your credit card and Even in the current economic situation, some credit card companies still send out offers for credit cards with a promotional deal on balance transfers, at 0 APR or a low APR. A new credit card might not seem like a smart thing to acquire when you are already buried in a morass of credit card debt. However, it may actually make sense. A low-interest balance transfer or especially a 0 APR balance transfer may be available to anyone with a mailbox and social security number.
Although using a credit card is easy (maybe too easy), applying for one isn’t always easy. Wading through all the different providers and all the different offers can give you enough of a headache before you even apply. Although credit card companies have used the Internet to make the application process more convenient, you still need to be aware of what information you need to give them and why you need to give it in order to complete a credit card application.
Any inaccuracies in the information you give to the credit card company will delay the approval process or even lead to a denial of your application. The other reason the company needs this information from you is so that they can check your credit score. Your credit score is the single most important factor for creditors choosing whether or not to issue you a credit card, and what the terms will be.
Be sure to find out what your credit score is before applying for the zero percent APR credit cards, if you don’t know what it is already. It is trusted in the industry as an indicator of what kind of borrower you are based on your past borrowing habits. How much you have borrowed in the past, how much debt you have already, and your payment history are all looked at and analyzed. Applying for zero APR credit cards can be a hassle, but if you already owe money and want to save on interest payments, it will be worth it.