Are There Such Things as 0% Credit Cards?

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Are There Such Things as 0% Credit Cards? Powered By Docstoc
					                                                   Presented by Daniel Toriola


    Credit cards are very useful for those people who can manage their finances properly. Nowadays even airlines
    offer credit cards to their clients. However, credit cards are not to be used to purchase something you cannot
                                                           afford.
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                                            Are There Such Things as 0% Credit Cards?
                                                               By Gemma Stanbury



   There certainly are 0% credit cards – but that does not mean they can be used with complete
abandon. A useful golden rule to remember is that practically any credit card can be 0%, provided you
pay off the balance of any spending before the interest is applied. The only exception will be those
cards that start accruing interest from the moment of purchase. Since the latter are relatively few and
far between, they can be relatively easily spotted – and avoided if necessary.

 The majority of credit cards offer a period of up to 59 days between making a purchase with the card
and the application of interest on that purchase when it appears on the relevant month’s statement of
balance. Although this will indicate the minimum amount that must be made (or a penalty for late
payment will be imposed) the whole of the outstanding balance must be cleared if you wish to avoid
paying any interest. It takes a certain amount of discipline, therefore, to ensure that your use of a credit
card remains at 0% interest.

 Another way of avoiding paying any interest on credit card purchases is to switch to one of the many
providers offering 0% interest. Such is the competition still among card providers that there is a large
selection of cards offering this enticement. The actual number available at any one time is difficult to
pin down, since offers change from time to time, but there will generally be around 100 different types
of card to choose from.

 Of course, the zero-interest offer is for a limited period of time – no business can offer free credit
indefinitely. This cards currently available offer periods of between 3 and 15 months of interest-free use
for purchases. Though by no means a general rule, those that offer the longer interest-free period will
be the ones with a higher standard rate of interest once the introductory period is finished. Beware, too,
that although purchases using the card might be at 0% interest, cash withdrawals are unlikely to be.
The same goes for use of the card overseas, where interest is likely to be charged at a higher than
standard rate.

 The main danger in taking advantage of such introductory offers is simply forgetting when the
interest-free period ends and ensuring that any balance on the account is cleared before then. This
date is, clearly, something to be written large in your diary!

Even if you have run up quite a large outstanding balance on your card it is still possible to pay 0%

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interest on it. This can be done by the simple expedient of transferring the balance to one of the many
other credit cards offering 0% interest on balance transfers. Although a one-off charge is likely to be
made for such a transfer, once made, however, you have secured a period in which to repay the
transferred balance without having to include any interest payments. Although some such cards will
also offer an interest-free holiday on both the transferred balance and new spending on purchases, by
no means all of them do. If you do not, then your repayments are likely to be going towards the
repayment of the transferred balance, while interest on the new purchases continues to accumulate. It
pays to beware of this, therefore.

 Once again, it will also pay to keep firmly in mind, or have a reliable reminder system, for the end of
the 0% period. If you have not managed to repay the whole of the balance on the card during this
period, then it could be time to start the whole process again (and pay the further charges) to transfer
the new balance to yet another card in order to continue enjoying the use of 0% interest credit cards.

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                                        Choose The Very Best Credit Card For You
                                                              By PAT WOOD



 The question is which credit cards are right for you. Not all credit cards are the same. Some have a
fixed rate, which simply means the APR doesn't change, or at least not that often. Most credit cards
are open lines of credit, that you can use to make purchases. Most of them are unsecured, while a few
are secured or prepaid. Prepaid credit cards are offered by a lot of major companies and act some
what like a debit card, because you will need to open an account and your credit card will be funded by
this account. These are great for people starting out with little or no credit or rebuilding credit. Low
interest rate cards, are ideal for people with good credit that would like to take advantage of reduced
interest rates. Some credit cards have an annual fee, while others do not. Some earn reward points.
Store credit cards work similarly to regular credit cards, except there is no annual fee, and the card is
only good for purchases at that particular store. These store cards are also effective at rebuilding
credit. You would be surprised at the overall number of people who just don't bother to compare
credit cards before signing up for them. You should compare the different features, different benefits,
and details of various credit cards. Find, compare, and read reviews before you decide. You wouldn't
buy a car without comparing details or benefits, and you never buy a house without looking at several
first. Just apply these same principles to credit cards.

Credit cards are convenient for customers and can be beneficial if used correctly. They are the perfect
way to finance larger items while still earning points for everyday purchases. Just shop around first,
and get the right credit card for you.

PAT WOOD IS THE AUTHOR AND OWNER OF THE WEBSITE http://www.best-creditcards.info SHE
HAS BEEN IN THE BANKING INDUSTRY SINCE 1987 AND HAS WRITTEN SEVERAL ARTICLES
ON CREDIT AND DEBT




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