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Credit Card No Interest For 12 Months is presented to help you solve your financial problem that is when you need cash money in a hurry to finance your unexpected expenses.
We have all been allured by 0% credit card interest rate offers. These offers are generally for short-range periods of 3 to 12 months and in that respect are normally terms involved with. For instance, the preferential rate might apply to balance transfers, but not to cash withdrawals. The low rate of interest might not apply to credit card cheques or purchases either.
Folks who are bearing a huge debt will prefer to make the most of 0% rate of interest offers. Here's how to keep your credit card interest rate at 0%.
Exploring 0% Credit Card Deals
Firstly, it's best to explore the credit card thoroughly. Consumers want to ascertain:
- what time period the zero% interest rate is for
- whether it's for balance transfers exclusively
- whether it applies to other spending on the card
- what the interest rate is for cash withdrawals or credit card cheques
- whether there's a balance carry-over fee
- what extra incentives there are for utilizing the credit card
Answering these questions will help consumers to decide which 0% credit card is right for them. It is especially important to pay attention to the period that the incentive offer lasts for. To keep paying 0% interest, consumers will need to apply for a new 0% credit card a month to six weeks before the old offer runs out. This leaves time to get the card, activate it and transfer the balance without incurring any additional fees from the current credit card company.
Rate Surfing Benefits
Moving from card to card, or rate surfing, is a common way of keeping interest rates low and paying off as much of a debt as possible. Using a 0% card means that any money paid is reducing the outstanding debt rather than paying interest. This is good news for consumers' long term financial stability.
Of course, there's no guarantee that consumers will be able to get another card. This will depend on their credit profile. The best way to maintain a good credit profile is to have some credit card debt (but not too much) and to make all payments on time. This will show credit card companies that you are a good credit risk.
Watch Out For Balance Transfer Fees
Credit card companies don't like credit card tarts, a different term for rate surfers, as they suffer hundreds of thousands of dollars' worth of revenue that they'd generally earn from interest. As a consequence, numerous credit card companies get their money direct by charging a balance transfer fee of approximately 2% of the balance transferred. Even with this fee, knowledgeable users ought be capable to browse about for the most favorable rates and pay off much lower interest than they'd ordinarily have done.
In addition to the inducement of a zero% interest rate, consumers may as well profit from additional payoffs. These include points that could be applied for trip, earning coupons, cash back and charitable donations. This means that consumers could cut down their unpaid debt and earn a reward as well.