0 credit cards | Using 0 APR Credit Cards For Debt Consolidation

Using 0 APR Credit Cards For Debt Consolidation

The economy is in a slump, we are funding huge government bailouts, unemployment rates and foreclosures are at an all time high, and yet many of us are still paying up to 29% interest on our credit cards. Stop drowning in interest payments.

There are many low interest and even 0 APR credit cards available!

Read the following tips to begin saving:

Find the Low or No Interest Card that is Right for You

Before you begin filling out that credit card application, there are a few different things to take into account.

Many credit card companies will offer 0 credit cards with an interest free introductory rate. This is great, but before apply for a credit card, you want to be sure you know all of the details.

Find out how long the introductory rate will last. Typically, the no interest rate is given to a new cardholder for the first six months.  It used to be as long as a year.

Check the regular APR when you apply for credit card. Find out what your rate will switch to once the 0 APR rate has concluded. You will also want to be aware of any additional fees that are associated with the new card, such as an annual fee. There are many cards that you can obtain without an annual fee. Since you are trying to save money, it is suggested you find a company that does not charge an annual fee on their credit card.

Initiate a 0 APR Balance Transfer

Initiating a 0 balance transfer can be done in two different ways.

The first and most recommended is to find a company that offers 0 balance transfers on the entire balance for the life of the loan. In this market, that is going  to be tough to do.  But, if you have good credit, you may be able to find balance transfer credit cards that offer a 0 APR balance transfer for the life of the loan.  Companies offering interest free credit cards are expecting to gain you as a long time customer.

Remember, any purchases you make on your card will be billed at the regular interest rate, but the balance you have transferred will be at no interest until you have paid it off. This is an excellent way to save money and cut down interest costs. This is also the most advised option. If you are unable to find a company that offers a no interest balance transfer, the second option would be to find a card that has a great introductory rate. In this case, it would be wise to pay off as much of the balance transferred as possible before the rate goes up.

Consolidate Credit Card Debt

Consolidating your credit card debt with a 0 interest credit card can save you a lot of money in the long run! If you have several credit cards, it is suggested that you consolidate them with one credit card balance transfer and save money with the lower interest and easier monthly payment.

Take a look at your credit card statements to verify the interest rates you are currently paying.

Depending on your financial situation, you will want to take some or all of your credit cards and open one new account that has the best overall interest and benefits for you.

Instead of making three different minimum payments, make only one to a company that is offering you the 0 balance transfers option.

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