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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Many credit card companies are still offering offer 0 interest credit cards; and, receiving this type of loan easier if you have a good credit score.  But, with the recent FICO 08 changes, even those with minor credit blemishes still may qualify.

So what steps do you need to take to receive this interest free loan?

How to Obtain a 0 Credit Card

If you already have a low interest credit card, the bank may send you additional balance transfer offers in the mail.  Compare credit cards issued by your bank to others online.  There are several sites that offer credit card help comparing interest free credit card offers.

Your bank may not provide the best credit card deals for you.

If you currently have a credit card with a certain bank, look for 0 APR balance transfer checks or other 0 balance transfer offers. If you do not have a credit card with a specific bank, you might still receive a balance transfer offer as an incentive to get you to open an account.  If you receive one of these offers, be careful to apply for a credit card that offers the longest balance transfer period and the lowest balance transfer fees.

Note, that you may not receive offers like these in the mail if you have opted out on marketing materials. But, you can still search for an offer by visiting your bank’s website or by calling customer service. You can find attractive offers online.

How to Initiate a Balance Transfer

Once you have found the best credit card deals, you need to initiate the credit card balance transfer.

If you received an offer in the mail for a new credit card, fill out the provided form. You will need to provide the account number of the credit card you wish to pay off. Mail the form back to the bank in the provided envelope. Some banks provide an online form you may fill out instead.

If you receive a 0 APR balance transfer offer from a current credit card, checks will be attached. Use these checks to pay your other credit cards or merchandise.

How to Consolidate Credit Card Debt

When you find interest free credit cards, use them as an opportunity to consolidate credit card debt and pay down (or off) a higher interest credit card.

If you do not have excessive balances, you may be able to pay off all your credit card debt using this one 0 interest credit card.  But, even if you’re only able to pay off part of your credit card debt, you will save money on interest and probably lower your monthly payments.  The savings can add up quickly.

Additional Considerations For Interest Free Credit Cards

Consolidating your credit card debt can save you money and can reduce your monthly payment, but be sure to read the balance transfer terms and conditions very carefully.

All offers expire; some sooner than others.

If your offer is good for 12 months, you may want to consider paying it off within the 12 months unless you can transfer the outstanding balance to other low interest credit cards at the expiration of the balance transfer period.

Once the offer expires, the credit card company will charge you the regular interest rate. Sometimes this interest may be more than the credit cards you transferred it from.

Plan ahead to avoid financial problems in the future.

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These no or low interest credit cards offers are not easily found unless the consumer has excellent credit. The most common method of obtaining a low or no interest credit card is to find a deal of a balance transfers.  Most of the time, these cards don’t have an annual fee, although balance transfer fees of 3% to 4% may exist.  In the tighter credit climate, the balance transfer period is now shorter (an average of six months or less).  Even with the tighter requirements and shorter balance transfer periods, finding a low interest credit card is a key personal finance strategy particularly if the consumer is currently carrying a balance.

Qualifying For A 0 APR Credit Card

Obtaining any VISA credit card in the current credit market is not a simple task.

To obtain a 0 interest credit card today, there are tighter qualifications and guidelines that applicants must meet before being able to qualify.  Issuers offering the best credit cards are going “the extra mile” to make sure the applicant is not a credit risk.

Even with the adoption of FICO 08, issuers still closely review past payment history, credit score and number (and seriousness) of any delinquent accounts. If you have a good credit score and no seriously delinquent accounts, your chances of getting a 0 APR balance transfer credit card are reasonably good, even now.

Applying For A 0 APR Credit Card

To obtain a low interest credit card, it is best to start by filling out a credit card application through your own local bank or a qualified credit lender.  After all, the consumer already should have a positive banking relationship with this lender which should help in the credit card application process.  Ask for their low interest credit card offers. Most banks carry these and you will be sent an application either through mail or on the phone (depending on your bank).

Some consumers elect to go through online referral sites to apply for a VISA credit card, which is only okay.  But, the consumer would be wise to evaluate whether or not they have a history of good service.  If they try to charge you a membership fee or other fee to apply, look elsewhere.  A consumer should not be subject to any such fee, even if he or she has less than stellar credit.

0 Credit Card Offers:  Enjoy The Rewards Of Good Credit

If the consumer enjoys good credit, he or she should reap the rewards associated with a low interest credit card.  Owners of these types of credit cards enjoy rewards points that can be redeemed for hotels, airline tickets and, sometimes, cash.  While the bonuses vary from lender to lender, they are extremely helpful when needing to make future purchases. One caution is that bonuses that can only be spent at certain shopping stores or online marketplaces.

What About Those With An Average Credit Score?

In the credit market of today, lenders offering 0 balance transfer credit cards require excellent credit.

In some cases, the issuer might be a little lenient and qualify the consumer that has “good” credit instead. That is one of the benefits that consumers enjoy as a result of the recent FICO 08 changes.  Remember, the average APR is 14.9% on credit cards, which is almost twice as much as the low interest rate of 7% found on most low interest cards.

So, if a consumer has the credit score `1to qualify and the balance to justify paying the balance transfer fees, 0 credit cards are still a smart financial move.  In the end, any time a consumer can borrow money at a low interest rate, he stands a better chance of paying off the balance without any problems or late payments.

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What Is The Expiration Date Of The Introductory Period?

Find out whether or not the introductory rate ends during a billing cycle.  If the rate ends within a billing cycle, you will need to actually pay off the credit card balance in the preceding month to avoid interest rate charges.  Look for the introductory rate expiration date in the credit card agreement or call the credit card company and ask.

What Is the Balance Transfer Fee?

With the recent changes in the credit card industry, balance transfers have begun to vary widely from the (once standard) 3.0%.

In fact some 0 balance transfer credit cards carry a 4-5% balance transfer fee.  This raises the “effective” interest rate considerably particularly if the fees are not capped at $50 to $75 as was once standard in the industry.

If you make multiple balance transfers, those fees can substantially undercut any savings that you realize from the 0% interest rate balance transfer.

What Is The APR On Convenience Check Balance Transfers?

While convenience checks can be a great way to access your 0% interest credit line, the terms for using them are often different from balance transfers by phone.  It is imperative that you carefully study the fine print on your 0 balance transfer offer.

Often, convenience checks are treated as cash advances and the 0% APR introductory rate may not apply.  Even if the rate does apply, the balance may be subject to a the (often very high) interest rate for cash advances after the introductory rate ends.

So, if this is the case, it is very important to be able to pay the entire balance by the end of the introductory period.

What Causes The 0 Balance Transfer Rate To End?

To win the 0 balance transfer credit card game, you must impeccable financial discipline.  If you make a mistake and default on any of the terms of the credit card agreement, it will usually trigger a large rate hike.  I have seen credit card agreements that punish a late payment with an penalty interest rate of 28%

Here are some of the common reasons that will trigger a default rate hike:

1. Failing to pay the minimum payment by the due date and time
2. Exceeding the credit limit on the account
3. Failing to have a check with your payment honored by your bank
4. Failing to make payments to another creditor on time, if the record of this shows up on your credit report.

How Does The Credit Card Company Apply My Payments?

Oftentimes, a consumer will accept a 0 balance transfer offer and consolidate their credit card debt onto the card.  Only later, does the consumer find out that the terms of the credit card agreement are such that all payments are applied to the 0% APR balance first.  The consumer is left saddled with a high interest balance at the end of the introductory period.

So is you take advantage of a 0% interest balance transfer, pay off any other outstanding balances on the card before making balance transfers.  Then use another credit card for new purchases.  Otherwise, be prepared to address a residual balance accumulating credit card interest at rates as high as 19.99%

Read The Fine Print In Order To Leverage A 0 Balance Transfer Credit Card

Take note of the introductory period and the balance transfer fees before you initiate the balance transfer.  Consider the implications of using convenience checks.  But most of all exercise the financial discipline to avoid triggering a ridiculously high default rate.

In short, exercise good judgment and sound financial discipline and you can leverage the power of a 0 balance transfer credit card.

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