A Zero Interest Credit Card - How to Apply and Get ApprovedBetween a zero interest credit card and a ten percent interest credit card, which would you go for? Most people will find it very hard to resist a zero percent interest credit card. After all, who doesn't like the idea of not paying any interest on a credit card purchase?
Because credit cards do have high interest rates, a lot of people try to stay away from them. However, you can actually take advantage of the many benefits of using a credit card without having to pay high interest rates. You can apply for a zero interest credit card. Zero Interest Credit Cards ExplainedYou have probably seen offers for credit cards with 0% APR. Many of the big credit card lenders (e.g., American Express, Citi, and Discover) usually offer these types of credit cards. Do you have good credit? You may just pre-qualify and get approved for a zero percent credit card.Zero interest credit cards have a lot of perks. However, keep in mind that the 0% APR credit card rate won't last for as long as you have the credit card. The 0% APR is actually an introductory rate. Usually, the 0% APR lasts for 6 to 12 months. During this introductory period, you do not pay any interest on purchases you make on the card. After the introductory period, you will be paying interest on purchase you make and on any balance remaining on the card. Getting Approved for a Zero Interest Credit CardAn important requirement for getting approved for a 0% APR credit card is a good credit rating. Lenders each have their own standard of what good credit is. So before you apply for a zero percent interest credit card, it's a good idea to get in touch with the credit card company, and ask about guidelines on credit approval. This way your credit report won't have unnecessary credit inquiries that can affect your score.Before you submit your application, thoroughly and carefully read the terms of the offer. Know the different fees the credit company charges including late fees, late payment penalties, over-the-limit fees, and such. With a 0% interest credit card, be aware that you should always pay on time. If you make a late payment, you are likely to lose the 0% interest on your card even if the introductory period is not yet over. Zero Interest Card AdvantagesCredit cards that charge 0% interest are great for big purchases you plan on paying off in a few months. In this situation, a zero percent interest card is more practical to use than a high interest credit card you have or applying for a personal loan. HOWEVER, you have to know what type of zero apr credit card you have. Some only allow 0% interest on balance transfers (1 time) with regular interest on purchases. Others are just the opposite - only allowing 0% apr on new purchases, but no such priveleges on balance transfers. Again, when applying for and using a zero interest credit card, make sure you read the terms CLOSELY!Plus, see Zero Percent Credit Cards News, for the latest news on this type of credit card. Also, see How to Find Zero Percent Credit Cards. ====================================== |
