Close
Login to Your Account
No Account?
+ Reply To This
Results 1 to 7 of 7
  1. #1
    Registered User Semi Pro Member
    Posts
    321

    Zero Percent Cards - Are They ALL Worth It?

    Consumers who receive an offer for a credit card with an interest rate of 0%, believe they are among the elite to obtain such a great deal. Truth be told, this is hardly the case. Lots of people purchase more than they pay back and the item or service ends up costing much more in the long run.

    - A large amount of 0% APR credit card deals include disclaimers that not all charges can be applied to receive the 0% APR amount. In a lot situations, the 0% APR applies strictly to new purchases, not balance transfers or cash advances. Chase and a few others do offer zero percent balance transfers.

    - Make certain that you don't overlook and commit silly errors with the credit card such as a late payment or forgetting to pay the minimum amount necessary. If you do, it can trigger a penalty APR to your account, to as much as 29%.

    - In the UK, a surge in 0 percent credit cards on balance transfers fr up to 37 months has made many brits incur loads of debts as studies show around half don't repay what they charged during the 37 months so they end up paying 18.9 percent on those purchase.

    The correlation is somewhat similar in the U.S. with borrower racking up debt.

    Keep in mind, zero percent credit card is right in your hands if you currently have a 9-17% APR card and always pay back the balances in the same month. You are effectively paying ZERO. The 9-17% only applies when you carry a balance past the due date.

    Last edited by Frank C; 11-16-2015 at 07:55 AM.

  2. Zero Percent Cards -  Are They ALL Worth It?
  3. #2
    When you get a credit card with bonuses & rewards don't spend more than you can pay back in 3o-60 days. It is that simple.

  4. #3
    Registered User Semi Pro Member
    Posts
    414
    You need to be smart when you get one and not let that 0 percent transferred balance ride for too long with the new card.

  5. #4
    Registered User Pro Member
    Posts
    572
    I've used 0% APR cards to finance big purchases.

    You get the signup bonus. Make the minimum payments. And you set aside money every month so you can pay the balance before the interest charges hit.

    Do that, and they work wonders.

  6. #5
    Registered User Semi Pro Member
    Posts
    282
    Quote Originally Posted by JohnWedly View Post
    I've used 0% APR cards to finance big purchases.

    You get the signup bonus. Make the minimum payments. And you set aside money every month so you can pay the balance before the interest charges hit.

    Do that, and they work wonders.
    Better be careful when doing that.

  7. #6
    Registered User Semi Pro Member
    Posts
    298
    I still play to intro APR game. The 3% transfer fees kill you. But you are able to use the balance transfers to buy time and keep whittling away. (Well, sometimes I might add a little bit to it.)

    Tax refund time is soon. That should help pay off a chunk.

  8. #7
    Registered User Senior Member
    Posts
    124
    The 0% cards are dangerous. You get used to paying the minimum balance. And then one day you wake up owing hundreds of dollars in interest charges because the promo period expired.

    So be careful with them.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •