Credit card interest is the primary source of revenue for banks and credit card companies. It’s what consumers pay for the privilege of using that particular company’s financial products. Here are the top five 0% intro credit cards on the market today.
Editor’s Choice[card id=”779268″]
When determining our editor’s choice, we look for a number of inclusions (and exclusions, too) associated with any offer. How long is the intro rate good for? Can it rescinded if a consumer doesn’t follow a predetermined list of rules, such as going over their limit or making a late payment? Is the introductory rate applicable to purchases, balance transfers or both? Taking this – and much more – into consideration, here is our editor’s pick for the best 0% introductory credit card.
4 More Top 0% Intro Credit Cards[card id=”986468″] [card id=”868118″] [card id=”768256″] [card id=”779263″]
To see more 0% intro credit cards click here.
Banks are in business to make money and when their card holders drop the ball, so to speak, on their financial obligations, the banks suffer losses. This is one reason why credit reports play such a significant role in a bank or credit card company’s decision making process. The introductory perks, such as a temporary 0% APR offer, is usually reserved for those with stronger credit histories and scores.
The Many Benefits of 0% APR Cards
No two credit cards are created equal and that holds true for the growing number of card networks offering extended introductory periods for new members. Because there are so many great offers out there, it’s even more important to choose carefully. Fortunately, we’re seeing far more credit choices that include not only intro rates, but also low or no annual fees, great rewards programs and to some extent, easier qualifying requirements. Still, it’s important to assume nothing – compare the offers so that you’re choosing the one that best suits your family’s needs. Is another thirty days of a 0% APR intro rate really worth it if it’s part of a credit card offer that includes miles for airlines when you don’t fly? In the long run, a cash back rewards program might prove to be a better choice.
Look for those choices that offer not only 0% APR introductory rates but also low or no annual fees, around the clock customer service, and lower overall fee structures. They’re out there and they’re becoming easier to find as the economy continues to improve.
By law, a credit card company or bank that offers promotional rates must extend those promotions for at least six months. The only one who has the power to void that is the consumer. He does that by making a late payment or going over the credit limit.
The Potential Downsides of 0% APR Credit Cards
Remember that your credit plays a significant role in what kind of credit you’re offered or are qualified for. Before determining what interest rate to offer you and in fact, before it extends any promotional offers, like 0% APR fees, banks and credit card companies will check your credit history. They’ll most likely pull from all three credit bureaus to determine whether they approve or decline your application. While this may delay you for a bit, it’s a wise choice to make that sacrifice now, get those errors removed and see your credit scores rise as a result. Going back to the drawing board at that point can open up new possibilities and certainly more choices.
Another important fact to keep in mind is that there are certain rules consumers must play by in order to enjoy the life of the intro rates. Usually specified in the terms and conditions, consumers discover lat payments and over the limit payments will immediately void the intro rates. This is important, especially if you’ve taken advantage of a balance transfer offer with the goal of paying down credit card debt. Don’t defeat your purpose.
If you’re unsure of your credit scores and what’s on your credit history, complete due diligence before applying for a new credit card. This way, not only will you increase the odds of getting approved, but you may also qualify for a lower long term interest rate after the introductory period lapses. These are great ways to take advantage of interest free credit card usage, but we always encourage readers to become their own advocate in all things related to money and finances. Review the terms and conditions, understand the fees and don’t choose the wrong card simply because of a rewards program – choose your cards based on the total offering.
Have you had any personal experience with 0% Intro Credit Card?