Why You Should Get Yourself A 0 Apr Credit Card
Perhaps you have thrown away many a pamphlet offering you a zero percent APR credit card, probably going "meh, there's always a catch to those deals." But before you toss it in the circular file, take a good look at it. There are some distinct advantages to owning one of these 0 percent interest cards that could help you in ways you don't know yet.
The ability to conduct a balance transfer from your high interest cards. If you have a credit card that you use often but can't seem to pay off, you can transfer the balance of this card to your new 0 APR card. This would be a great option if you have to face the ignominy of paying nothing more than the minimum payment due each month due to the stratospheric interest rates levied on you, which could affect your credit negatively. You are basically taking the power back by being able to pay down a balance, or better yet pay it off eventually.
Debt consolidation made easy on only one card. Slightly related to the above advantage is the chance you have to consolidate all your outstanding debts on one card so that you can pay them down faster. Instead of your monthly payment going to the interest alone, you will be able to pay on the principle for the entire 0 APR introductory period.
Transfer high interest rate loan balances. If you have a few loans, like a car loan, where you are paying an unconscionable rate, you can use your card to pay it off without interest involved. Pay it off at the bank with the 0 APR credit card and then make your interest free payments to the card to pay off this balance.
You can make extravagant purchases with no interest financing. See a large-screen television set or oak armoire you want to buy? Want to buy some plane tickets to Europe? Use your 0 APR credit card to finance the purchase of these items at 0 percent interest.
Improved credit rating. You can improve on your credit score as well as your chances of qualifying for other credit opportunities if you use your card to pay off other loan or credit card balances, and pay your bills on time, all the time.
The ability to conduct a balance transfer from your high interest cards. If you have a credit card that you use often but can't seem to pay off, you can transfer the balance of this card to your new 0 APR card. This would be a great option if you have to face the ignominy of paying nothing more than the minimum payment due each month due to the stratospheric interest rates levied on you, which could affect your credit negatively. You are basically taking the power back by being able to pay down a balance, or better yet pay it off eventually.
Debt consolidation made easy on only one card. Slightly related to the above advantage is the chance you have to consolidate all your outstanding debts on one card so that you can pay them down faster. Instead of your monthly payment going to the interest alone, you will be able to pay on the principle for the entire 0 APR introductory period.
Transfer high interest rate loan balances. If you have a few loans, like a car loan, where you are paying an unconscionable rate, you can use your card to pay it off without interest involved. Pay it off at the bank with the 0 APR credit card and then make your interest free payments to the card to pay off this balance.
You can make extravagant purchases with no interest financing. See a large-screen television set or oak armoire you want to buy? Want to buy some plane tickets to Europe? Use your 0 APR credit card to finance the purchase of these items at 0 percent interest.
Improved credit rating. You can improve on your credit score as well as your chances of qualifying for other credit opportunities if you use your card to pay off other loan or credit card balances, and pay your bills on time, all the time.
posted by Vittoria @ February 02, 2012
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