What are 0 Interest Credit Cards: De-mystifying No Interest

0 Percent Interest Credit Cards: The Facts

You’ve heard it all, zero interest cards are bad. Truth is that the facts that matter don’t usually get brought up in conversations. Buyers and credit card holders everywhere want to be on the greener side of the grass, protecting their credit score while enjoying the luxury of being able to make additional purchases. There have been a lot of myths floating around, and we’re here to give you both the risk and benefits of zero interest cards. This is so you can be more informed about your financial decisions.

0 Interest Credit Cards Can Be Helpful

Now, we know when you get those 0 interest cards in the mail, you may be tempted to throw away the envelope, right? Stop right there. There are a lot of advantages to giving in to that mail solicitation. One of them is, that if you signed up for a 0 interest card and were approved, you can take advantage of balance transfer. For example, let’s just say you have a card that you are struggling to keep up with. With zero interest card you can transfer the remaining balance to your new card with the benefit of no interest. If you don’t have a problem struggling with payments, but your previous card has an extremely high interest rate, this would also be the option for you. Also, remember that 0 interest cards do not impact your credit score either, so you can rest easy.

One of the main reasons why people apply for cards, is to be able to get the things they want, but pay for it in increments. Another benefit of 0 interest cards is that you are able to purchase big ticket items with 0 percent interest. Maybe you needed that washer and dryer set after yours broke down last week. What about that vacation you’ve been wanting to take to Europe? 0 interest cards give buyers the freedom of purchasing without the hefty interest fees that come along with them.

Stay Alert When Applying for that 0 Interest Credit Card

0 Interest credit cards have their benefits, but also have just a one drawback. It is very important for buyers to be alert and aware when signing up for a 0 interest card. Oftentimes the introductory 0 percent APR rate ends, and you end up footing the bill. With some cards you end up paying a higher APR than usual after the introductory period ends. This amount often ends up between 19 and 21 percent! So be careful and stay on guard if this is the route you choose to endeavor.

Credit cards are the next best thing to canines when it comes to man’s best friend. Often, cards are used for emergency funds and big ticket purchases, so it’s no wonder people are looking for a way to stay out of overwhelming debt. There have been many myths and negatives portrayed about cards; 0 interest cards in particular. Despite some risks and benefits, it is still important for potential credit card holders to research and be aware so they do not get caught off guard when it comes to 0 interest credit cards.

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