What is the main reason that you would wish to have 0% interest credit cards? Pretty obvious, right - ultimately to save money. There are many card companies offering these cards so what's the truth behind the deal here?
Card companies offer 0% interest credit cards to entice new customers, either from other credit card companies or those that are new into the credit arena. After all, the thought of having a 0% interest credit card is rather nice, don't you agree?
But what if, as statistics do actually show happens very regularly, you are to go beyond the interest free period and you still have an unpaid balance. What happens then? Often you will be hit with high or very high interest rates so all the benefits of the interest free period are quickly lost.
With this in mind then, firstly it makes very good sense to make comparisons of what is available to you.
How long is the interest free period? What are the interest rates after the zero interest rate finishes? What other fees are or could be involved?
As nice as it would be, 0% interest credit cards do not last at 0% forever. If they did a lot of us would be better off than we are now. Alas, its not to be. Credit card companies need to make money too otherwise they would not be around for long.
But, what we, the consumer need to do, is to use them wisely. Do keep in mind the interest rates will go up, and probably go up quite high in comparison to other cards on the market. Do also keep in mind that the fees could be high for breaking some basic rules, such as going over your credit limit.
So it makes sense we do our homework before taking out any of the 0% interest credit cards. This way we can avoid costly mistakes and make the best of what's on offer to us in the first place.
Card companies offer 0% interest credit cards to entice new customers, either from other credit card companies or those that are new into the credit arena. After all, the thought of having a 0% interest credit card is rather nice, don't you agree?
But what if, as statistics do actually show happens very regularly, you are to go beyond the interest free period and you still have an unpaid balance. What happens then? Often you will be hit with high or very high interest rates so all the benefits of the interest free period are quickly lost.
With this in mind then, firstly it makes very good sense to make comparisons of what is available to you.
How long is the interest free period? What are the interest rates after the zero interest rate finishes? What other fees are or could be involved?
As nice as it would be, 0% interest credit cards do not last at 0% forever. If they did a lot of us would be better off than we are now. Alas, its not to be. Credit card companies need to make money too otherwise they would not be around for long.
But, what we, the consumer need to do, is to use them wisely. Do keep in mind the interest rates will go up, and probably go up quite high in comparison to other cards on the market. Do also keep in mind that the fees could be high for breaking some basic rules, such as going over your credit limit.
So it makes sense we do our homework before taking out any of the 0% interest credit cards. This way we can avoid costly mistakes and make the best of what's on offer to us in the first place.
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