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The quest for lower interest rates on your credit cards can inevitably lead to the question “are there 0% credit cards available?” The answer is not as firm as you might expect; in fact, there are 0% credit cards, but this applies only to the introductory APR. What should you look for in a credit card with a low interest rate? What is the best way to find credit cards with 0% interest during the introductory period? Choosing the right credit cards can be difficult, but there are many options available for your needs.
Numerous companies offer a 0% credit card, including:
• Capital One
• Citibank
• Bank of America
• Discover
However, are 0% credit cards all that they are touted as? What other conditions come with that impressive lack of interest charges during the introductory period? How do you choose the best card for your needs? Choosing credit cards with 0%, introductory interest can be difficult. You must watch for several things when choosing between cards.
Actual Interest Rate – Inevitably, that introductory period will end. When it does, that wonderful 0% interest rate will go up. The card you choose will dictate just how much it goes up. When choosing between 0% credit cards, you must also investigate what percentage of interest will be charged when the introductory period ends. If you do not, you could be in for a rude surprise.
Balance Transfers – That lovely 0% interest rate may or may not apply to any balance transfers that you make. In addition, the credit card company may charge a fee for balance transfers, rather than an interest rate during the introductory period, followed by steep interest rates afterwards. The best choice is to choose a card that offers a very small fee for balance transfers and maintains a low interest rate on those transfers after the introductory period.
Bonus Programs – Bonus programs vary wildly with 0% credit cards. Of course, the bonus program is one of the largest benefits of using a credit card. These programs give you access to free airfare, to cash back for using your card, to redeemable points for use in retail stores, free stays in hotels around the world and more. Choose the right bonus program and you will enjoy using your card more than if you simply base your choice on the 0% introductory APR.