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What Is a 0 APR Credit Card?
Its like the search for the Holy Grail. Before the days of King Arthur and the roundtable of Camelot, people have hunted for this holy relic and its promise of eternal life. Just the same, consumers the world over have searched for their lives for the holy grail of the credit card world: a card with 0 annual percentage rates, or no interest at all. Such a card could provide eternal shopping, and a life without fear of debt.
The reality of the situation, however, may be slightly different. Dont get us wrong. A card with 0 annual percentage rate is a beautiful thing. It allows you to carry debt on the card without fear of swamping your finances with interest payments. On the other hand, the 0 annual percentage rate is not a free ride to spend to excess. After all, most of these 0 annual percentage rate, or 0 APR cards, have a time limit. The carriage, so to speak, eventually turns back into the pumpkin, and then you could be left holding the bag with a maxed out credit card and a new APR of, say, 22 percent.
So, what exactly is a 0 APR credit card? Is it such a great deal anymore, or should you not chase after the holy grail? It depends, as with any great decision. If you plan to be making a lot of heavy purchases soonsuch as to decorate a new houseyou may want to find yourself a 0 APR card, but do so with the understanding that you must be able to pay that baby off when the 0 annual percentage rate special wears off.
Dont just jump at any 0 annual percentage rate card, though. There are always other considerations to make when youre on the market for a new credit card. For instance, how widely is the new card going to be accepted. If you travel a lot, this is important to know. MasterCard and Visa are the two most widely accepted brands of cards on the market, with 17 million and 16.2 million locations respectively.
And of course, every credit card now has a rewards program. What sort of rewards programs would suit you bestone that involves cash back and discounts on every purchase, or would you rather earn points toward travel and other prizes? Plus, no matter what the rewards are, compare the ratio of earned points to dollars spent. The higher this ration, the better the rewards program is, no matter what the rewards are.
Lastly, check the fees on these 0 APR cards. Is there an annual fee, a cash transfer fee, late fees, stiff penalties, etc.? These also could help you make up your mind about the card.
Comparing 0 APR Credit Cards
With all the introductory 0 APR credit cards popping up all over the internet in emails, on websites as advertisements and even in the regular mail through flyers, it is very hard to decide which credit card company is really offering the better deal in the long run. The introductory offers all look great but what happens after they expire? Do not take the introductory offer for 0 APR credit cards at face value. Above all, do a bit of research before you make your decision.
There are so many different 0 APR credit cards being offered that you can become overwhelmed. Today, you can find several companies offering 0 APR credit cards and other incentives to get you to apply for their credit cards.
The four most popular offers today include:
Citi® Platinum Select® Card You must have excellent credit or you will not be approved for this 0 APR credit card. The card offers 0% APR on balance transfers and purchases for your first 12 months. There is no annual fee, you can manage your account online, and there is zero liability on unauthorized purchases.
Chase Platinum Credit Card – With the Chase Platinum credit card you can be approved for their 0 APR credit cards but you must have at least good credit. You’ll get 0% interest on all purchases and balance transfers for up to 12 months. However in some cases 3 months is all you get for 0% on balance transfers (your credit history comes into play). Regardless, you won’t have to pay an annual fee and you can also access your account online. Whether you qualify for 3 months or 12 months of 0% interest, you will be paying a competitively low APR after the introductory special.
Discover® Platinum Card With this 0 APR credit card you will receive the 0% introductory special for 12 months on purchases and balance transfers, with no annual fee and 5% cashback on purchases made at certain stores such as bookstores, gasoline stations, and restaurants. You’ll also get 1% cashback on all other purchases and the cash rewards will never expire as long as you are a cardholder, and in some cases, you can even double your cashback bonuses. Keep in mind, that you will need to have excellent credit to qualify for this offer.
Blue from American Express is one of American Express’ 0 APR credit cards that will give you 0% for up to 15 months, no annual fee, a credit card reward program as well as online account access. Once again, you must have excellent credit to be approved.
This is the information that you will first see when you visit the websites for these card offers while you are searching for the best deal on 0 APR credit cards, however, you should never apply with this information only. Be sure to learn if any of the points or cashback options have expiration dates, and above all, always be sure to thoroughly investigate the card offer’s terms and conditions before applying.