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Taking Charge of Your Zero Interest Credit Card

The biggest names in the credit card industry like American Express, Discover, Citibank, and First USA among others are taking the market by storm with their zero interest credit cards. For people who enjoy an excellent credit rating, zero interest credit cards are a good choice. Not having to pay the additional interest rate on your outstanding balances is undoubtedly a great deal. However, this doesn’t mean that you, the card holder, can sit back and relax on your debts. In fact, with a zero interest credit card in your hands, all the more you need to be in control.

Caution: Zero Interest Credit Cards Can Mislead You

Anyone who plans on getting a zero interest credit card should be aware that a single delay with your payment can cost you to lose the interest-free period and get stuck with a much higher rate. So before you get all too excited in applying for the first zero interest credit card you see, ask yourself, are you really ready to take on the challenge? Can you really commit to paying your credit card balances on time all throughout the zero interest period? Can you finish paying off all your balances within that zero-interest period? If not, switching to a zero interest credit card will not be a good idea.

If you answered yes and you’re really determined to get off from your credit card debts by paying your monthly balances on time, then great, grab the opportunity that a zero interest credit card offers. But take your time in choosing. Don’t judge a credit card deal based on the zero interest alone. Be a wise credit card shopper and examine all other costs associated with every credit card you’re considering. Read the fine print no matter how lengthy or how small the letters are. The real costs of your credit card are all disclosed in your credit card agreement.

Also, don’t forget to check on your credit report before actually sending out your application. Credit card companies do give out offers to just about anyone, regardless of whether they’re eligible for the offer or not. But getting denied after submitting your application will only damage your credit score all the more. So, don’t expect an approval unless you’ve personally checked on your credit report. If you’re sure that you have good credit, that’s the only time you should submit your application.

Taking Charge Of Your Credit Card

After going through the choosing and finally getting approved, what’s next? Be prepared to take on your responsibility. Pay off as much as you can each month so you can get off from your credit card balance at the soonest possible time. You have to beat the zero interest period before it expires.

It is a good idea to have your credit card repayment plan set up even before you get a zero interest credit card. If the zero interest period runs for 12 months, make it a goal to finish paying off your balances at even less time. For instance, complete your payments within the next 10 months or even less than that if you can.

Lastly, taking charge of your credit card means being in control with your own spending. If you keep charging new purchases on your other credit cards while trying to repay your old balances, you’ll certainly have a more difficult time keeping up with your payments. So take charge. Know your limits. If you must use your credit card to avoid closing your account, use it only for small charges that you can easily pay off on your next due. Bear in mind that a zero interest credit card will only work if you know how to use it to your advantage.

Useful Tips For Finding The Best Credit Card Rates

When searching for a credit card, a good credit card rate is possibly the most important criteria that you might look for. Getting the best credit card rate is important because the finance costs you bring upon yourself will influence how rapidly you will be able to resolve the debt that you will accumulate with your new credit card.

For most people, choosing the best credit card rates is crucial as it can result in good savings. If you devote a little time on it and compare the terms, fees, rates, offers and other aspects of various credit card companies, you are sure to chalk out a good deal.

The best credit card is more often than not the card with the best credit card rates. Before you decide on a credit card, you need to check out the annual percentage rate charged by the company. The annual percentage rate is the sum of interest you shell out on your credit card balances. The lower the annual percentage rate your credit card proffers, the less you need to pay. Thus, a low annual percentage rate can result in great savings for you.

There are some credit cards, which offer very low annual percentage rate on the transfer of balances until the complete balance is paid in total. You can save hundreds and at times even thousands of dollars in interest costs by shifting your balances from high interest rate credit cards to low annual percentage rate credit cards. In case of any kind of confusion, you can seek professional help.

More often than not, it is seen that while selecting a credit card, people usually check whether the annual percentage rate is low or not. But just a low annual percentage rate should not be the only criteria for choosing the best credit card rates.

There are many card companies that tempt customers by offering a low rate of interest but on the other hand, include various hidden charges in it. Stay away from those companies. There are some companies that offer special introductory rates for a short time. You must check out how long the offer will last and whether it will be profitable for you to carry on with the credit card once the offer expires. There are credit cards, which do not charge any annual or monthly fees, but the rate of interest is high. Such credit cards are beneficial in the long run.

You can get best credit card rates if you have a good credit score. With a good credit score, you can happily negotiate with the card companies and cut a good deal for yourself. If you feel that your paying history is not too good, then you must wait for sometime, until your credit score improves.

Do not be nervous to ask about all the details and bargaining on the rate. Remember, if you want the best credit card rates, you must be smart enough to get it out of the company. If required you can chalk out a script and practice it yourself before you call the company. If you face any unpleasant customer service rep, do not lose your cool. Ask him/her to transfer the call to his/ her supervisor.

If you feel that the conversation is not going the way you want it to go, do not get worried. There are numerous companies available all around and you can try your luck with another one. In this era of cutthroat competition, companies will be too happy to serve a competitors customer. So shop around for the best credit card rates until you get the lowest one that is most appropriate for your situation.