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0 APR Credit Card Truths and Traps (Page 1 of 2)
If you are struggling with ever-increasing credit card debt, a 0 APR credit card could be the magic wand for you. There are a number of 0 APR credit cards in the marketplace. These 0 Interest credit cards offer cardholders zero percent on new purchases and certain 0 APR credit card offers also allow balance transfers, lowering the interest burden even further.
The Truth About 0 APR Credit Cards
These types of 0 APR credit cards are offered by popular credit card lenders including American Express, Citibank, Chase, HSBC, and Discover. These cards have many benefits to offer if you have a good to excellent credit rating.
Keep in mind, that the zero percent offered with these cards is not permanent. It is an introductory rate and is typically offered for ninety days to as long as 12 months. At the end of the interest-free or zero percent periods, cardholders will have to pay a higher ongoing interest rate. Generally, these rates could vary between 10 % – 14% and sometimes can be as high as 24%.
A 0 APR credit card is ideal when you want to purchase something expensive but cannot find another way to finance it. There will be no interest charges for the in and you will have the introductory buffer period to pay off the expense. But buyer beware … make sure you can pay the purchase off before the introductory APR expires.
Most 0 Interest credit cards allow balance transfers from your existing higher interest cards and many will waive the transfer fees. This is one of the best methods to pay off debts at a faster rate, leading to substantial savings on the interest charges incurred.
It is possible that a single credit card can have multiple APRs including the following: 1) One APR for balance transfers, one for purchases, and one for cash advances the APR normally would be higher for cash advances compared to balance transfers and purchases. 2) Tiered APRs Different APR levels can be assigned for different account balance levels or tiers, e.g., 15% for balances between $1 – $500 and 17% for balances higher than $500, etc.. 3) Introductory APR 0 APR as the introductory offer and a higher rate upon expiration of the introductory period. 4) Penalty APR A penalty APR rate may apply if you are late with your payments.
The Traps to Watch Out For: A 0 APR credit card is an attractive proposition, and often is too tempting an offer to resist. However, it is essential to be informed about the often-untold catches in these lucrative offers.
1. The 0 APR is a Limited Time Offer In general, the 0 APR offered is only for a limited period. The period could vary from 3 months to 12 months. This implies that purchases made during this period will not attract any interest. You need to be cautious about the expiry period and remember to pay off before the period ends inorder to avoid hefty interest charges.
2. Once the introductory period is over, the 0 APR credit card may have a ridiculously high interest rate like 20% or higher.
Quick Loans Same Day get the best deal
In the present circumstances, it is considered as useless to worry about the insignificant matters like finance. There are various loan schemes available nowadays in the financial market. When you have urgent need of cash to meet some emergency expenses, you consider going for same day loans. Such loans are easily approved on the very same day of application. Even, the amount under these loans gets transferred to your bank account electronically in a very easy process. Such loan helps you to relieve from the burden of smaller or routine expenses and the procedure for obtaining such type of loans is quite simple.
As such types of loans are given for a short term period, you can get these loans without pledging any collateral. Without any credit check such risk free loans gets further approved. Thus, with no collateral to evaluate and credit check, the processing becomes fast and approval becomes quick and easy You can use such type of loans to clear your pending grocery store bills medical bills, shopping and car repair expenses and tour expenses etc.
Certain requirements need to be fulfilled before becoming eligible for such loans. These are : You must be more than 18 years of age. Needs to have a stable job with the fixed monthly income in the past few months is required. You must also have at least 3 months old valid checking account. All such type of formalities are easy to comply with.
Generally, with same day loans, you become capable enough to get sufficient amount to met your needs. Generally these loans are available for a small period, the period of repayment do not exceed more than 14-31 days, from the authorization date. If you are not able to repay back the loans due to some personal reason, you have the liberty to extend the term for some more days. But that would include paying an extra fee to the lender.
It is essential to do proper market research before directly signing a particular deal. By doing this you will be able to identify your lenders to offer these at comparatively cheaper rates.
Same day loans are thus considered as the best loans available in the financial market. With such type of loans you can meet the financial crisis without taking too much stress.