Zero Interest On Zero Interest Cards? Think Again!

It is understandable if you are wary of advertisements that seem to good to be true. After all, advertisements exist for one reason, to entice people into buying things and signing up for services. There has been so much misrepresentation in ads that despite new consumer laws that have been drafted to protect consumers from misleading, or even outright false, advertisements, people have become wary of ads and tend to stay away from anything that seem to be too much of a good deal.

When it comes to credit cards being cautious about such ads is wise, but it is a big mistake to reject them offhand, because the truth is that there really are credit cards that offer zero interest on certain transactions for a specific period! By not even looking at the details, you might being missing out on a deal that will actually benefit you. Instead of passing them up, why not take some time to learn more about what 0 interest credit cards offer and assess if you need them or not.

There are actually different kinds of 0 interest credit cards. The most common are the 0 balance transfer cards, which are designed specifically for people who need to transfer their balance from higher interest rate cards to just one card. You will find this very useful if you find yourself having a difficult time paying off your credit card balances due to the steep interest rates. Doing a credit card balance transfer is something you should also consider seriously if you are getting behind credit card payments, because you want to avoid those late fees and have a new account where the terms will result in more manageable monthly payments. Another kind of 0 interest card is one that is actually just a low APR credit card but offers zero interest for money transfers. What this means is that you get the benefit of low interest rates for purchases, but don’t need to pay for interest when you transfer money from your credit card account to your current account. This is pretty useful for times when you cannot use your credit card to pay, and need access to good old cash. The third kind are cards that offer zero interest on purchases. This kind of card will suit you if you use your card frequently for shopping.

Note though that with most 0 interest credit cards, the zero interest is only for a certain period of time. However, after this period the credit card rates offered are usually also pretty low. Just take time to compare credit cards to find the best 0 credit cards that transforms to a low APR credit card and you will find one that you’ll be glad you didn’t reject without giving it a chance.

By: Alex Foreman

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Alex Foreman is a freelance article writer who writes for Financial Facts about the current financial news and the credit crunch.