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There are credit cards that offer low interest rates for
a certain period of time. There are credit cards with variable
interest rate that are tied to the economic indicator where
the interest rate changes with the fluctuations in the market
rate.
There are low interest rate credit cards as well as 0% APR
cards that last from 90 days to 12 months. It becomes beneficial
to transfer balance from your old cards to the 0% card and
pay off the balance as soon as possible.
How to find 0% APR Credit Cards?
0% APR credit cards that offer no interest for more than 12
months are not very common. However, you can log on to CMBVisaMastercard.com
on the net to find a card that suit your needs.
Banks such as Citi, JP Morgan Chase, First USA/Bank One,
Discover and American Express, offer 0% APR credit cards.
You may also get offers for 0% cards in your mail, in coupon
packets or in your newspaper. Look for advertisements on television
as well. When considering a 0% APR credit card you should
pay attention to three factors,- how long the no-interest
period lasts, whether you can transfer other balances at the
0% rate, and, most vital, what the APR rate will be when the
0% offer ends.
It is advisable to transfer maximum balance from the high-rate
cards to the 0% APR card before the introductory period is
over.
Do not get a new credit card to pay off an old one unless
you can do so at an extremely low interest rate or 0% interest.
Transfer a large balance, such as $3,000 only if you can pay
it off before the end of the introductory period. Otherwise
this could leave you paying a higher interest rate than the
original one on the remaining balance. Before getting a new
credit card find out about all the costs involved.
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