Buying Some Time With 0 APR Credit Cards
- Author Liz Nicholas
- Published July 21, 2011
- Word count 501
0 APR credit cards are cards with zero percentage interest rates, which means a credit card company will not charge you a fee while the rate is active. These types of interest rates do not usually last for too long though.
0 APR credit cards are teaser or introductory rates that are used as some sort of incentive for getting a new card, if you use such cards, you can actually reduce or eliminate some of the charges that may apply on your credit card balance, within the periods the rates are functional. You may get 0 APR rates on the purchases you make and on balance transfers.
0 APR credit cards are ideal for credit card consolidation, credit card consolidation is when you transfer a credit card balance, from one card to another, usually from high interest rate cards, to zero or low interest credit cards.
To use 0 APR credit cards and give yourself some more time to pay off your debts, you will need to have some idea of how much debts you owe, and how much of that you will want to transfer to such cards. The total amount of balance you can transfer will depend on the available 0 APR credit cards you get approved for to do balance transfers. You should however note that, you might not be able to transfer all your debts onto a single credit card, or get enough multiple balance transfer cards to cover your total debts though.
Before applying for any one of these cards, you should try to determine if you can pay off your debt within the 0 APR period(s) with what you are earning now, or if you can generate enough extra income to do this. It is likely you may not be able to pay off your debts before a 0 APR period expires. What most people may do, is to transfer their credit card balances from one 0 APR credit card to another before each expiring period, the problem with this strategy though is, there is no guarantee you will keep on getting 0 APR credit cards approvals, for as long as you need them, and just moving your credit card debts around, without paying on your debts, may affect your approval negatively for other types of credits like a car or home loan, with your creditors.
Your best option may be to go with 0 APR credit cards, that will take on low interest rates after the expiring date for the 0 APR offer, if you can get them, or you can simply go for a card with a permanent low interest rate. You may then stop using the card for other purchases, that is, you can stop acquiring more debts with the card, and then simply pay the card debt off.
While 0 APR credit cards may help you some, if you are really having some difficulties paying on your debts, you may want to get some free credit advice and counseling, to deal with your debts and get a permanent solution to resolving them.
Find more options on getting out of debt and becoming debt free, at http://www.hubclue.com/creditcards/gettingoutdebts.htm . Copyright hubclue.com. All rights reserved.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- What is an anal fissure and how to get rid of it
- What are the symptoms of anal fissure?
- What causes anal fissures?
- Port Orange -- The Perfect Twin Sister to Daytona Beach
- Luxury Travel in New Zealand: Your Comprehensive Guide to Indulgence
- Marketing Strategies for Mooncake Suppliers: Standing Out in a Crowded Market
- Unlocking Mental Focus
- The Risks of Replacing Broken Garage Door Springs Yourself
- What to Do When Your Garage Door is Off Track
- Spring Clean Like a Pro
- Spring into Clean: Transform Your Home with Diamond Home Support Barking
- Spring Cleaning Magic: Unveiling a Fresher Home
- Top Cleaning Tips for the Spring
- The Lemon: Nature's Remarkable Cleaning Marvel
- How To Automate Affiliate Marketing?
- How To Activate Your Pineal Gland Fast?
- Effective Marketing Strategies for Tradies: Boost Your Business in 2024
- Which Prostate Supplement Is Best?
- How to make an unique baby room wall decoration?
- Top 10 Features You Didn't Know Existed in Product Configurators for Business Central
- 4-Day Paris Itinerary: A Female Traveler's Guide to Experiencing the City of Lights and Avoiding Common Mistakes
- Who Should Wear Oversized T-Shirts
- The Dos and Don'ts of Creating Engaging Online Content That Keeps Your Readers Coming Back
- Sapa Serenity: Trekking Through Vietnam's Rice Terraces
- Cyberbullying: Empowering Families to Safeguard Their Kids
- 7 Must-Know Tips for Helping Your Child During Their First Week with Braces
- Balancing Privacy and Authenticity in Your Online Dating Profile
- Project Managers & Stakeholders: Channels of Communication
- Choosing a Matching Front Door and Garage Door: Curb appeal—the whole facade of a house—should be in balance.
- Parental Alienation Syndrome: Recognizing Manipulative Behaviors and Protecting Children