Seeking Credit Card Help: Take Care With Zero Percent Credit Card |
|
If you have good credit then it's definitely a good chance for you to get zero percent credit card help. If you follow the rules, you can't get any better than zero percent credit cards. Paying a zero-percent introductory rate on a credit card can be a super deal but you'll need to be careful--very careful. One misstep and you can kiss that interest-free period goodbye. If you slip up, you won't be paying zero percent; you'll be paying a much higher rate, and it's hard to get out of it. There are some considerations before you take zero percent credit card help. You Stumble, You Fall With interest-free credit card help offers; what appears to be a great deal could turn into a so-so deal or even a bad deal if you're not careful. First off, not everyone is going to qualify for a 0% offer. It doesn't matter how many pre-approved offers turn up in your mailbox. The credit card companies not exactly discriminating on whom they send them to, but they're very discriminating in the underwriting process. You can take the credit card help by applying for a 0% deal and get a card with a higher teaser rate or no teaser rate at all, but it depends on your credit. As with any rock-bottom interest rate offer, you'll need good if not excellent credit to qualify. No issuer is going to offer an interest-free credit card help to someone who's maxed out on his or her cards or who's been late on several card payments. The chronic credit card hoppers of the world need to be wary as well. Sure, your credit may have been good or very good, but all that hopping around has hurt it. Those occasional late payments when balance transfers went wrong haven't helped. Before taking 0% credit card help you need to know that Issuers aren't fools. They're going to take one look at your credit report and know what you've been up to. If you've hopped around a lot, they know you're not going to stay, and they're not going to waste an interest-free introductory rate on a customer who's going to bolt. Study The Details Let's say you manage to get 0% credit card help. But before you go out and celebrate--grab a magnifying glass. After taking 0% credit card help you need to know whether the interest-free introductory period for purchases or balance transfers or both? When does the introductory period end? What kind of interest rate will you pay then? If the 0% teaser rate is on balance transfers only, avoid making any new purchases with the card. Issuers have a policy of applying payments to balances with the lowest interest rates first. You'd have to pay off the entire balance transfer before a single penny gets directed to any new purchases you've made with the card. You can get credit card help by transferring your all credit cards debt into one 0% credit card. Be on the lookout for fee if you have taken 0% credit card help. Some cards charge you a fee for each and every balance you transfer to the card. Both First USA and Citibank charge a fee equal to 3% of the balance being transferred. First USA caps its fee at $35. Citibank's fee is capped at $50. It's best to avoid offers with hefty transfer fees. If you are taking 0% credit card help and know what can late payments can do. You'll want to be quick with your card payments. Pay late even once and that 0% interest rate will disappear for good. A super-duper interest-free card deal can stop being free pretty darn quick. Don't let this happen to you. Pay that card bill on time every month. If you are availing credit card help, you'll need to be just as careful when transferring balances between cards. It's important to continue making minimum payments on your old card while waiting for a balance transfer to take effect, which could take four weeks. If you don't, your old issuer could slap you with a late fee. Your minimum payment amount will really nosedive once you transfer a balance from a high-rate credit card to one with a 0% interest rate. As tempting as it may be to slack off on your payment amounts--don't. It's best to pay a whole lot more than a card company is asking for. So, you can get credit card help by applying for 0% credit cards efficiently that's the only thing that can save you from the big Financial trouble!!! |
