0% APR Credit Card - Which One Is Right For You?

By: Brooke Hayles

The first thing that comes to mind with credit cards is the interest rate. Most people want to stay away from credit cards because interest fees can amount to a lot of money. Nevertheless many people have at least one or two credit cards in their wallets, all with varying interest rates.

If you're a credit card holder, you should know about 0% APR credit cards. Simply put, a 0% APR credit card has a 0% interest rate for a specified period of time. These types of credit cards offer the convenience of a standard credit card and can help save you money for a period of time.

During the 0% period, you won't pay any interest on debts you may have incurred. Usually, revolving charges add a certain percentage of interest to your balance each month. This can make it much harder to pay off the debt, especially if you can only afford to pay the minimum payment. 0% APR credit cards can help you get out of debt faster when you transfer the balance from an existing card.

What Kind Of 0% APR Credit Card is Right For Me?

If you're looking for a smarter way to use credit cards, just check your mailbox. Everyday many people receive a variety of offers from different banks willing to extend credit. Look for ones that offer 0% APR. Be sure to read the terms and conditions so that you understand what is meant by the zero-interest time period and any related fees that you may have to pay. In many cases, banks offer 0% interest for one year or more. If you don't receive any 0% APR offers in the mailbox then have a look online or visit credit card websites.

If you already have credit card debt and are looking for a way to save money on interest, look for banks that offer 0% APR on balance transfers. Some banks offer a low APR on regular purchases while at the same time, allowing you to transfer balances from other credit cards at zero interest for a specified period. Many banks offer this type of deal, which means they are making some money - read the small print. Over time, you can save money and pay off debts quicker with 0% APR credit cards if you are careful.

Who Offers 0% APR Credit Cards?

There is no shortage of banks offering people 0% APR credit cards. Popular credit card companies like Capital One, Washington Mutual, American Express and Discover generally extend 0% APR to new account holders throughout the year. Check the bank websites to see which offers are available or search online companies for a listing of all the offers. Keep an eye on your mailbox for credit card offers, as many of them try to entice you with free offers like 0% APR for one year or longer.

Summary:

If you're a credit card holder, you should know about 0% APR credit cards. Simply put, this type of credit card has a 0% interest rate for a specified period of time. During the 0% period, you won't owe any interest on your debt. If you're looking for a smarter way to use credit cards, just check your mailbox. You'll see a variety of offers from different banks willing to extend credit. In many cases, banks offer 0% interest for one year or more.

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