0 Percent Credit Card

Sunday, March 7th, 2010 at 1:43 pm

0 Percent Credit Card
0 Percent Credit Card

New zero percent Credit Cards they are real deal or not?

Whenever I hear the number 0%, I hope that it refers to the interest rate I have to pay and not the interest rate that I have to earn. There are many different Credit Card Offers out there, and of course when you see the 0% it seems like it would be the best option. But, when you sit and think about it you might wonder why one credit card would be 0% and the other would be 26%, what's the catch? It is not that the issuer is out to scam you. But you still need to look close. You never know what you are in for unless you read all the terms and conditions associated with the card. 0% Doesn't Mean 0% across the Board While there are some legit 0% credit cards out there you need to look at the fine print before you simply assume that you can buy everything with no interest. The 0% is not a blank check that you cash anywhere. If applies to some types of transactions. This isn't to say that you shouldn't take advantage; you just need to be an aware consumer and make sure that you know how the 0% works. If you have some credit card balances that you would like to transfer than you may want to look for a 0% credit card. There are many credit cards out there that offer 0% balance transfers. The more the transfer, the higher the saving. Many people use these cards to do away with those high interest credit cards so that they can actually start making a dent in the amount of money that they owe instead of just paying off the interest each month. Many 0% credit cards have 0% interest rate offers on specified purchases. These may be purchases at specific stores or for specific products, but depending on what you purchase these credit card offers really can save you a lot of money. You'll need to be sure to read all of the fine print on these cards to be sure that it is something that will save you as much money as you would hope. Then there are the cards that use 0% as the way to ensnare you. Often times this 0% is good for the first six months or a year that you have a card. This is a nice way to consolidate debt, make big purchases, pay for car or house repairs, or just buy things that you have been putting off because you didn't want to pay interest. One more interesting dimension of credit cards relates to rewards and cash back. Before you choose any one of the 0% credit cards that you come across you should read through all of the features. The prudent buyer wants to know the interest rate, not just on day one but also on later days. Do you need to pay off all of the items that you bought during the 0% time? Whether you make money or lose money will depend on how smartly you use the card.
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What Credit Card to get for a 19 year old student?

I got a lot of questions to ask!

First of all I wanted to tell you about myself so you could make your answers more fitted for me

I'm 19 in college, I spend about 50-100 a month, i was thinking about starting with a Student Credit Card. I'm pretty responsible and pretty sure i could make all my payments on time.

I was thinking about A Credit card from one of the following:
-Bank of America: Student checking
-Citi Bank
-Amazon.com student checking (because i buy thinks from there allot + they give a percent discount on the purchases i think.
-or Buy.com

which one's the best for me? Or if you have any other suggested credit cards please list and explain.

Here are some questions i was wondering about:
-What is APR?
-When they said 0% APR for 12 months what happens after that?
-what do things like: "4.99% APR on Balance Transfers" mean?
-I already have a student saving and checking with Bank of Amer, how does the Cre-Card fit in? does it replace my debit card?

You should definitely get the Bank of America card since you have a Bank of Ameica checking account. It will be easy to view both accounts together with their online system, and you can make payments very easily. I did that before.

APR is the rate you will be paying on your balance. It is charged every billing cycle (once a month). So say you have a balance of $400 on the card and have 14% APR, you would be paying $400 * .14 * (1/12) = $4.67 in interest for that month.

That introductory APR is really good. But after that period they will probably jack it up to like 17% APR. It depends...

Balance transfer is if you have an existing credit card, you can transfer that balance to your New Credit Card, but you don't get the 0% APR on it. A lot of people were taking advantage of that before and where just shifting around all their Credit Card Debt to 0% APR cards. Banks weren't making any money off of it so they stopped that.

Money Management : How Does 0 Percent Interest on a Credit Card Work?