How to find the best deal for 0% APR credit cards
How to find the best deal for 0% APR credit cards, It seems that 0% APR credit cards are attracting more and more customers these days. Card ads make their way to email addresses, mailboxes, pigeon holes, magazines and even from household bills. The 0% interest for a few months is very tempting, yet caution must still be exercised when using or even applying for these cards. Some ads can be very misleading, and some are not even credit cards to begin with. So how does the customer protect himself from fraud or from false and misleading advertising? Here are a few smart steps to take to find the best 0% APR card deal:
Check the company that placed the ad
The first thing the customer must do is investigate. Look at the company offering the deal. Is it a legitimate company? Does it have its own website? If so, visit it and take a look around the entire site. Part of the consumer’s responsibility is to check the legitimacy of the company that he will have a future deal with. Before the deal is even looked at, do a company background.
Get referrals and check consumer review
Once you’ve pinned down a company or two, read consumer review on the company. Search the world wide web for forums that talk about the company or their product offers, like the 0% APR credit cards. Consumer review is important, but don’t base your decision solely on them. Some past customers are simply bitter and want to get even. Personal referrals and recommendations from friends and family are much preferred.
Don’t settle for one company
The reason why you’re searching is for you to find the best deal available in the market. Settling for the first five companies that appear in the search engine results will not get you there. It may be a bit tiring and requires a lot of effort on your part. However, once you find the best deal there is, all the efforts would be well worth it.
Check the fine print
Once you’ve found a decent set of companies, it’s time to check the fine print. Call up the companies and ask for details. Check the website and read the brochures and ads entirely. Some 0% APR credit cards are only good for balance transfers from other cards, and sometimes only on new purchases. Since these are also just promotional items, they don’t last long. Check the expiration of the 0% APR, and the new rate after. If the new rate is unreasonable, then the 6-8 months may not be worth the trouble in the long run.
0% APR credit cards, if used wisely, can offer a great convenience to the card holder. Balance transfers can consolidate the balances from his other cards and he ends up paying those without interest and as a lump sum. However, if not used properly, these cards might end up landing the card holder in a serious debt hole. That’s why it’s best to be keen and vigilant, and to investigate before signing up.
The Best Business Credit Cards for Your Business 2021
Choose the Best Business Credit Cards for Your Business
If you own a small business in the United States, chances are that you will eventually begin searching for some of the best business credit cards. It is usual for up and coming business owners to start considering how they will start building up their creditworthiness. Business credit cards can also help business owners meet the needs of their growing business. But, business owners often find themselves asking the same questions that many consumers do: Which credit card reaps the most rewards at the best rates? There are a few credit cards that fit the bill when it comes to reaping rewards at a affordable rates.
Once you’ve decided that your business is needing to invest in a credit card, there are a few things to consider. Although some of the best business credit cards obtain their own kind of credit score called a Paydex, small business have to ask themselves the same type of questions that consumers do when considering an everyday credit card. One of those best-business-credit-cardsquestions attempts to answer whether or not eh small business owner can afford a credit card. Although the actually card may not have up-front fees, businesses have to consider whether or not the purchases needed, can be paid for. A major drawback for business credit cards is that upon the initial application, the business credit card is tied to the personal credit of the cardholder. In addition to this, if a business owner spends irresponsibly, the owner will still be personally responsible for the debt.
So you can afford one of the best business credit cards around huh? You’ve assessed your budget and have determined that a credit card will help your small business flourish. Consider a few credit cards that have been known to reap numerous rewards, including increased credit scores.
Ink Cash Business. With this card business owners can expect to earn up to $200 bonus cash back. This particular card is issued by JP Morgan Chase and is the best business card for cash back rebates. Cardholders can earn up to 10 points per dollar when making their purchases online at Chase Rewards Plus. Cardholders can also enjoy a 0% introductory APR for 6 months.
SimplyCash Business Card from American Express. Ah, the faithful AMEX. AMEX has a credit card that let’s cardholders earn 5% cashback. Unlike a lot of credit cards in its class, there is no limit to the cash back consumers can earn.
CitiBusiness ThankYou Card. This card is issued by Citibank and is perfect for small business who’ve already established great credit. After spending $3,000 within the first 3 months, cardholders will receive 15,000 bonus points, or $150 in gift cards. There is also a 0% introductory APR for the first 6 months, then a 13.24% APR afterwards.
Small business owners will eventually have to opt for a business credit card. Making this decision can be tough, especially since cardholders need the best credit cards for their small business purchases. Be smart, opt for big rewards and low interest rates that will help, not hurt your growing business.
0% APR Credit Cards Savings
One of the most common reasons you might consider transferring your existing credit card balance to a new card might be to take advantage of introductory interest rates.
It’s not unusual for competing card issuers to tempt you with 0% APR on balance transfers for 6 months, and sometimes even up to 18 months! If you’re determined to get rid of old credit card debt once and for all, this can be a wonderful opportunity to clear your balance at a much lower cost.
There are a few things to watch out for, however:
- New purchases may still be charged at the standard APR, and may continue to accrue interest until the original balance transfer amount has been paid off in full.
- When the introductory rate is over, will you be paying a higher interest rate than you’re currently paying? Don’t be tempted by short term gains if the long term cost is too great.
- Is there a balance transfer fee, or any other fees in excess of what your current card charges? Make sure they don’t cancel out any savings you might make.
Before you take the first 0% APR offer you get, think about why you’d want to take advantage of such an offer. The best reason is to give yourself a better opportunity to clear the high-interest debt on your current credit card, and before you submit your application, make sure you’re committed to taking this task seriously. Until you have your debt under control, ask yourself if you can be disciplined enough to avoid making new purchases on your new credit card.
Taking the plunge
If you’ve weighed up the options, and decided to take advantage of a 0% APR balance transfer to another credit card, are there really significant savings available? To answer that, let’s look at an example:
- Assume you transfer $1,000 to a new credit card that offers a 0% APR introductory rate for 6 months, after which it goes up to 15% (the same rate as your old card in this example).
- Pay off $100 per month, and make no new purchases.
- For simplicity, there are no transfer fees involved.
The table below shows the difference between your new card and your old:
|Balance (new card)||Payments||0% APR||15% APR|
As you can see, after 11 months, your balance has been completely cleared, but with your old card, it would have cost you 8 times more in interest! If there were transfer fees involved, and if they amounted to less than $57 (or 5.7% of the transfer amount), then you would have still made a saving.
Of course, this example just shows one simple case, and depending on other factors (monthly repayment amounts, length of introductory rate, fees, etc), your mileage may vary. However, it does illustrate that credit card balance transfers with a 0% APR introductory rate can help you clear your debt faster!