In the current economy things are getting tight and everyone is trying to maximize their buying power and lower their monthly payments to free up cash flow. In this article we will point out a few tips that will help you leverage the 0% APR Credit Card Deals that you will be presented with.
You will want to start out by looking at the duration of the zero percent interest credit card offers. Some are as little as three months making it not as attractive of an offer considering you will be turning around and paying that at the full interest rate in no time at all. The preferred 0% APR cards are the ones that are from 12 – 15 months at zero percent. You do the transfer one time and you are done for a long period of time making it much easier and to get the maximum benefit of the zero percent credit card offer. Some 0% APR deals offer the zero interest rate on purchases and balance transfers for 12 months like the DiscoverÂ® More(SM) Card.
Doing a zero percent balance transfer really makes sense when using a 0% APR credit card. If you have numerous cards with various balances at different interest rates, you can add all of these up and total the interest you are now paying each month. This is the amount of savings you will incur and it can add up to allot of money quick. Just always make sure you pay on time so you keep the zero percent interest rate.
At the end of the 12 or 15 month’s introductory period you will now be paying the full amount of interest on your card. This can be avoided and I have done this for years. Before the offer expires just get another 0% APR credit card to replace it before the expiration. Yes, it is that simple and it works. I have gone for years paying virtually no interest.
The other option if you didn’t want the zero percent credit card again is to go to a fixed interest rate for the life of the balance transfer. You can find deals like this right here on our site under the balance transfer category. The Blue Card from American ExpressÂ® has a credit card deal that gives you a 4.99 percent interest rate for the life of the balance transfer.
Not only do you get the 0% APR benefits that come along with one of these cards but many times you will also get other benefits that come along with the card. Some cards will offer Airline Miles and travel reward points. Sometimes these points can be redeemed for cash back or gift certificates. You can also get extended warranties, travel and rental car insurance and purchase protection on items you buy if anything happens to them. These can be worth a great deal if used over time while paying zero interest on your credit cards so it is a great deal if you qualify for one of these credit cards.