I hope that when I hear the number 0%, it means the interest rate I have to pay and not the interest rate I have to earn. There are many different credit card offers, and when you see 0%, it seems like the best choice. But if you think about it, you might wonder why one credit card has a rate of 0% and the other has a rate of 26%. What's the catch?
Not because the issuer wants to trick you. Still, you have to look closely. If you don't read the card's terms and conditions, you'll never know what to expect.
"0 percent" doesn't mean "0 percent everywhere."
There are some real 0% credit cards out there, but you should read the fine print before assuming you can buy everything with no interest. The 0% isn't a blank check that can be cashed anywhere. If is used for certain kinds of transactions. This doesn't mean you shouldn't take advantage of the 0 percent; you just need to be a smart consumer and make sure you know how it works.
If you want to move balances from one credit card to another, you might want to look for a credit card with no interest. There are a lot of credit cards that let you transfer balances with no fees. The savings are higher the more money is transferred. Many people use these cards to get rid of their high-interest credit cards so that they can start paying down their debts instead of just paying the interest each month.
A lot of credit cards with 0% interest rates offer 0% interest on certain purchases. These purchases may be made at certain stores or for certain items, but depending on what you buy, these credit card offers can really save you a lot of money. Make sure you read the fine print on these cards to make sure they will save you as much money as you hope.
Then there are the cards that trick you by giving you a chance of 0%. Most of the time, this 0% interest rate is only good for the first six months or year you have the card. This is a good way to pay off debt, make big purchases, pay for car or house repairs, or just buy things you've been putting off because you didn't want to pay interest. One more interesting thing about credit cards has to do with cash back and rewards.
Before you pick one of the 0% interest credit cards you find, you should look at all of the features. The smart buyer wants to know the interest rate not just on the first day, but also on the days after that. Do you have to pay for everything you bought when there was no interest? How smartly you use the card will determine whether you make or lose money.
