People can save hundreds of dollars in interest charges by shopping around for credit cards with 0% APR. Many people don't think to look for the best credit card deal. But since 60 percent of grocery store purchases are made with credit cards, the consumer's choice of which card to use can affect how much interest is paid. One way to save money on interest is to look around for a credit card with a 0% APR that you can move your balances to. For big purchases like homes and cars, the idea of shopping around for the best interest rates isn't new. However, most people don't even think about shopping around for the best credit card deal.
Credit cards with 0% APR save people money.
By moving balances to a credit card with 0% APR, you could save hundreds of dollars each year. How it works is as follows: A person applies for a new credit card that has a special introductory APR of 0% for balance transfers. After getting approval, the consumer moves the balances from his or her other credit cards to the new card. Some companies may not charge a fee for transferring a balance, but if they do, the fee is usually a small percentage of the amount being transferred. Whether the old card has a low APR of 8.9 percent or a high APR of 15.9 percent, the possible savings make it a good idea to switch. During the introductory period, which is usually between 6 and 12 months, people can avoid paying interest on their credit card debt.
Sorting through deals for credit cards with 0% APR
Some websites give you a way to compare credit card offers in a fair way. You can even use a calculator to figure out how much you will save by moving your balances to a credit card with 0% APR. Consumers get the information they need to choose the best offer for transferring their credit card balance. Objective side-by-side comparisons give a fuller picture of the credit cards that are out there. If you find a card that you like, you can also apply for it right there on the website. With the help of helpful links to the credit card companies, you can get instant approval for their credit cards.
One word of warning
A credit card balance transfer with 0% APR is a great way for consumers to save money. But, just like any other financial tool, it's important to use it wisely. People should know that if they don't make at least the minimum payment on time, the introductory period could end right away. But many credit cards let you set up automatic payments or pay your bills online. This can help people set up automatic payments that will make sure they never pay late.
Many people go from store to store to find the best deal. Using this rule for credit card applications can help you keep more of the money you've worked for.
