Zero Percent Credit Cards: How to Find the Best Deal
If you’re looking for 0 percent credit cards, you may find the following information helpful. Finding 0% APR deals isn’t as easy as it was a short time ago. In reality, it has become considerably more difficult. With that being said though, they are definitely still out there. It’s just a matter of knowing where to look.
Due to the terrible recession that we are experiencing not only in the United States but throughout the world, financial institutions have considerably tightened the issuance of credit. In fact, the banks themselves experienced a record number of defaults due in large part to double-digit unemployment numbers, so they are being very careful with their money.
With that being said though, there are definitely still some zero percent credit card offers available. By going to a reputable comparison website, you’ll see that many major issuers still offer cards with a 0% introductory rate. By finding those offers and doing a side-by-side comparison, you’ll get a good idea of which offers are best suited to your credit needs.
Keep in mind that whenever we talk about 0% we are talking about an introductory offer. No bank on this planet can afford to issue credit without charging interest, except for an introductory period. With this in mind, you should take note of how long the introductory periods are for the cards you are interested in.
In many cases, banks have become a bit more stringent in their qualifications for issuing credit. If you’ll recall, some of the largest banks in the United States needed federal bailout money just to survive.
One of the reasons they got into so much financial trouble is that they were extending credit to customers who were not creditworthy. They’re not about to make that mistake again…at least not for a while anyway.
The point here is that to qualify for the best 0 percent credit cards, you must have a very good to excellent credit score. It certainly wouldn’t hurt to check your credit score before applying so you know exactly where you stand. It’s also a great way to check for errors and misinformation that may be causing you to have a lower credit score than you should.
It is typical for these 0% rates offered to last from 6 months to 12 months. At that time, the fees will revert to what is explained in the terms that can be found in the disclosure statement. It is vitally important that you read this information carefully and understand it before submitting your application. You should also watch out for fees. Fees can wipe out the benefits of even the lowest interest rate cards.