By David
As a matter of fact, the use of credit cards has helped many people meet their basic needs, most especially when they do not have enough cash to do so. Today, a lot of users are looking for the possibility of getting a credit card with no interest rate, simply because they want to be able to buy goods without having to make an upfront payment, and without having to pay an interest on their balance.
Credit cards versus interest rates
Sometimes, you might see an advertisement from an issuer that you could obtain a credit card with no interest. Could it be true? Obviously, some are just marketing tactics, but then again, there are lenders that offer genuine 0 percent interest credit cards. Sometimes, the zero interest rate on credit cards may be an introductory offer upon which you can build a balance after applying for it. When the introductory period finally comes to an end, your credit card would revert to the initial interest rate associated with it. So, you would have to start paying interest if you have a balance on your card, and the rate can vary from 7% to 30%, depending on your current balance as well as the issuer of the card.
Standards of providers offering zero % credit cards
As noted earlier on, getting a credit card with no interest is beneficial to those who have a balance on their other lines of credit as they could afford to pay it off by balance transfer. Similarly, such cards are ideal for individuals who typically only make their minimum monthly payments.
Review the best 0% credit card offers. Zero APR for almost eighteen months.
However, most credit card providers are pretty strict when it comes to determining who qualifies for a 0% credit card. Factors considered include:
- Records of late payments
- Opting for balance transfers
- Switching from one card to the other as a way to enjoy low or 0% interest
- Applicant’s financial history
- Job security or employment stability
Generally, they do not want people who would have a hard time meeting their monthly obligations.
Factors to consider when looking for an offer
Here are a few things you should do when looking for a credit card with no interest:
- Find the details on charges, including the penalties on offers.
- Find the details about annual fees. Ensure that it is no more than a 2-digit figure.
- Properly check if there are hidden charges.
- Find out the Annual Percentage Rate (APR).
- Find out whether the card is useful for both purchases and transfers or either of the two options.
In all cases of your quest for a credit card with no interest, it is quite crucial that you pay up your bills when due so as to stay in control of your debt. Before making a decision, be well-informed on the terms and conditions that are associated with all existing credit cards on the market.
Review the best 0% credit card offers. Zero APR for almost eighteen months.
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