Many companies offer 0 APR interest rates as introductory specials to encourage consumers to try out their credit card. With either balance transfers or expensive purchases, the 0 APR introductory rate can help consumers to pay off large balances faster by reducing the amount of interest accrued. Here are five tips to help you choose the best 0 APR card for you:
1. Consider your credit needs and habits. Ask yourself questions like what balances will you transfer, what purchases will you make, and will the balance be paid off before the introductory rate changes. Your answers to these questions can help you to decide which card is the best fit for your needs.
2. Consider which card features are most important to you. The APR may be different for balance transfer amounts and purchase amounts. Is one of these more important to you, or do you want to look for a card that has a good deal for both? If you intend to use the card frequently, a rewards program may or may not be worthwhile. If you intend to keep using the card after the 0 APR period ends, look carefully at the terms of what the rate changes to.
3. Compare several cards to find the best one. The more cards you compare, the more chances you have to find the one that fits all of your criteria.
4. Don't lose sight of what's important to you. If 0 APR is the most important factor in your decision, don't sign up for a card that has flashy extras but a higher APR. Once you decide what is most important to you, stay focused on just the credit cards that meet that need.
5. Check several sources of information. The Federal Reserve publishes a survey of credit card terms every six months, and there are a wide range of websites on the Internet that will let you compare credit card offers and even apply online. You can also confirm the terms of each agreement directly with the credit card companies.
To find and apply for a 0 APR credit card , Beth Derkowitz recommends Find Credit Cards.