Save some money with a 0 percent promotional offer on purchases or balance transfers. However, it takes thrifty check to see a significant payoff.
Most consumers don’t comply the terms well enough to save money on 0 APR credit cards, card issuers wouldn’t be so generous with these offers. You have to be much trained to follow through and make the payments to pay off the 0 APR balance on certain time.
To take advantage of these deals without getting caught by retroactive penalty rates and other UN expected expensive charges trap
Part of the payment is applied to the balance with the highest interest rate and the disclosures are much clearer as well. Altogether it is a much better situation now than it used to be
Credit card offers are getting better if you have excellent credit; you may be eligible for promotional terms that run as long as 24 months and you could pay less in balance transfer fees also, at least until the promotional grace period expire.
Many ways you can save with a 0 percent promotional credit card offer
Pay off high-interest credit card debt
Transfer your high-interest credit card balances to a card with a 0 APR or low-interest balance transfer offer. Then use the saved money to pay off your debt faster.
Be sure you pat off all balance in full before the introductory offer ends in order to avoid paying higher interest rates on the remaining balance.
If you are facing with higher than usual spending or need a short term cash flow, saved money on a 0 APR balance transfer or a 0 APR offer on purchases can give your budget a temporary cash in hand to free you over until your economic position get improvement.
Calculate ahead of time how much you can able to pay off before the promotional term expires and don’t spend more than your limit.
If you’re planning to make a large purchase within the next year, charge the purchase to a card with a 0 percent APR and repay the balance before the promotional period expires. This will allow you to make the purchase earlier than planned and pay off slowly without getting interest.
You must know that carrying large balances on a credit card could affect your credit score. Before taking out a balance transfer use a FICO score estimator to calculate the effect on your credit score, and then decide if it’s still worth continuing.