If you're looking for a clever and practical way to lower the cost of your monthly bill payments, you may already know that switching to zero percent APR cards is one sensible solution. In order to help you learn more about what's involved with getting a card like this, we've created a practical quick guide. When you follow our simple and straightforward, step-by-step process, you'll be ready to enjoy a card that offers plenty of benefits.
First off, you need to be realistic. These forms of cards are only for those who've demonstrated financial responsibility in the past. For example, those who have great credit ratings will be much more likely to be approved. So, get a credit report to see how you stack up. If your score is in the seven hundred range, you should be ok. If your credit rating is worse than this, you may need to clean up your credit, by putting good credit after bad (in order to qualify). Usually, cleaning up credit takes a bit of time, so be patient and don't give up.
During the second step, you should investigate conditions which are related to zero percent APR credit cards. In other words, do they have all of the features that you''re looking for? Make sure to shop around in order to find the most appealing rates. You should be searching for cards which offer zero percent every month of the year, with no deviations.
Hopefully, by this step, you've found an attractive deal. If so, it's time to begin the application process. Once you've been approved for this form of card, you should be able to move your old credit card balance to the new card, in order to take advantage of zero interest, rather than what you were paying in the past. Typical interest rates for conventional credit cards are sky-high, so it's well worth trying to get a zero percent card instead.
Now that you understand the process, you'll be one step closer to deciding if applying for a zero percent APR credit card is really right for you.
Will it help though?
If you are considering applying for a 0% APR credit card there are some things you should keep in mind.
Knowing your credit score is a good place to begin. If you have a credit score of at least 720 or more you have a pretty good chance of being approved for a 0% APR credit card. Usually this type of card is available as an introductory promotion of some kind.
Find out how long the card will be offering 0% interest and also inquire what the rate will be after the promotion period has expired. Once you find out how long the 0% rate is offered you can take advantage of it by transferring some of your accounts.
It is vital to ensure you can pay them off before the introductory rate has expired. This is a great and practical card to use for transferring the balances of some of your other credit cards which offer higher interest rates.
How easy is it to procure one?
A credit card can be costly with interest rates and fees, therefore, it is important to obtain the correct information by researching and obtaining advice as to the annual percentage rate (APR) charged by the supplier. Your goal is to create a short list of companies that offer zero APR. This can easily be obtained by visiting google or telephonically from companies within your city. Secondly, learn and understand how zero APR credit cards work. A great website to assist with this information is www.investopidia.com.
Once you feel confident that you understand how this concept works, you can build a short list with the assistance of websites offering information on Consumer Reports and NerdWallet.com. These sites will assist with comparing firms offering zero APR credit cards.
Upon application and approval of a zero APR credit card, ensure that you understand the terms and conditions of the offer, including the time frame set forth before taking ownership.
Take into account that should you already have an existing credit card. Negotiating with your current credit card supplier and explaining your zero APR offer might be beneficial. This will allow the supplier the opportunity to match the offer. This could save you time and effort with regards to the process of transferring to a new supplier and the paperwork involved.