Your best defence against making credit card mistakes is knowledge, and understanding some of the most common myths and misconceptions about credit cards can help you know what you need to manage the plastic in your wallet.
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Need to make a big purchase? Along with introductory zero interest balance transfers, you may be be able to take advantage of a 0% APR offer for credit cards. Follow along as we take a look at some options here along with advice about how to use them.
Maybe you are ready to look at credit cards with a 0% APR period on purchases. If that is the case, consider some of the following cards.
One of the longest 0% APR periods I found in a quick online search was from Citi, on several of their credit cards including the Citi Platinum Select Visa/Mastercard, Citi Simplicity Card, and Citi Diamond Preferred Card.
The Capital One range of credit cards may also offer a lengthy 0% interest period on purchases to new customers. There are several other credit cards that offer an introductory 0% APR for 12 months. Indeed the latter period seems to be the standard.
In the ever-changing market of credit card offers, there may be new promotions every day offering special interest rates for limited periods to new customers. However, make sure you compare credit card offers to see what is the preferred option for you. After all, there might be some rather long interest-free periods available, but you’ll need to know more about the cards and their terms and conditions before you make up your mind.
So, what should you do when you have your new credit card in your hands, with its tempting 0% APR on purchases?
These offers can be extremely helpful when you need to budget for big purchases. For instance, perhaps you are in the market for some new furniture, or you need to finance a wedding. If you could pay off the balance within the interest free period – or at least pay it off in a reasonable amount of time – you may be able to save money with this type of option.
Be careful, though. One risk is that you may not be able to pay off the balance within the promotional zero interest period. Thus, you will take on the standard interest rate for the rest of the time it takes you to pay off those purchases (and the interest you now begin to owe on them). This means you may not end up saving money after all, as you can imagine.
There is another risk, and again it is entirely your own responsibility to guard against this. During the 0% APR period, you might begin to spend more freely, knowing that you won’t be charged any extra – at least, not yet. However, while you think you’re saving money on the interest rate, you may be racking up greater debt overall. Don’t let a credit card get you into trouble; use them in conjunction with budgeting and money management.
Overall, zero interest credit card offers can be a nice way to pay for some shoppers, but they don’t suit everyone. If you start taking advantage of a zero interest credit card offer to make your new purchases, be very careful to keep an eye on your spending. You don’t want to end up in a worse position once that intro period ends.
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Your best defence against making credit card mistakes is knowledge, and understanding some of the most common myths and misconceptions about credit cards can help you know what you need to manage the plastic in your wallet.
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