To maximize the effectiveness of 0% apr credit cards, there are a few things that you must know:
Banking service chronicle monthly magazine by bsc academy-subscribe limited time offer. 0% apr credit cards contain an introductory period lasting typically from six to twelve months. This means that anything you charge during that time will not accumulate interest. Go ahead and spread out your payments over several months: if you purchase something for $1000, you can make four equal payments of $250 interest free. Keep earning interest on your savings and let the credit card company fund your purchase! Your existing credit cards to your new card and waive transfer fees. If you owe $3000 on your current credit cards and are paying 19% interest on your balances, you could save nearly $600 in interest payments over twelve months time! Pay on time. Do not be lulled into thinking that a 0% apr credit card doesnt require monthly payments. If you miss a payment or are late, you could find that your remaining balance is subject to interest charges and penalties as your card shifts to a default rate. Pay on time or kiss your 0% apr credit card rate goodbye! Pay it all off. In some cases, you must pay off your balance before the introductory rate period expires. If you dont, the default rate kicks in. Make certain that you clearly understand your cards terms. Clearly, a 0% apr credit card has strong advantages for the person seeking to make new purchases as well as someone who wants to transfer their balances. Use a 0% apr credit card to your advantage and put some money back in your pocket banking service chronicle monthly magazine!
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