0 Apr Credit Card Application
5 Cons of Owning a 0 APR Credit Card
Author: Rebecca Spitzer
If you have received an offer recently for a 0 APR credit card, you may have been very tempted to send in the form signed and ready to go. You may have seen the words "0 percent interest" and jumped at the chance to shop for six months with impunity. You may even have thought that this was the answer to all your credit card or bank loan debt, allowing you to consolidate your bills and pay one low price with no interest. And all of these things may be true. However, there are some serious consequences that you need to know about before you blindly start spending with your new card.
- Limited introductory period - Credit card companies who offer 0 APR cards cannot offer you this deal for very long or else they would not make any money off of you. So most deals last for six months, nine months, or even up to a year. This means that you will only pay 0 percent interest for this introductory period and no longer.
- High interest rate - Very often, after the introductory period is over, the interest rate charged for use of your new credit card will be higher than the average rate. Usually, it is anywhere from nineteen to twenty-one percent interest, and perhaps a higher rate on cash advances and other transactions.
- Penalty for late payments - If you pay your bill late or forget to pay it altogether anytime during the introductory period, you interest rate will immediately go up to a penalty rate. This could be as high as twenty to twenty-four percent on your entire balance.
- Limited application of 0 APR - Some cards offer the 0 percent interest on all purchases made in the introductory period as well as on all balance transfers during this time. However, read the fine print because some only offer the 0 APR on balance transfers, and they charge a high rate on purchases.
- Tricky conversion period - When it comes time to move from 0 APR to your regular interest rate, you may be charged interest on any unpaid balances from purchases during the introductory period.
0 Apr Credit Card Application
when you apply for a credit card it says 0% APR, but what does 4.99% with application intro balance trans APR?
please explain throughly…
Cards often charge a different rate for balance transfers than they do for purchases, that probably explins what is happening here with your card.
As a side note: Credit card companies may apply your payments to the parts of your balance that are paying the lowest rates first, leaving higher interest rates charged on the remaining part. For example, you transfer a $2000 balance from another card, that costs you 18.9%, but your purchase rate is only 7.9%. You charge $500 on the card, intending to pay it off over two months. You send them a $250 payment, and they will apply it to the 7.9% part ($500) while the big part keeps making them 18.9%. They do this to make more money.
With your card, this won’t be a big problem until your introductory rates expire, then you could find yourself in a large hole. Read the paperwork carefully so you don’t get hosed six months down the line.
Does anyone need a credit card? my job is kinda on the line here…?
I work at a bank, and they’re firing people left and right. they thinking getting a bunch of credit card applications is the solution. I don’t agree with this, however I would like to keep my job a little bit longer. Anyway, if you looking to apply for a credit card, and 0% APR for 12 months, and 3.9% APR on balance transfers sounds good to you, let me know. thanks in advance
Yea, where do i sign up for this great deal?
Let me give you all my information – I’m gullable.
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I don’t know my Credit Score.I want to apply for 0 APR and 0 Annual Fee Visa Credit Card.?
May i get an application form by mail to get 0 APR & 0 Annual Fee VISA Credit Card ? I am confused to fill online application.
You are entitled to receive a free copy of your credit score and all of the merchants and credit accounts, their status, etc. I believe you can access this once a year (maybe more). Beware of any website that wants money to provide you with your credit rating info.
Search online for online credit cards and there will be several different ones to choose from. Beware of listing your personal information like your social security, etc. Make sure it is legitimate company.
Credit Card Application?
I recieved a credit card application from 1st Financial Bank USA from South Dakota. It’s a Student card.
1. Can i apply for the card even though i am not a college student until this fall. I am 18 and still in high school?
The interest rates maybe high on this card but i would like to use this as an emergency credit card, because of the fact that there is a 0% APR on balances up to $250
2. What do you think of the card and this bank?
Yeah i know about the debt i will be in after school, especially since i am going to a private University. But thanks to Scholarships and Grants it is going to be cheaper than a Community College, plus the University is closer to home than the community college. I’ll still have to take some loan money though.
Is there a 0% intro APR credit card in Canada?
The lowest I found was 2.9% for 9 months from the Royal Bank. I got the application in the mail and it was not in my name.