What are the pitfalls of 0 interest credit cards?
The first thing to know is that most credit card companies that offer 0 interest credit cards are trying to sell a product. It is important to know what the interest is for a credit card that says there is 0 interest for a year after that year is up. Most interests skyrocket after that first year when people have already built up their debt.
The interest rates on Chase credit cards vary on the type of credit card obtained from Chase. Some Chase credit cards offer introductory 0% interest, for a set amount of time after opening the account, or transferring a balance. Typical interest rates on Chase credit cards other than those circumstances, however, ranges from approximately 12% to 22%.
Assuming this refers to credit cards where the interest rate on balance transfers is 0%, one can find listings of appropriate cards on money-related websites such as Money Saving Expert. Some examples of such 0% balance transfer credit cards include the Barclaycard Platinum card and Tesco Clubcard credit card.
Interest rates on credit cards vary significantly with many offering 0% interest for a limited period of time as an introductory offer. For example Capital One offer a card which is interest free from August 2011 until November 2012. Cards with an annual fee will offer a generally lower rate and also the rate is dependent on worldwide interest rates. Cards which do not require good credit will also generally have a higher interest rate…
The best credit cards for balance transfers are those that offer a 0% interest on balances, normally this is offered for an introductory period commonly 6 months. This can allow one to more quickly reduce the amount of money owed on a credit card while paying no interest. However it should be noted that if the new credit card has a higher interest rate then your existing credit card that it reverts to after a…
Companies that offer cheap rate for credit cards interest in the UK are plenty. Banks that offer cards with least fee's are in order: NatWest (0%), Tesco Bank (0.9%), RBS (1%), Halifax (1%), Lloyds TSB (1%), fluid (1%). All these credit cards have a duration of 5-12 months, except for Halifax and Lloyds TSB, which are 15 and 13 months each.
There are many places to get a 0% interest balance transfer on a credit card. Certain major credit cards from companies such as Visa, Mastercard, and Discover often provide these balance transfer offers. Going through a bank that offers a card such as Visa or Mastercard is one way of obtaining one of these cards. There are also credit card applications that can be found online.
The benefit of having a balance transfer credit card is that they usually are issued with no fee and a very low to 0% interest rate for the first year. Someone would get this type of credit card to transfer other credit balances and thereby cutting down on the time it takes to pay off the high interest rate credit cards.
What is the best way to get rid of a high interest high annual fee secured credit card without adversely impacting your FICO score?
Chances are if you have good credit already, shop around for a new credit card which has 0% transer fee and 0% interest on transfers. Keep your old one open and just don't charge on it, they shouldn't charge you the annual fee if you're not using it. Credit is not that great and am trying to improve... There is no such thing as "free" when you get a credit card. They are money lenders…