The Truth About 0% APR Credit Cards
A 0% APR credit card is ideal when you want to purchase something expensive but cannot find another way to finance it. But buyer beware. Make sure that you are able to pay back value of all purchases during introductory 0% APR period, especially in the case of Home Depot card.
You might also find a single credit card to have a variety of APR, such as:
1) One APR for balance transfers, one for purchases, and one for cash advances - the APR normally would be higher for cash advances compared to balance transfers and purchases.
2) Tiered APR - The bank can have different APR levels as per different account balance tiers like 15% for the 1-$500 range, 17% for balances higher than $500 and so on.
3) Introductory APR - a 0% APR is offered for the beginning period, whereas higher interest rate becomes applicable upon expiration of the introductory period (this is the case with Home Depot credit cards).
The Traps To Watch Out For
1. The 0% APR is a "Limited Time Offer" - in general, the 0% APR offered is only for a limited period. The period could vary from 3 months to 12 months. This implies that purchases made during this period will not attract any interest.
2. After the introductory period finishes, the 0% APR credit card might force you to pay high interest rates such as 20% or even higher.
3. Your debts needs to be paid on time in some minimum amount each month, as required by the 0% interest credit cards rules and conditions that apply during the introductory period. Late payments will result in penalties that include shifting the remaining balance to a much higher APR.
4. Certain 0% APR cards, for instance Home Depot credit card, require you to pay off the balance entirely before the expiration period of the introductory offer. If not, the default high interest rate could be applied to the entire balance.
While it may be an attractive offer to go for 0% APR credit cards, it may not be a wise decision in certain scenarios. So, before you seriously consider a 0% APR credit card, it is essential to compute credit balances, interest rates, and your pay off capability with some good credit card calculator. If you want to avoid credit traps then you should clearly read all credit card terms and conditions.
Ideas On How To Discover One Of The Best 0% APR Credit Cards
If you are struggling with ever-increasing credit card debt, a 0% APR credit card could be the magic wand for you. There are a number of 0% APR credit cards in the marketplace.
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