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A few years ago, credit card companies started offering a 0% APR feature to attract more customers. APR stands for annual percentage rate, and it represents the interest rate that is applied to the balance you carry. With the 0% APR feature, you won't be charged any interest for an initial period of time. Getting this type of card may be helpful, but it's important to understand what's all involved. Here's a look at the pros and cons of this type of credit card.

Pros of a 0% APR Credit Card

Getting a 0% APR credit card means you will have a certain amount of interest-free time. During this period, no interest will be charged to your account. This usually lasts between six and twelve months. Sometimes the length of time varies, depending on your credit score.

In this sense, a 0% APR credit card can work like an interest-free loan. If you make a big purchase, you can take a few months to pay off the balance without have to worry about any additional interest charges. You might even think about setting up a payment plan for yourself. Each month, pay off part of the balance so that when the 0% APR period ends, you do not have any remaining debt.

In a similar way, if you have an existing balance on a credit card that charges a high interest rate, you could consider transferring it to a 0% APR credit card. You'll then have the chance to pay off the balance, interest-free. This technique could save you hundreds of dollars in interest charges.

Cons of a 0% APR Credit Card

While the introductory period of 0% APR is a nice feature, it does not last forever. Eventually, a regular APR will set in. You'll want to know what this rate is before you apply. If it seems too high, look for a different credit card with a lower interest rate.

You may run into problems with a 0% APR credit card if you have trouble paying off the balance. It can be easy to run up a high balance during the interest-free zone. When that period ends, however, you'll have to pay interest on the amount due. So if you do run up a high balance on the card, work hard to pay it off as soon as you can.

You'll also want to check your credit score before you sign up for a 0% APR card. The higher your score is, the more likely it is that you will be approved. Most 0% APR cards are designed for people with good or excellent credit. If yours is poor, however, you may still be able to find a card. Look for one that is made especially for your credit condition.

Like any card, the 0% APR credit card can work well if you use it wisely. Before you apply for one, look carefully at all of the options available. Then send in an application through the Internet. Once you've been approved, you can start planning ways to benefit as much as possible from the card.

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The era of 0% APR credit cards is still with us. Yes, you can obtain a spanking new credit card featuring a very low introductory interest rate and take advantage of what amounts to "free money" for you for up to one year. You can use your new card to your advantage, but you must be careful that you fully understand how a 0% APR credit card works to order to maximize its effectiveness. I will show you how, so please keep reading for all the informative details!

Soon after the new millennium started, interest rates began to drop to historically low levels. By 2002, loan rates for government funds dipped to just less than one percent, pushing consumer loan rates down with it as well. Credit card providers, seeing a terrific opportunity unfolding, immediately began to offer 0% APR credit cards to new card holders and even extended the offer to their current customers.

Today, interest rates have been climbing for two years, but 0% APR credit card offers are still available to you. Quite frankly, the entire lending business is very competitive and credit card providers are willing to forego interest for up to twelve months in order to get your business.

To maximize the effectiveness of 0% APR credit cards, there are a few things that you must know:

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!

Transfer Balances and Save Big! Many 0% APR credit card offers will allow you to transfer balances from 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 month's time!

Pay On Time. Do not be lulled into thinking that a 0% APR credit card doesn't 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 don't, the default rate kicks in. Make certain that you clearly understand your card's 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!

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