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Everything About 0% Intro Rate Credit Cards
tired of reading review after review about 0% apr intro rate credit cards? having no luck when it comes to finding an all-in-one-review about 0% apr intro rate credit cards? confused with what you?ve read so far about 0% apr intro rate credit cards because everything seems to be contradictory? well, look no more because this article is indeed what you?re looking for.
in here, you?ll learn everything you want to know about 0% apr intro rate credit cards. in this article, you may also discover more than you bargained about 0% apr intro rate credit cards ? in a good way, of course. ready for lesson number one about 0% apr intro rate credit cards? well, here goes.
it?s true ? yes, 0% apr intro rate credit cards do exist and if we have our way about it, you?ll be one of the lucky people to qualify for a 0% apr intro rate credit cards.
the application process ? applying for any credit card, whether it?s for 0% apr intro rate credit cards or for credit cards offering reward points is always a tad difficult so don?t expect overnight success, especially since you?re angling for 0% apr intro rates.
the application process for a 0% apr intro rate credit card starts with submitting the necessary documents ? this is sop for all credit card applications ? that would substantiate your contact details and give them an overview about your present financial status. upon submission of the usual documents, depending on your income level and credit reputation, you may be contacted by the credit company and asked to submit additional documents.
the qualifications for 0% apr intro rate credit cards ? basically, if you want to have 0% apr intro rate, you must have a squeaky clean credit reputation. that means having a reputation of paying debts promptly, not owing too much from the bank, not having high balances on your other credit cards, not having too much mortgages under your name and not having so many people requiring a credit check on you.
if you?re not sure whether you qualify for a 0% apr intro rate credit card, simply approach the nearest credit bureau and request for a copy of your credit report. the details in your credit report can easily tell you if you?ve a good shot of owning a 0% apr intro rate credit card or not. people with fico scores equal to 650 or more are more or less guaranteed of having their application approved.
michael colucci is a technical writer for low interest credit cards - a site that offers credit cards with an intro rate of 0% for 12-15 months.
article source: http://ezinearticles.com/?expert=michael_colucci
American Express One: How To Turn A Profit On Spending Through A High Yield Savings Account
there are frequent flyer credit cards. there are merchandise and cashback rewards credit cards. now there is one. the rewards program associated with american express one is different from other credit card rewards programs. consumers carrying an american express one card accrue interest on spending.
here is the way it works:
once a consumer makes their initial purchase using the american express one card, $25 is deposited into a high-yield savings account with a current annual percentage yield (apy) of 3.5%. this account is also fdic insured. after this initial amount is deposited, 1% of all other purchases are deposited into the account, and interest begins accumulating. there is no cap to deposits annually, and the card comes with a 12.99% apr with no annual fee.
how to take advantage of this offer:
make timely payments. if late payments are made, the apr on the american express one card will increase. also, try to pay off as much of the balance as possible at the end of each billing period. if consumers pay off their balances in full at the end of every month, this card can act as a better savings acoount than those offered by local banks. lets say that a consumer spends $10,000 per month on their american express one card. $1200 will be deposited into the savings account annually, earning $42 in accrued interest. this bodes for a very secure and profitable savings plan.
the american express one card was introduced for consumers who wanted a cashback rewards card but didnt want to receive checks from their banks or gift certificates. the rewards program acts exactly like a standard checking account, with monthly statemants and interest reports. this is a great card to use when making large purchases like college tuitions, vacations, high-end electronics, etc. because these purchases can turn into great savings.
what differentiates this rewards card from other cashback rewards programs is that if you leave the money in your high-yield savings account, the money just keeps growing. most other rewards programs give you 1% cashback on gas and groceries, but how much money is spent monthly on these items. with the american express one card, virtually all purchases are eligible for cashback. american express has definitely proven to be a pioneer in the consumer rewards credit card market through launching this offer.
?2006 credit card outlet
russ nauta is the senior writer and consumer credit information investigator for credit card outlet, a leading online credit card information portal since 2004
credit card outlet features instant approval credit cards, rewards cards, balance transfer cards and low apr cards from major issuing banks.
this article may be reprinted with a published link back to http://www.freeroller.net/messageboard/mbs.cgi/mb86923.
article source: http://ezinearticles.com/?expert=russ_nauta
0% APR: An Offer You Cannot Refuse?
contrary to what some may say, credit cards, by itself is not necessarily a bad thing. it can be used as a tool that allows you to purchase much-needed items while managing your cash flow. the only time it becomes a bad thing is when credit balances remained unpaid and interest accumulates.
credit companies are aware of these pitfalls and have begun offering new cards that feature a 0% apr. this means that you can charge purchases to your card without needing to pay interest.
why would credit companies do that? it?s because lending business is now more competitive than ever. so these companies look to expand their markets by tapping methods they traditionally wouldn?t before. that is partially also the reason why almost anyone can be offered a credit card ? even those with bad credit.
sounds great, right?
however, you may ask, ?how do these companies manage to practically give money away? aren?t they supposed to profit from the interests on the money they lend??
to answer that question, you need to be informed on the often-untold catches to these kinds of deals.
for one thing, most zero percent offers only apply for a limited time, often averaging 6 months to possibly a year. people who are unaware of this often end up paying for a lot of things on credit well past the limited period. what happens then is that they find that they have been spending beyond their means.
that situation can be compounded by the fact that once the zero interest offer period expires, interest rates can go up to as high as the credit company wants it to. there have been cases where interest rates jacked up from 0 to 20 in a single billing period.
on the other hand, a 0% apr comes in handy when making balance transfers. a balance transfer is what you do when you carry over payments from one card to another. for example, if you have $1,000 due on a card that has a monthly interest of 20%, a balance transfer to another card with 0% can help manage that debt.
however, to make this work, you need to make sure of two things: first of all, establish that the zero percent offer applies to balance transfers, as some do not do so. also be aware of applicable fees for making that transfer. get the answers to these first before considering balance transfers.
second, make sure you can pay off the transferred balance within the limited offer period. remember that interest rates can go up after the offer period so not being able to complete the payments by that time may just find you jumping from the proverbial frying pan and into the fire.
now that you know more about 0% apr offers, here are some reminders for the judicious use of your credit card.
- before using any card (especially ones that are offered outright, instead of applied for), read the fine print regarding the terms and conditions of the card?s usage. a lot of people skip these and miss out on very important information ? just like the ones mentioned above. understanding these terms will and can save you a lot of headaches, not ton mention money, in the future.
- as much as you can, only use your credit card for cases when cash is not available. because of the convenience of carrying a single card, a lot of folks end up paying for everything, even rent, with a credit card. a habit that will definitely rack up more debt for you.
- try to limit your purchases to much-needed and essential items. this is the often-cited ?needs versus wants? rule. avoid impulsive buying whether with cash or with a card. even if you did pay with cash for something you may not need, you may be misdirecting that cash meant for other more important items, which in turn, may force you to pay with a credit card.
being able to cope with credit cards and everything else that comes with it is simply about wisely managing your money. remember that credit cards are tools that allow you more flexibility. learn to avoid the pitfalls that can overwhelm you, while mastering the advantages it can bring.
morgan hamilton offers expert advice and great tips regarding morgan hamilton offers expert advice and great tips regarding all aspects concerning credit cards. get the information you are seeking now by visiting http://www.freeroller.net/mbs.cgi/mb1006501.
article source: http://ezinearticles.com/?expert=morgan_hamilton
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