Why 0 Interest Credit Card Deals will Save You Money
One of the ways 0 interest credit card deals can save you money is if you take advantage of balance transfer to settle your existing debt from your other credit cards.
Many think that transferring balances can hurt your credit score but in reality, it can actually help you more than it can negatively affect your credit score.
The Best 0 Interest Credit Card Deals:
Transferring balances at a 0% introductory rate will cost you at most around 3% of the total amount that you will transfer.
Add this amount to that credit card balance and divide it by the number of months on promo, you can pay it on equal portions until you finish off all your debt or you can have your own schedule of payment, as long as you finish before the promo period ends you will not be charged with interest.
On the other hand, traditional credit cards will charge you a variable factor rate for paying the ‘minimum’ and even more if you paid late.
Some people report paying as much as 29% of your balance as penalty for delayed payments and payment of minimum.
This interest compounds and the amount you have to pay accumulates and incurs interest as well, so that if you will compute all of the expenses and penalties charged against you for paying only the minimum amount each time, you will find out that it is a lot higher than what you have originally bought or paid for.
Certainly, it will be a lot higher than what it will cost you to transfer your balance as well.
The bottom line is, whatever kind of credit card you own, you should always pay in full and on time and if you are having issues with interest payments at present, always be on the lookout for good 0 interest credit card deals and stick to a strict payment plan.
You will be glad to find many financial institutions are willing to give you a second chance.
Courtesy of CreditCardShoppe.com
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