One of the most popular uses of 0 interest credit cards is for balance transfer. It can indeed be very helpful if you don’t want interest to pile on top of your principal debt or loan. With 0 interest credit cards, you would be able to pay off your debt in a timely manner and in such a way that is convenient for your current finances. Instead of using an ordinary card to transfer balance that would still continuously gain interest, a zero interest credit card will prevent you from falling into further debt. Here are some ways to effectively use 0 interest credit cards during balance transfer.
First, know if the zero interest card you are eyeing offers zero percent interest for balance transfers. Not all 0 interest credit cards give the introductory offer to balance transfers; sometimes this offer is only valid for cash advance and purchases. Don’t just jump into the offer; learn all the conditions set under the zero interest promotion.
Second, you can transfer the remaining balance from one 0 interest credit card to another 0 interest credit cards. This you can do if there is no fee for transferring the balance from your former zero interest cards to the next one. If there is a fee, know if this fee is lesser than if you would pay for the interest incurred of your loan balance.
Third, once you have transferred debt balance to your new 0 interest cards, refrain from using it for purchases or cash advance. This will prevent you from sinking further into debt. Try your best not to develop the bad habit of frequently using your 0 interest credit cards thinking that they would not earn interest anyway. Keep in mind that having zero-interest will only be for a limited period. If you continue on your bad practice, it may be too late when you realize that the zero interest period has expired and your debt has begun to incur interest.
Fourth, determine the zero interest period. Knowing until when this great offer will last is necessary so that you wouldn’t be surprised when one day you would receive a bill that indicates the interest gained from your balances.
Fifth, after knowing the zero-interest period and transferring your balance, create a time table or a schedule for which you would pay off the debt. The sooner you clear your debt, the better. However, you do not have to use everything you earn in order to pay as quickly as possible because you may end up relying on your other credit cards for your financial needs. Learning how to balance your finances is the key.
Finally, get 0 interest cards from credit companies that allow you to view your account online. If so, you would be able to frequently check the status of your card. Being able to be updated with your credit card’s status is a great step in managing your finances and your incoming money for the next few months.
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Sean has written a variety of great articles for us and this is no exception. Credit is currently a major problem in America and it’s important to understand the risk and benefits of any credit program that you enter into. Be aware that credit laws have changed recently and that may affect your outcome in the event of credit abuse.
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