Credit card companies like Visa, Mastercard, American Express and Discover all have some type of 0% APR introductory rate program. There is nowhere else where you can use other people’s funds without being charged interest on it. At the time of approval for a card certain ones (depending on their terms and conditions) will grant you an intro APR rate. These invaluable intro APR rates span 3-12 months time depending on the kind of card that you are approved for. You have got to stay focus on digging a hole for yourself with such a great interest rate. Control your spending.
Spend too much and you could end up using up your entire credit line
A sure sign of card indebtedness is when you have hit the limit on your card and the intro interest rate has expired. You are stuck with a card that has a high balance on it and at the regular APR? You’ve gotten yourself into a hole that the companies love to see? Do you realize the importance of being responsible with your shopping and spending habits? Let this be an example of what could happen to you? Don’t end up like others who end up spending like crazy trying to take advantage of the intro rate.
People may overlook this but if they already carry a high balance on another card BUT they are approved for a new card with an 0% intro rate they can use that to their advantage and start paying down their debt. With the card that you already carry a balance on stop placing any new charges on it and move those normal, everyday charges to the new card. Start putting more funds towards paying down the older card that has a balance to reduce your interest payments. Each month you will be reducing your debt and by the time the intro APR is up you will have paid down a lot of your debt. Other than just having 0 credit cards APR rate you may want to compare the additional features the cards may offer. Each card that you apply for is unique in that they may also offer gas rewards, airline miles, cash back bonuses and points. The terms and conditions of the card will tell you what additional benefits there are available for card holders.
Credit card issuers focus on one’s credit standing and credit score before they approve them for any type of revolving credit
Get a glimpse into what the card companies see by checking your credit report. If you are serious about qualifying for a specific credit card you should run your credit yourself. If you find any errors in the report you can have them removed by disputing them. You will see your credit report and credit score improve one these discrepancies are removed.
Getting Approved For The Card That You Want
Other than the thrill of swiping a card getting approved for a particular card that you have researched is also quite a rush? You may end up receiving your card within the week with your approval. Check the card issuer’s site to have an idea of the total amount of money you have charged each month. Pay down as much as you can each within your introductory period so that you balance doesn’t continue to increase too quickly.