www.bestcreditquote.com - Evaluate and critique prominent 0 APR credit cards.
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Read through this article to discover how not to pay annual percentage rates for decades. Basically, APR is the rate at which interest is calculated on the unpaid balance of your card. Credit card low APR is an appealing choice for frequent shoppers that rely on having a low monthly interest rate when they cannot pay off the entire balance of the credit card in any month. Because the credit card company has lent shoppers money so they can make their buys, the credit card company will charge interest on the balance until the entire balance is paid off. Mostly, credit card low APR charge you an interest rate even lower than the standard APR offered by most traditional credit cards.
Because the interest rate advertised is calculated over the period of a year, it is known as the Annual Percentage Rate. It's the quickest way of telling which credit card company charges the lowest rate of interest for using their card. However, there are a couple of additional things y ou need to keep in mind when comparing the APR advertised by different card issuers. Some consumers might discover that when an introductory APR offer expires the rate of interest can revert retroactively to an APR of 23% and beyond.
The credit card companies use the low, or 0 percent teaser rates to bring in new customers that they are hoping will continue to carry monthly balances that extend beyond the introductory period. More importantly, however, the 0 percent offer works for you because it can save you a large amount of money on interest during the introductory term. The lower the APR, the cheaper the card is to carry and the more money you'll save on it. You'll get low interest on all buys and balance transfers for up to 15 months.
A basic strategy to ponder; when your intro period on your existing card is about to expire, apply for another card with a 0% APR introductory rate from a different financial institution and transfer the balance to the new card and cancel the old. Considering all the financial institutions there is today it could be decades before you have to pay an annual percentage rate.
If you need to buy something expensive then the 0% APR credit card can look very appealing. However, if you will not be able to pay off your purchase by the end of the introductory special on your 0% APR credit card, you may learn that you will be paying more in the long run with higher interest rates. But you can do like most people, just apply for another 0% APR credit card and transfer the balance from your old 0% APR credit card to the new card and then cancel the old card.
If the interest rate is higher than the APR of another credit card that do not offer 0% APR credit cards and you're not planning on heightening the 0% APR credit card you're given. Then maybe, it's better to go with a credit card with low interest. There are so many types of 0% APR credit cards that offer all sorts of promotions and rewards th at it's hard for a consumer to pinpoint which one would best suit their wants, needs and present financial situation.
If you're going to buy something expensive but you don't think you can pay it off before the introductory period of your 0% APR credit card offer expires then just before the intro period is over it would be a good time to look at other 0% APR credit card offers. 0% APR credit cards are an appealing choice for frequent shoppers that rely on having a 0% monthly interest rate when they cannot pay off the entire balance of the credit card in any month.
More The 0% APR Credit Card and Why You Should Consider One ArticlesQuestion by one x sweet: Is signing up for 0% intro APR credit cards and then not using them after its done bad for my cred score??? Is signing up for 0% intro APR credit cards and then not using them after the intro period is done bad for my credit score? Can it actually hurt it? Best answer for Is signing up for 0% intro APR credit cards and then not using them after its done bad for my cred score???:
Answer by Angela B
When you have opened credit lines that aren't used it looks to the credit bureau that you have a bunch of money that you can use. So, for instance, if you have $ 10000 in unsed credit card lines, a bank will be hesitant to loan you more money because you could potentially get yourself in financial trouble. The best thing to do is to have your single credit card and make a small purchase each month and pay it off. What I did to start my credit was to get a credit card and I bought an outfit each month and then paid it off. This helped me to build my credit.
Answer by yoko1san
No. Not using your credit wont hurt your credit score. Just keep in mind that you've got to read the fine print before applying for a credit card. Don't fall for a promotional rate. After the introductory period ends, the "real" APR is usually very high.
Answer by DAS
Both of the answers below are correct, you want to use credit respo nsibly. Don't continue to open new credit cards, one or two are just fine. What she was talking about is debt ratio, if you have lots of credit cards balances and never use them, other credits will be hesitant to lend you money or give you credit. Actually what is the point of continually opening up credit cards with 0% intro APR's if you are not going to use them? Isn't one or two enough? No, it can't hurt on the short run, your credit score will not be effected, but on the long run, your chances for getting more credit, like mortgages, loans, and other credit cards can be hindered. Also, most credit card agencys suggest that it is better to just leave the credit card open and not close it, if you decide to close the account, so this would be another good reason not to open more accounts.
Answer by Enjoy Life!
If you're going to be responsible with the credit card it's not a bad idea, but DON'T be late on any payments. Also, don't ever close that credit card, because that would hurt your credit score. 35% of your credit score is based on how you use credit. If you only keep a 30% balance of your credit limit, that really helps boost your credit score. If you don't use your credit card after the intro period, that's okay, it won't hurt your credit, but it won't help it either, unless you use your credit card. Just a suggestion, charge a very small amount every month and just pay it off at the end of the month, that will help your credit score alot....best of luck.....be responsible. My job is, I help people repair their credit....hope that helped you.
Answer by tamrn02
Having too many accounts can hurt your credit, however, if you have accounts and don't use them or stay WELL below the credit limit then this will look good on your credit. Closing accounts actually comes up bad so use this sparingly when wanting to close accounts.
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