The Truth About 0% Credit Cards

The Truth About 0 percent Credit CardsHave you noticed that the 0% Credit Card offers are coming back? In the past year, the big banks have been ramping up their marketing efforts to get us using our credit cards again.

Over the past few years our nations revolving credit usage has dropped significantly, with more of us using cash or debit cards.

The question is… Are those Zero percent credit card offers a blessing or a curse?

First thing I want you to understand is that this is nothing more than a marketing tactic. Which can be a great tool, if and only if you are disciplined with your money.

Here are 5 of the most important things to know before jumping in with a 0% credit card offer.

1. Confirm the zero percent interest rate and time period.

2. Check on what the rate will be after the introductory period.

3. Check the balance transfer fees…they are typically around 3% of the transfer amount.

4. Continue to make your payment on your other card until the transfer is complete.

5. Never… ever… miss or be late on a payment. Or you could default, and end up paying an interest rate of 20% or more.

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