0% APR Credit Card

April 1, 2010 by  Filed under: Credit 

Want 0% interest on your credit card? Get 0% APR credit cards.

Having problems in getting out of your debt? Apply for a 0% APR. With this card, getting out of your debt has never been easier. Here are 5 simple steps on how to take advantage of the credit cards:

1. To get started, apply for card which offers half of the amount your lender is offering. Let’s say your lender can lend you $20, 000. Get an APR credit with a limit of $10, 000.

2. When you get your 0% APR, make sure to know the period the 0% APR is offered. You can find this on the fine print of your card. The offer for transferred debt varies from locations. There are places which offer six months. Other places have one year offer and few offers more than one year. Knowing the validity of the credit card is very important. It gives you time to apply for another credit card.

3. Start applying for APR card before the first card expires. The debt from your first card will be transferred to the second card. Please be reminded that the processing of the card can take weeks. Please bear in mind that getting late is not an option.

4. Before your first expires, transfer the remaining balance of the card to the second card. Since this is your second card, the debt balance is now lower. Let’s say the original amount of your debt is $10, 000. You have a balance of $9, 300. This amount will be transferred to the new card. The balance depends on the payment plan applied to your debt. Make sure that your previous account is closed.

5. The cycle goes on. As your second card is about to expire, apply for another card. There are many APR cards to choose from. Take note of the expiration date. Always keep in mind that credit card companies take advantage on subscribers forgetting the expiration date of their cards. They get money from penalties of expired cards. Applying for a new card and transferring your debt to the new card on time, gives you an advantage.

Paying your debt regularly will free you from debt on time. This APR card is an effective tool and partner to get a very good credit background. Its works in your advantage. With APR, having debt is not scary after all. Let me give you another tip. Don’t get a credit which offers more than half the amount of your debt. This has been mentioned earlier. If the card provider gives you a maximum amount of $20, 000, apply for $10, 000. This will give you enough time to pay off since the amount is smaller. You should also know how long your payment will be posted and credited to your account. This depends on what mode of payment is used. Your monthly payment can be through cash, checking account, credit card or debit card.

As Henry Ford says, “It’s not the employer who pays the wages. Employers handle the money. It’s the customer who pays the wages.” You are the customer. The point is to pay 0% interest at all times.

In applying for a credit card your credit background matters most. You will not be approved for another credit card if you go beyond the amount or you exceed the credit limit of your previous card. The lenders will look at your credit score/standing based on your total debt.

Let me give you an example for a clearer view of how this works. You have credit card debt of $20, 000 with 0%. The validity of the card is one year. You have no bad record for the past 11 months, so you will apply for a new card since your credit card is about to expire. What will happen is that your application will be denied. The reason, you exceeded your credit card limit. When this happens, your interest rate will also increase. Many people get caught on this kind of situation. To avoid this kind of problem, always apply half of the amount the lender is offering.

The importance of when your payment will be posted and credited to your account follows. How quickly your payment is credited to your account is very important. Make sure that the payment that you will be making will be credited to your account on time. If you will make a late payment your 0% interest deal will end. The credit card companies don’t care if the payment is late for a second or an hour. What matters to them is that you made your payment late. They will be happy, for you will be charged for late fee. You will also be charged for the regular amount of debt which can be around 30%.

You have options on which mode of payment is best to use in making your payment. You can use electronic payments. This will take 24 to 72 hours for the payment to post. Mailed checks take time. A check payment will be posted and credited to the account after seven working days.

This is where most people get caught up with. Not having the idea on when a payment made will be credited to the account, they think they already made a payment. To their surprise, they receive a letter from the bank saying their payment is late and they have to pay for the regular rate.

Dealing with debt is very stressful with banks increasing their interest rates. This is made more difficult by job uncertainties and increasing financial crisis. We think that taking advantage of the 0% APR credit cards is too risky and scary. If this is how you think, think again. Life is making risk and getting benefit from the outcome. Taking the risk is worth it.

The best ideas may come from people you don’t know. Brilliant ideas come from nowhere. We are looking for best stories. Your ideas maybe simple but it can be that we are not aware of them. We are looking for stories about debt. This can be a success story. I have created a web site where you can share your experience and ideas. The story is yours to tell. Share it now!

for more information about 0% apr credit card. Visit our site at http://0-apr-creditcards.info.

Article Source:

http://EzineArticles.com/?expert=Kartik_Pal

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