Be Smart With Your Credit Card

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Be Smart With Your Credit Card

We all wish that our credit cards were interest free all the time. How much pleasure would it be to know that what you spend is what you pay back and there would be no interest to pay. What is happening is the credit card companies are fighting it out to see who can get the most customers and one way is to offer us 0% interest deals.

The credit card companies are offering introductory offers including 0% on balance transfers and purchases for 6 or 9 months, so everything you buy is interest free how great is that! These offers are becoming more popular by the month, the credit card companies realise we will go with these credit cards first and that interest free deals for any period of time is a great way to pull in the customers.

Break free from your high interest credit card…

All credit cards can be interest free if you pay off your full balance on time and at the end of every month, but most of us cannot afford to do this. When the APR comes into force, usually a typical rate of 15-20% will be charged. There are however some better rates about if you are willing to search for them, including a rate of 9% and maybe even lower. Always check what your rate will be once the introductory period is over.

Many credit card holders are using the 0% deals to their advantage. The term “Rate Tart” is used to describe people who transfer their balance from one card on to a credit card that has the 0% deal. This will cut out the interest payments on their existing card, however, you really have to keep on top of this especially if you have more than one credit card, as you do not want to get confused as to when and where your balance transfers are due.

Take advantage of the 0% deals…

There has never been a better time to take advantage of these great 0% deals with the big companies fighting for your business. If you’re using the 0% deals for transferring your balance and are intending to use the card after the interest free period, double check the interest rate once the introductory period is over as it may be higher than the card you have.

· Switch your balance to a 0% deal

· Check the APR that will be charged when the 0% deal is over

· Start searching for a new credit card 4-6 weeks before your existing deal runs out

0% deals are great as long as you watch what you are doing. The more cards you have the more chances are of getting transfer balance dates confused, but if you have a good head on your shoulders and are well organized then you will benefit greatly.

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