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0 Credit Card Offers – Avoid The Traps, Get The Facts

0 credit card offers are one of the hottest new ways that credit card companies use to get your business and people seeing that 0% interest leap at the opportunity to pay less in interest rates only to discover somewhere down the road they are actually paying more than they were with their old credit cards.

While it is easy to blame the credit card company for suckering you in the fact is that usually it is the credit card holder who is at fault for not reading the fine print that is written in the conditions for obtaining and using this card.

Tired of paying more in interest than on the principal they leap at the opportunity to pay down these debts fast by not having to pay any interest, not taking the time to understand exactly what they are getting themselves into. This is especially true of those 0 credit card offers for transfer balances.

Here are a few things you should look out for before deciding to take up one of those 0 credit card offers and transfer those balances from all your old cards over to a new one.

1. How long does that 0% interest period the card offers extend for? Is the period in which you will be paying long enough to significantly reduce your debt should you transfer the balance of one or more cards to this new card?

2. What will be the interest rate once the 0% introductory period ends? Will you be paying more interest in the long run because the interest on the new card once it kicks in is twice or three times your old rate?

3. What happens if you make a late payment on your credit card? This is especially important because often you not only lose the 0% financing and begin paying interest when you are late on a payment but, some of these cards also charge you a penalty on top of that interest.

4. Does the credit card charge a fee for each balance transfer? That 0% interest may not seem like such a good deal if the card company is charging you a $100.00 for each balance you transfer to their card.

Keep in mind that credit cards are out to make money. They aren’t offering something for nothing and while 0 credit card offers can oftentimes be of great benefit to you the consumer you really do need to take the time to read all the fine print and use the card wisely.

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