2015 the best 0% credit cards available
Financial institutions are constantly coming up with deals and offers to entice a new market share. These offers could be on the balance transfer or a cheap borrowing or spending rate. A balance transfer is where you shift a huge and expensive debt to a new, cheaper card. The spending rate offers refer to deals where you can use the card for a specific time and pay up to 0% on all purchases; pretty irresistible deals.
Enter the All-Rounder Card
An all rounder card is one that gives really cheap intro rates (on spending) and good rates on balance transfers. The specialized cards offer similar or better deals so the all rounder card is least likely to knock them out of the game. However, if you want the convenience of cheap spending and balance transfer while protecting your credit score, you may want to check them out. Compare Top 10 Loans – Secured Loan Comparison.
The 6 Credit Card Golden Rules
The prospect of free or low cost balance transfers can get you all excited that you forget to read the fine print and land yourself square in debt. So, before you rush to your bank to fill in the transfer forms, here are some olden rules that should be on your mind.
- Keep the Debt Only As Long as The 0% Period
Cheap transfer offers are a money minter for lenders, and should you fail to make even a single payment, you are in trouble. The trick is to clear all the transferred debt before the 0% period ends. Alternatively, make arrangements to transfer that debt. This is because the rates will shoot staggeringly high after the offer period.
- Never Ever Miss a Payment
Having a 0% credit card is not express permission to skip on your monthly payments. Missed payments attract hefty penalties. In worse scenarios, the lender may even withdraw the card and leave you with a really expensive rate.
- Cheap Transfer Cards Are Really Not That Cheap
Now, many lenders will allow you to do pretty much everything; from shifting debt to withdrawing or shifting debt. However, their priority is the most expensive debts. While taking the balance transfer card is not as bad as it used to be, it still costs you. You can solve this by paying full balance on both transfers and purchases.
- Your Credit Score Is Your Future; Protect It
By now you are aware that every application you make (whether it is approved or denied) leaves a mark on your credit score. But you cannot get a card unless you apply, right? Well, the trick is to first ensure that you are eligible for a specific plan before you apply to reduce chances of a rejection. You can use online calculators to determine eligibility.
- The Lenders Are Not Really the Saints You Think They Are
While you may apply for a 0% card and get a totally different deal from what you applied for. This is notorious with the “up to” phrase of the agreement. For example, you may apply for a 36 months 0% for balance transfer only to realize that you are awarded 18months on 0% because the terms and conditions read up to 36 months.
- You Do Not Necessarily Need a New Card to Cut the Interest Rate
Most 0% credit card deals are offered to people with great credit scores. Therefore, if your score is less than perfect, you may need a card shuffle instead. This is a trick that lets you move your debt around the credit cards you have. Although this can be quite tricky, it has can save you quite a lot. This, however, only works if you are not maxed out. There are numerous sites that give advice, so make sure you consult an expert before making any move.
Considerations for Taking out A New Credit Card
There are 2 main factors that make up the offer: the period of 0% and the cost of the balance transfer.