Zero Percent (0%) APR Credit Cards

Be sure to read the fine print

Credit cards that come with zero percent or very low interest rates are made to grab your attention, but the low rates are only available for a limited time, usually six to twelve months. Many people take advantage of the lower rates to make large purchases as they have a few months to pay them off. The low annual percentage rate (APR) is known as an introductory or teaser rate. After this introductory period of time has elapsed, the APR climbs to a higher level. Some of these cards offer only the low rates on purchases, while others may offer features such as extended warranties on purchases, travel and rental car insurance. Many of these cards will also let you transfer balances. The annual fees, if there are any, and the credit limit will vary on the cards.

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If you shop around, you may be able to find some low interest fixed and variable rate credit cards that don’t increase their rates after the introductory offer. However, these cards are generally steady at about 10 to 12 percent.

Most zero percent credit card offers arrive in your mail box, and while they do sound good, make sure that you read the fine print. Some of them may be suitable for you; however, if the interest rate skyrockets after a given time, it’s a good idea to stay away. If the rate they climb to is still within your financial limits, then a zero percent interest card could be ideal for you.

If you plan on paying off the full balance before the introductory rate expires, this type of card can actually save you some money. In addition, if you’re transferring balances from other high rate credit cards or need some short term borrowing, these cards can give you some financial relief.

For example, if you transferred a $9,000 balance at 20 percent interest to a 1.9 percent interest introductory rate card you could save over $1,600 over a year. However, the best way to save money is to pay off your credit cards in full every month if possible. This way, the interest rate won’t really affect you since interest is only applied to balances you carry over.