0 apr credit cards: this will not be for long

The 0 apr credit cards advertisements are a great way to get consumers attention. The credit card companies know this. It is like most things, nothing is for free and neither is this. This is only an introductory offer by each and every credit card company that makes this offer. In the fine print of the advertisement the time limit is stated. Some last for 3 months or 6 months but the best ones last for 12 months. After that time the interest will be increased generally to 5.99% above the prime but for some it is 11.99% above the prime.

Those with great credit are usually the only ones that qualify for this type of card. Another stinger is that some of these cards come with an annual fee attached. The range is from $20 a year to $35. At times another catch is through in by the credit card companies, the low introductory rate only applies to transfers at the time of the application. Any transfer after that time will be at a higher interest rate.

Some of the offers out there are good for the consumer and these are the ones that not only have 0 apr on transfers but also purchases. I have yet to see one include a cash advance. That is generally rated at the highest possible interest and is the last to be paid off.

The thing the consumer must remember is that this introductory offer is only good for a limited time and only good for as long as all the payments are made on time. If one payment is one day late the credit card company can raise your rate to whatever they wish. 0 apr credit cards are the lure these companies use to entice the consumer to transfer their debt to them so they can profit from your debt in the future. The credit card company is in business to make money, not be your friend.

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