Are you looking for a zero percent credit card? They may be difficult to find today, but they are out there if you take the time to look. One thing is for certain, there are not nearly as many of them on the market as there had been in the past. The current economy has done a number on the credit that is available to consumers today. The cards that were once so common were used to encourage new customers to sign up for the credit card. Today, banks are discouraging customers from applying for more credit.
The low interest rate card or even the zero percent cards were used as an introductory enticement. Most plans lasted for a few months and some were even in effect for a full year. Once the terms of the low rates ends, the interest rate would immediately shoot up to the normal rate and customers would end up paying the higher amount.
Some cards used a balance transfer offer to bring in new customers. These plans allowed customers to take their balance from a higher interest rate card and transfer it to the lower rate card. This is a great deal, as long as the customer paid down the balance before the introductory rate ended.
The days of luring new customers to the banks is long past and now there are more and more people who cannot pay back the credit bills that they racked up during those times. This has caused many people to suffer from lowering credit scores, which will affect your ability to get a credit card in the future. There are some offers that are still available on the market for credit card customers. The zero percent credit card offers are still out there, but they are not as easily found. You can search on comparison websites that will show you all of the available offers on the market for low interest cards.
Whenever you sign up for one of these low interest rate cards, it is vital that you read the terms and conditions. Keep in mind that the low interest rate period is going to end and the balance that you have when the interest rates rise is what you will be paying back at a much higher amount. As long as you can manage your bills so that you do not have a balance when the rates rise, you can benefit from a low interest rate credit card.
Read the terms and conditions of the credit card company very carefully before you get a new card. The banks must disclose the interest rate and the terms of the lower interest rate period. You will find out in the disclosure statement the amount that your rates will revert to when they rise. The statement also gives you information on the fees and charges associated with your new account.