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Article Directory :: Finance & Investment Articles
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Copyright © 2012
Liz Roberts 
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Understanding how interest rates are calculated and how these rates affect your expenses is very important for credit card holders. A person should know what he/she is paying for.
Since there are lots of credit card companies in the market and some of them offer low interest rate credit cards, how will you know which one to choose? There are even companies offering 0% interest rate credit cards. A very good deal, right? But before grabbing this great opportunity, ask yourself:
How long will the offer for a low interest or 0% interest rate last? 1. Once the introductory or special offer expires, how much will the regular rate be?
Different Interest Rates Apply In every transaction or agreement, it is very important that you know what the terms and conditions are before saying yes or signing up for anything. Same thing with credit cards. There are instances wherein the interest rate applied on new purchases and cash advances may be different from the rate applicable to a the balance transfers.
Let us say you are using a zero-interest rate card. You should make sure that you understand the rates and fees of your card because there are some issuers that impose high rates on purchases and an even higher rate on cash advances. So if you use your card to buy an item, failing to pay off your full balance on time would only cause you a lot more than the original price of your purchase.
Other Fees and Changes Another thing you should be aware of are the expensive fees associated with your zero APR card. Sometimes, the annual fees can be up to $50 or even higher. The overdraft fees and late penalty charges can be expensive as well.
You should follow what is stipulated in the Terms and Conditions contract because if you fail to do so, you can be disqualified from enjoying the zero interest rate.
Credit History and Eligibility There are a few things that credit card companies offering a zero introductory rate requires. One of these requirements is that the person applying should have an excellent or good credit history.
It is best if you know the credit requirement your chosen before submitting your application. If you think that you have a lower credit score than what they require, improve your personal credit history first to avoid rejection.
Reminders for Cardholders Having enough knowledge before engaging yourself into something is very important. Be sure that you understand everything that is stipulated in the contract. If not, you can always ask the issuer or the representative of the credit card company.
You can also do your research using the internet. If you want to grab the opportunity to have a zero-interest credit card, make sure that you know how long the introductory period lasts, the rate after the introductory period ends and other costs associated with the credit card.
Also, If a zero interest credit card has a rewards program, you should make sure that it fits your lifestyle so you can get the most out of it.
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