Not all of us have a good grasp of what credit cards or APR etc. are all about, especially those who just begin to earn, or even young adults who have not the time nor inclination to find out in detail what 0 APR credit cards are all about. Some of us just hear other people extolling the benefits of 0 APR credit cards and so apply for the first 0 APR card that comes their way. When the statement arrives they may be in for a rude shock as not all 0 APR cards are the same, the features and benefits that they offer vary from card to card.
Types Of 0 APR Credit Cards Some of the top-notch credit card companies also offer 0 APR credit cards. Some cards offer 0 APR on purchases only, some offer 0 APR on balance transfers only, some offer 0 APR for both purchases and balance transfers. The 0 APR is offered only for an introductory period which depends on the firm offering the card, they may offer it for periods such as 6 months or even as much as 18 months.
The reason why 0 APR credit cards are so popular is the fact that the companies charge no interest on any purchases made during the term of the offer. This could result in considerable savings to customers if they utilize the card and make the pay off before the regular APR rate sets in. The 0 APR on balance transfers is useful to help transfer outstanding dues on other cards with higher APR to the 0 APR credit card. The customers can use the 0 APR period to considerably reduce the principal rather than pay just the interest as on other higher APR cards. The only caution to exercise is to pay off the due before the 0 APR offer ends as otherwise the regular, higher APR of the card comes into effect.
So while it may be a great idea to get a 0 APR card be sure that the terms and conditions as well as the duration of the 0 APR offer is considered. Some cards revert to an incredibly high APR after the introductory offer, yet others offer a reasonable APR. You can do some research online to help you get a better idea about 0 APR credit cards and the different firms that offer the 0 APR. There are some websites that provide details about the various 0 APR credit cards listing their benefits, the term of the 0 APR and the APR that is regularly charged on each card. Such websites can help you select the best card with the kind of features that will offer the maximum benefit to you. Make the right choice and apply for a 0 APR card today.