How can you Benefit from an introductory 0% APR
APR is the annual percent rate of interest any credit card holder has to pay yearly and a 0% APR means that you will not have to pay interest rate on the purchases you made on your credit card for a specific period of time.Almost all credit card issuers forfeit APR in the initial 12- 14 months in order to make their credit card offers more tempting to the general public and entice new clients to purchase their credit cards. It does sounds tempting but you need to know exactly how you can benefit from credit cards at 0% APR so that you do not suffer from loses in the long haul.Following are some ways in which 0% APR credit card offers can come in handy
Pay Out Loans
0% Annual Percent Rate can be optimum to purchase when you want to pay down other types of loans such as college loans, house loans and even car loans. If you are close to paying off your loans completely then it is recommended that you use your introductory 0% APR to fully erase your debt and get ahead of your financial situations otherwise your credit card issuers can increase your percent rate awfully high at the end of your introductory period.
At the time of Holidays
Holidays are surely a period if blessing and happiness but they can be extra hard on your wallet. You can get a credit card at 0% APR during holidays to lessen the financial strain your wallet experiences from gift shopping and expenses for entertainment. Several credit card issuers feature a 0% APR during holiday seasons along with various perks and generous cash back rewards so that you can get the most out of your holiday season.
Paying up Credit Card Debt
Credit card debt can seem impossible to pay especially if you add high interest payments and annual fees into the equation. But credit card debt can be completely paid off if you know exactly how to utilize every option available to you. Transferring your credit card balance to an account with 0% APR can reduce your debt quickly. Most credit card companies are offering a 0 annual percent rate for the 12 – 18 months introductory period. You can avail yourself to these offers and focus specifically on paying down your credit card debt and avoid making expenditure on other things until your financial situation us stable again.
Use in Emergency Situation
Accidents and emergencies come unannounced and always when you are not ready for them. 0% APR can become a huge consolation in case of emergencies when you need to pay up hundreds of dollars as medical fees or car repairs. It is constructive to have a credit card solely for unexpected financial situations which you would not use for daily expenses and random shopping. You can consolidate your unanticipated financial crises with the help of credit card that offers 0 APR or low interest rates so that you can pay off your credit quickly once the crises are over.