You can get zero interest credit card easily if you have an excellent credit score. Yes, it is true. You must have an excellent credit history. If you find that your credit is bad, you might will get difficulty to apply for a low interest credit cards, especially credit card with 0 interest.
You need to fix your credit history first. Once your credit history and your credit score are rising to the excellent or good rating, you can apply for credit card 0 interest. You do not have to pay interest for the balance of your credit debt.
It means you can save a lot of money. You can save up to hundreds or thousands of dollars for a year. It depends on the amount of your outstanding balance. If the balance of your debt is large, of course, you will save huge amounts.
You Should Choose Credit Card with No Annual Fee
How do you get the zero interest credit card? That's not too difficult when you have fulfilled the main requirement, where you have a good or excellent credit score. The best time for applying for the zero interest credit card is when your old credit card will expire.
Old credit cards charge you very high interest . You object to pay a monthly bill because of growing interest. You want to transfer your outstanding balance to a new credit card with 0 percent interest or the 0 interest on balance transfer.
Then balance transfer should be done when the old card will expire. For example, within one month of the card will expire. You should choose the credit card without transfer fee and the annual fee. Some credit cards offer no annual fee. You can choose it.
Meanwhile, credit cards usually charge 3% transfer fee for credit card introductory period and 5% normal period. Only Slate card from Chase offer 0 transfer fee, but it's only for 30 days after you open an account.
Introductory period of 0 interest credit card is 3 months, 6 months, 12 months, and so on. You can compare many offers and select the card that suits your needs. For example, if the balance of your debt is large, of course you need a long time to pay off your debt. You should choose a card period of 15 months or 18 months.
However, you have to focus of paying off your debt. You should minimize shopping to maximize focusing on debt repayment. It is very important for your financial future. For example, you can get low credit card interest rate or get loan to buy a home, car, etc.
You need to create a detailed plan for repayment of your outstanding debt. You should always pay your monthly bills on time. Never too late paying, although only one time. If you are late paying bills, you have to pay a late fee and your credit scores go down. The zero interest credit card can also be pulled back and you have to pay a monthly bill with interest. Of course, you will get big loss.
