Zero interest credit cards - The Pros and Cons
Zero interest credit cards are no doubt very enticing to practically any consumer, but it is important to understand that there are pros and cons associated with these revolving accounts. Before selecting one of the many 0 interest credit cards [http://www.0interestcreditcardsdeal.com/], it is necessary that a person consider the following key points. Most people realize that the biggest benefit of 0 interest credit cards is that there are no interest charges assessed on any purchases or balances.
A good zero interest credit card is an excellent way to payoff a balance fairly quickly because all of the payments will be applied to the amount owed. The pros are fairly obvious and may prove to be quite desirable to most consumers. There are, however, some cons associated with 0 interest credit cards that a consumer should be aware of. Some companies will not charge any interest, but may assess an annual fee. The annual fee is often much less than the interest charges, so zero interest credit cards with an annual fee are not necessarily a bad thing.
A 0 interest credit card may require that a balance transfer fee be paid and these fees are often a percentage of the balance. Large balances could result in fairly large fees that could negate the benefits of having no interest. However, many zero interest credit cards do have a cap on the balance transfer fee and these offers should be taken advantage of. Perhaps the most important thing for consumers to realize is that a 0 interest credit card may make certain purchases very tempting.
0 interest credit cards can serve as a very useful financial tool, but they must be used responsibly as is true with any other type of revolving account. If a consumer completely understands the pros and cons, there should be no remorse with the decision to select a zero interest credit card [http://www.0interestcreditcardsdeal.com/].
A good zero interest credit card is an excellent way to payoff a balance fairly quickly because all of the payments will be applied to the amount owed. The pros are fairly obvious and may prove to be quite desirable to most consumers. There are, however, some cons associated with 0 interest credit cards that a consumer should be aware of. Some companies will not charge any interest, but may assess an annual fee. The annual fee is often much less than the interest charges, so zero interest credit cards with an annual fee are not necessarily a bad thing.
A 0 interest credit card may require that a balance transfer fee be paid and these fees are often a percentage of the balance. Large balances could result in fairly large fees that could negate the benefits of having no interest. However, many zero interest credit cards do have a cap on the balance transfer fee and these offers should be taken advantage of. Perhaps the most important thing for consumers to realize is that a 0 interest credit card may make certain purchases very tempting.
0 interest credit cards can serve as a very useful financial tool, but they must be used responsibly as is true with any other type of revolving account. If a consumer completely understands the pros and cons, there should be no remorse with the decision to select a zero interest credit card [http://www.0interestcreditcardsdeal.com/].
