0% APR credit card offers aren't the most transparent type of credit card deal. Some credit card companies advertise 0% interest rates for "up to" a certain amount of months. However, in the fine print, a credit card that offers a 0% APR for up to 12 months may only grant 0% rates for as little as 6 months. The length of the 0% APR you get with one of these offers is based on the credit card company's review of your credit and the information you supply on your credit card application. Typically, the longest 0% APR deals are reserved for applicants with excellent credit.
Some credit card companies are more straightforward with 0% APR offers. These companies deliver the full advertised 0% interest rate period to all approved applicants. If you have excellent credit, getting the longest advertised rate likely will not be an issue. However, if your credit is good, but not great, be careful when selecting a 0% credit card. This is especially true if you intend to use your card for balance transfers and initiate a balance transfer online. You could end up paying balance transfer fees and losing out on half of the expected 0% period.
Recently, credit card companies have dramatically increased the length of 0% credit card offers. Today, it is possible to get a 0% rate on purchases or balance transfers that lasts 15 months or more. This was not the case a few months ago and these long term 0% APR credit card offers may only be available for a limited time.
The reason it is now possible to get extremely long 0% interest rates is competition. Credit card companies have been battling for new business by trying to offer the best deals. However, if interest rates start to rise or the economy fails to improve, expect the length of 0% APR credit cards to drop back to the historical norm of 12 months.
Articles About 0% APR Credit Card Offers
Secrets of 0% APR Credit Card Applications: Okay, so I've mentioned this five times already, but it is really important to closely examine the fine print of 0% credit card offers to make sure you get the deal you applied for. This article shines a light on what exactly you should look for when evaluating a 0% offer.