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Home Credit Cards How to Benefit from Credit Cards at 0% and Escape the Traps


HOW TO BENEFIT FROM CREDIT CARDS AT 0% AND ESCAPE THE TRAPS

By
Finserving
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4th January 2020
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The primary motive behind any business and credit cards are no exception, is to
make profits. However, you may be surprised at times to find credit card
companies offering cards at 0% interest, meaning they will not make any profit
from those cards. So, what is the motive behind such cards? Well, it is still to
make a profit. But with the market so saturated and customers unwilling to take
up new cards, the companies have to devise tactics to attract new clients. The
offer is so enticing to customers and may even benefit them, but they have to be
keen on the details of the agreement. Otherwise, the arrangement may end up
being disastrous to the consumers if they do not pay attention to the terms and
conditions. The customers could ultimately be the ones who cover the profits
forfeited by the card companies.

How To Benefit From Credit Cards At 0% And Escape The Traps

How the 0% interest cards work

It is common to find standard cards with 0% interest, although usually for a
restricted time. Also, there are offers where you can buy something by paying a
certain minimum amount, taking the item with you, and settling the full amount
in 12 months or within the agreed-upon period at no interest. However, you must
pay the whole amount within the agreed period (promotional period). If you fail
to pay in full, you pay the interest on the entire amount borrowed (or the value
of the item) during the promotion period—not on the outstanding balance at the
expiry of the promotion. For example, if at the end of a 12 month 0% interest
promotion you have a balance of $200, and the original amount was $1000, you
will pay interest on the original figure of $1000 and not on the outstanding
amount of $200.

Other credit cards charge low-interest rates—2% or even less—for extended
periods, but this is only for balances transferred from card accounts. However,
the low rates do not apply to the new expenditures incurred on the card, and
this may confuse card users. Such cards come with the condition that the user
must make certain minimum monthly payments to keep the low rates. If they miss
even a single payment, they lose the benefit of the low promotional rate, and
the interest is charged at the regular rate of about 20%.

The 0% card promotions (or the purchase arrangement) and the low-rate transfer
promotions can help you save a good amount of money if you observe the terms
while using them.

The risks of 0% interest cards

While 0% interest cards and purchase plans can help you save substantial
amounts, they could also make you end up paying exorbitant interest amounts if
you do not clear the amount within the agreed-upon period. You may also find
yourself stuck with huge balances at the end of the period, whose interest rates
will be high if you have not worked out how you will repay. Also, the interest
rate that is applicable after the promotion period is typically higher, ranging
between 20%-30%, and this will certainly raise your debt ratio. Balance transfer
credit cards, which charge 0% or low-interest rates on the shifting of existing
debts from other cards to them, and a small fee can put the consumer in the same
trap.

Consumers could end up with a huge amount of debt, and at worst, they could
default, thereby hurting their credit scores. You should avoid these risks,
since an impressive credit rating is crucial for easy access to loans.
Nevertheless, those with low credit scores can engage professionals to help them
boost their scores using trade lines by visiting
https://www.boostcredit101.com/. These experts can also give you more advice on
improving your score.

How to avoid the 0% interest trap

It is vital to be responsible with credit cards and your debt; only then can you
have the 0% or low-interest cards working for you—and not for the benefit of the
card companies. You must ensure you pay the full amount during the promotional
period if you took up a 0% interest card or entered into such a purchase plan.
In the instances where you have a balance transfer card or a purchase
arrangement, the best and most prudent thing is to work out in advance how much
you will need to repay monthly. You can have a standing order where you set a
direct debit from your account for the amounts each month. With such a plan, you
will avoid missing payments or incurring late payment charges.

Additionally, it would be good to restrict the cards for repaying the debt. You
could also remove the card from your wallet to minimize chances of running the
card and piling huge balances. For cards with limits, you will also avoid
penalties for overspending. Finally, reading the fine prints of the agreement
and seeking any further information or clarification is very important to avoid
violating the deal and ending up disadvantaged.

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Previous articleReasons to Jump on the Wagon and Buy Land

Next articleBorrowing against a Vehicle? Things to Know
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