Are 0 APR Credit Cards For Real?
The perfect plastic would be 0 APR Credit Cards. Now, these are not so easy to come by. Typically what credit card companies do is pitch a 0 APR on balance transfers. This generally only lasts for a year. Then it is hard to say how high the annual percentage rate will go. This is their way of catching your interest.
Maybe you have student loan debt of ten grand, which has a horrible percentage rate. Well, you can transfer the balance onto your new credit card and suddenly have a 0-percentage rate. That’s great! There are no two ways about it. It would even be better if you could pay the debt off before the year of 0 APR runs out.
Anyway, with most 0 APR credit cards it doesn’t concern purchases. I have yet to see a credit card that offers 0 APR for a year on purchases. They want to make money off the interest. This is why they don’t offer it with purchases. They know, however, that they will keep you if you transfer a balance onto their card. It is hardly ever over after one measly year. Then you will be forking out the interest each month. This is simply the way of the credit card.
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