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Title:
0 Balance Transfer Credit Card Are They Worth It
Word Count:
510
Summary:
It’s a plastic ocean out there with numerous banks and financial institutions scrambling to sell
you their 0 balance transfer credit card. And there are so many kinds of credit cards available in
the market that a credit card user gets intimidated and perplexed about which card to choose.
The result is that he often chooses the wrong card and then regrets his decision when he’s
already neck deep in problems with his credit card account.
So, never pick up a 0 balance tr…
Keywords:
0 credit card, best credit card rate, low rate credit card 0 balance transfer credit card.
Article Body:
It’s a plastic ocean out there with numerous banks and financial institutions scrambling to sell
you their 0 balance transfer credit card. And there are so many kinds of credit cards available in
the market that a credit card user gets intimidated and perplexed about which card to choose.
The result is that he often chooses the wrong card and then regrets his decision when he’s
already neck deep in problems with his credit card account.
So, never pick up a 0 balance transfer credit card without considering some crucial factors. Here
is a small guide that can help you decide which type of credit card you must pocket.
Guidelines to choosing a credit card
Ask yourself, “Why do I need a new credit card?” Is it because your current credit card carries a
higher rate of interest, or is it because you want to use it exclusively for your business, or is
there any other reason? Zero in on the reason why you need a new credit card.
Once you have the reason, you must check out what kinds of credit cards are available in the
market. Here is a brief dossier:
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2. (i) Regular cards/Business cards are cards that give you a spending limit based on your income
tax papers. The business card is just like a regular card, except that it comes with some
schemes that dangle carrots before you.
(ii) Charge cards are cards that are linked to your bank account and they charge your account
the minute you swipe the card. You cannot carry forward a balance with a charge card.
(iii) Reward cards are credit cards that earn you points every time you swipe them and such
points are redeemable for some goodies (air tickets, supermarket goodies, etc.) at selected
establishments.
(iv) Then there are cards for people who have a bad credit history. These cards carry a low
spending limit and a higher rate of interest. (v) Prepaid cards are another type of credit card that
are mostly used by teens and some kids too. The parent makes a deposit and the card is valid
until the deposit is used up.
(vi) Secured credit cards require that the cardholder deposit a certain percentage of the credit
limit upfront into their bank accounts.
Once you have decided what kind of a credit card is right for you, do a comparison between
different brands of cards. Compare their rates of interest (APR = Annual Percentage Rate) and
also check whether they carry an annual fee.
What grace period or no-payment period they offer you, how do they calculate the interest,
whether the rate of interest is an introductory rate, whether rates of interest will vary on cash
withdrawals, billing cycles, penalties on balance transfers, and so on.
Voila, there you are! If you follow these basic guidelines, you will be successful in pocketing the
right 0 balance transfer credit card that suits your needs. And that is the easy part,the difficult
part lies in maintaining a credit card and keeping your credit history clean.
But, that’s another story!
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