2006-08-02 04:12:47 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Listen -
Advanta bank has a 0% APR LOB card. But its a business credit card.
Discover also offers a 0% APR LOB card but only through direct mail right now.
Find the card here http://www.bestcreditcardscompared.com
2006-08-02 07:30:49 · answer #1 · answered by Anonymous · 2⤊ 1⤋
For a credit card: Yes. You transfer your other credit card balances to the 0% card. Then presumably as long as that balance remains on the 0% card, you will be making no interest payments, principal only. The catch: If you start using the card for purchases. Then your extra payments will go to pay off the lower interest balance while you continue to pay and acrue a balance in your higher interest part of the bill.
Example: You transfer 3000 to a 0% card. Your balance is 3000 and every time you make a payment of $100, you are reducing your balance by $100. The APR for purchases is 12%. You charged $100 on your card. Your minimum payment is $100.
Now you will pay $99 toward your 0% balance, $1 for interest, and you will be paying interest on your $100 purchase until the 0% balance is paid off.
The solution: Don't use the card until your 0% balance is paid off.
2006-08-02 04:26:52 · answer #2 · answered by amkornele 3 · 0⤊ 0⤋
Generally, it is either 0 percent for a certain period of time, or a low percent, sa 3.99, until the balance is paid.
2006-08-02 04:20:02 · answer #3 · answered by ceprn 6 · 0⤊ 0⤋
No, but I have 2.99% for the life of my credit card balance. I thought that was pretty good, since it's pretty hefty balance.
2006-08-02 04:19:30 · answer #4 · answered by Mom of One in Wisconsin 6 · 0⤊ 0⤋
for what product? a current or savings account... sure!
2006-08-02 04:15:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋