I got a credit card offer in the mail from Master Card saying I can get 0% APR on all transfered balances for 15 months. I want to transfer 2 credit card balances on this card. Are there any secrets I dont' know or fees that I'm not aware of. Because to my understanding, that means I'll have a flat balance with no interest on it, so I just pay on the balance, no interest. Is that right?
2007-01-05 18:10:37 · 6 answers · asked by ms.bird 1 in Business & Finance ➔ Credit
Yes, I got a Premier Platinum VISA with a 0% APR on purchases and balance transfers until June 2007. After the introductory rate expires, the variable rate will be 6.99%.
If your card is in one of these offers, you can paid the minimum required each month or more and leave a balance without any interest. But it must be pay in full before the introductory rate expires.
2007-01-07 16:38:51 · answer #1 · answered by lelekid4ever 5 · 0⤊ 0⤋
Each card has its own terms that need to be read for fine print. Watch out for annual fees and transfer fees so that you may not pay interest on amounts but could end up paying enough in fees that you'd be better off paying interest. There could be a clause that charges you the interest from day one if you are not at a zero balance by the end of the term. Just one late payment could boost you up to 25% interest. Before taking that offer give your current credit card(s) a chance to lower your interest but if you do switch, don't cancel the cards that have already helped you build a credit history unless there's an annual fee. It's great to have credit cards. What you don't want to do is use them.
2007-01-05 20:44:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
They are real...for a while. Read your terms and conditions, but it's likely that the 0% ONLY applies to balance transfers...and that any purchases you make will be charged interest. You'll also have to read the terms as to the method of payment application...that is, do they apply the payment to the 0% bal con balance, and charge you interest on anything you've bought....or pay down what you've bought, and leave the 0% bal con balance unchanged. It's almost certainly the former.
2007-01-06 10:29:08 · answer #3 · answered by Jason 3 · 0⤊ 0⤋
Yes they are real! Some cards offer interest free on new purchases also, try to find one of those. My current credit card, had 0% interest until now, and there were no tricks. My wife also has one, I think they just want to get you into the habit of using their card.
2007-01-06 04:35:00 · answer #4 · answered by sucka 2 · 0⤊ 0⤋
Go for it, but read the fine print & make all of you payments on time & not only for this card but for any other credit cards.
Be late with any & you will end up paying interest & at any rate they may want to charge.
2007-01-05 18:18:14 · answer #5 · answered by Floyd B 5 · 1⤊ 0⤋
Yes.
Just be sure to pay off your entire debt (Or transfer your debt to a new card) before the 15 months are gone.
Chances are the interest rate will be a lot higher than your current credit cards.
They are counting on your memory loss to recover their losses.
Be smarter than them!
2007-01-06 02:28:43 · answer #6 · answered by Anonymous · 0⤊ 1⤋