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There is a lot of interest in 0% APR Balance Transfer credit cards
because of the tremendous savings possibilities they offer. You don’t
have to be an MIT graduate to understand that the 20% you are paying to
a high-interest credit card on a balance of $ 10,000.00 is two grand;
and if the interest on your credit card was 0% APR, that money would
stay in your pocket. It turns out, however, that not all 0% APR credit
cards are the same. Major credit card companies, who are competing
fiercely with each other at this moment, use a variety of enhancement
programs that combine the idea of 0 % APR Balance Transfers and with
other add-on bonuses. Consider the offerings of three of the largest
credit card companies, how they are similar in terms of the basics, but
are putting a twist on benefits:
The Chase Platinum Credit Card
Chase bank has been in the credit card business for a long time, and
this card is their standard offer. It has 0% APR on all purchases and
balance transfers, provides free online account access, and does not
charge an annual fee. The only question about this card is how long
does the 0% APR last; and the answer depends on your credit. If you
have excellent credit, Chase will give you 0% APR on purchases and
balance transfers for a full year. If your credit is good enough to
qualify for the card, but not quite good enough to meet the higher
standards, that period of 0% APR drops. Still, the opportunity to
transfer balances and make purchases at 0% APR makes Chase a good
choice.
The Miles Card from Discover
Another industry heavyweight, Discover, has 0% APR credit cards
available for purchases and balance transfers. The Miles Card, however,
adds the benefit of accumulating airline miles to help consumers choose
Discover over everyone else. The company touts their 0% APR credit card
for its twelve month duration and the ability to include balance
transfers at no interest. The real inducement, however, is the 12,000
mile sign-up bonus and one-mile-for-one-dollar point award. Just to
make the deal a little sweeter; there are no blackout dates for these
miles and you can fly any airline at any time. You have to have good
credit to get one, but the Miles Card from Discover may be a good way
to save interest on purchases and balance transfers while building up
miles for the next vacation.
Citi® Diamond Preferred® Rewards Card
This 0% APR credit card from Citi not only gives you 12 months of
interest-free funds and no balance transfer charges, it also has a
points reward system that gives you redeemable points based on
purchases. The program works by offering five reward points for every
dollar spent on purchases made at supermarkets, drugstores and gas
stations; all other purchases get one point per dollar. You get 5,000
bonus points when you get your card, which can be redeemed for a $
50.00 gift card after your first purchase. Like the Discover card, you
will need good credit to get this 0% APR card, but the initial bonus
points and rapid accumulation of reward points for purchases of the
basic necessities of life could make this just the card for you.
These days, the question is no longer about finding a 0% APR credit
card or a 0% Balance Transfer card; the issue is how would you like
that card—with extra months of interest-free money, airline miles, or
other rewards such as incentive point programs? Any person who is
currently carrying balances on high-interest credit cards should shop
online and take a look at the 0% APR and 0% Balance Transfer credit
cards from Chase, Discover, Citi and other companies. You may just find
the right card for you. |