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The Hidden Agenda Of 4 Interest Credit Cards | 4 interest credit cards

During these difficult economic times, some people may find themselves in a desperate situation of not being able to pay their bills. They may realize that they do not have the extra money to pay the bills and have to look for other solutions. In such a situation, they could get a 0 interest credit cards to help them solve their problems. The 0 interest credit cards offered by some banks would offer a cash injection to the finances. For instance, if you possess unusual high expenses or you have a need of additional cash, a 0 interest credit card would help tide over the individual during tough economic times.

One important point which needs to be mentioned is the introductory period. There are several introductory period offered by the various credit cards. Generally, the introductory period is a good deal of time which is meant for a good trade. However, if the customer is not aware of the benefits offered by the credit cards, the zero interest period can lure him in for a ride. Before you avail the credit cards, make sure you are aware of the long term benefits and the short-term disadvantages. There are many 0 interest credit cards in the market which may seem to offer a good offer but once the user finds out about the drawbacks, he may feel discouraged.

Some of the reasons for which some of the banks offer zero interest credit cards are – To encourage customers to hold on to their existing card issuers. This would help the banks to attract new customers. To keep the old customers from switching to the new card issuers.

0 interest credit cards generally have a grace period of six months or in other words the entire balance remains free for the user during this period. During the introductory period, the new card holder pays the entire interest amount as well as the incurred debt. Once the balance goes below the threshold limit, the customer will have to pay the entire interest amount and the entire debt. It means that the entire debt will be waived off.

0 interest cards that offer 0% APR for the first six months are called balance transfer cards. The introductory period is designed to bring new customers into the fold of the card issuer, who may offer them 0% APR and other special offers. In addition to the zero interest period, many of these cards offer balance transfers too.

Balance transfers are a popular choice among all the credit cards. A balance transfer is a way to reduce debt. The balance transferred is applied to the principal amount and the interest rate is also considerably reduced. With balance transfers, consumers enjoy several benefits. These include lower APR, no annual fee and a longer repayment period.

Balance transfers can be used by the borrowers also if they want to re-build their financial stability. If you transfer your credit card debt to an introductory period card, you will be freed from paying high interest payments. This means that after the introductory period, you will start paying the normal interest amount along with the additional amount you owe on your card. These transfers enable you to save a lot of money on interest payments. You also have the advantage of longer repayment duration, as you do not have to repay the balance in full by the end of the offer.

The 0 interest credit cards that offer balance transfers work like credit cards in which there are no interest payments for the balance transfer. The only difference is that you are paying the balance at zero interest. The interest free period lasts only for the balance transfer. This means that once your balance transfers to an interest free card, you will have to start paying regular interest again. Thus, you can save a considerable amount of money in interest payments and use it to pay down your balance faster.

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