0% APR cards back with a bang

Wednesday, December 29th, 2010

After closing accounts and dumping its customers card companies seem to have realized their mistake and are now all out to woo their customers. After a long hiatus the 0% APR has made its comeback and card companies want to make up with the lost clients. John Ulzheimer, Credit.com, was quoted as saying that these offers made by the banks were one way of saying “sorry”. He went on to add that though the banks were trying desperately to get back their clients, consumers are not going to forget these things that easily as no one wishes to be dumped.

Banks will have to face the ire of the consumers and the introductory period of six months 0% APR will not suffice in order to win back their clients and banks will have to offer much more maybe even a 24-month 0% APR period. While these offers may look good initially, they might not be viable options in the long run and might turn out to be mere empty promises. Card companies use language that would be difficult for the common man to comprehend and hence get some leeway in the terminology that they use such as ‘you may qualify for’ (where there is every chance that it would be hard to meet the qualification criteria) or ‘up to’ which again means that that would be the maximum. Banks have a way with words and more often the terms used are meant to confuse rather than educate people.

Banks will also try to make up for the fees lost during that introductory period and this would resurface as hefty annual fee etc. Grant states that there have been some transfers which have about 7 to 9 percent as transfer fees.

However, the ones who carry balances on their cards with a higher interest rate would be able to make considerable savings with a 0% APR as long as they use it with some caution. The balance transfers should be done by the end of the introductory period and the amount transferred should be feasible to the individual.

Lastly, individuals with good credit rating are hot property and hence they should shop around for the best offers. One should keep oneself updated and constantly look out for better options. Offers keep changing and it would be wise to check with card companies if they have anything new to offer as it is getting tougher as it is a competitive market out there.

Latest Low APR Credit Card News

Tuesday, July 19th, 2016
The prize for Army Credit Union of the Year goes to PenFed Credit Union this year, as the PenFed branch in Fort Hood, Texas is recognized for distinguished service at the Defense ...
Saturday, February 20th, 2016
As 2016 picks up steam and rolls into February and then March, it can no longer really be called a new year. Still, it’s early in the year, and there are surely many surprises ...
Tuesday, January 20th, 2015
Understanding how credit card interest is calculated is important if you want to be more educated and use your credit card more effectively. Here we’ll explain how most credit ...
Tuesday, March 5th, 2013
While MasterCard announcing MasterPass, a digital service that lets cardholders pay with most mobile devices, and Visa and Samsung are announcing a global alliance to accelerate ...
Friday, November 23rd, 2012
Flint Mobile Inc. introduced its new iPhone app that allows retailers to accept credit card payments by just scanning the card number.
Best Credit Offer
Check off the cards you want to compare. Then click the Compare link to go to the comparison table.
Consumer Rating: 4 / 5
Pacific Credit Group Emporium Black Card
Copyright © 2001-2016 BestCreditOffers.com All Rights Reserved.

* The BestCreditOffers.com.com webpage is a free service and an information resource for credit cards and financial products and services available to eligible United States consumers. BestCreditOffers.com.com does not offer any warranties and is not a direct service. There are no guarantees for approval or offers when applying for a credit card. Please refer to the application if you would like more information on each credit card. When you click "Apply" for a particular credit card, please take the time to review the terms and conditions of the product/service at the issuer's website. All logos on the BestCreditOffers.com.com website are property of their respective owners.

BestCreditOffers.com makes every effort to keep information up to date and accurate. However, the information regularly changes and is presented without warranty. Therefore, we strongly recommend all our readers to visit the credit card application page by clicking "Apply Online!" button to review the detailed credit card's terms and conditions. Note that BestCreditOffers.com may be compensated by the credit card issuers when the readers apply for a credit card through this site.

BestCreditOffers.com is an independent, advertising-supported website which receives compensation from the credit card issuers and companies whose offers appear on the site. Compensation may impact how and where products appear on our site, including, for example, the order in which they may appear on the site pages. BestCreditOffers.com does not review or list all available financial or credit offers.

User Generated Content Disclaimer: These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.