0% APR cards back with a bang

Wednesday, December 29th, 2010
Updated: December 29th, 2010
The content is accurate at the time of publication and is subject to change.

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.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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