How To Decide If A 0% Interest Rate Credit Card Is Worth It … For You

Haven’t seen any introductory offers that interest you? offers TONS of balance transfer credit cards as well as low interest credit cards for those with less than perfect credit. Give them a try.

How do I know if a 0% intro interest rate credit card is for me?

Read the fine print.

Read every single word. Every. Single. Word. You need to know how long the teaser rate lasts and how the company treats each situation it encounters (late payments, disputes, etc.). All things being equal, the longer the low rate lasts, the better off you’ll be financially since more of your payment will go to debt reduction rather than interest payments, even if it’s just for a short period of time.

Know the fee structure.

Balance transfers usually have a fee associated with them, somewhere in the 3 – 5% range. That means an $4,000 balance transfer will cost you an additional $120 to $200. It’s usually added on to your balance. If you’re paying more than that in annual interest rate charges with your current card, a 0% intro rate balance transfer may make a LOT of sense.

Know your credit score.

A lot of people have made it a habit to transfer their credit card balances from card to card to card. Though you may save in the interest charges, chances are very good that you’re paying a lot of transfer fees and that you’re doing considerable damage to your credit score. Why? Your credit score gets dinged every time there is an inquiry based on an a credit card application and you’re probably canceling older cards. Transferring your credit card balance is a great tactic to use but don’t overdo it.

If your credit score is already low, carefully consider whether you should apply for a new credit card, even one with a low intro rate. You probably won’t get the lower rate anyway and you’ll only hurt your credit score in the long run.

The bottom line

There are still a few cards out there that will give you an introductory rate of 0% on new purchases AND balance transfers, despite the changing credit market and the CARD Act of 2009. There’s no reason you should settle for less!

Resources to help you find that 0% credit card offer – they maintain a HUGE database of the best credit card opportunities to get either a zero percent rate or a very low one.


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