Move over direct payday loans, zero percent interest credit cards are on the rise. Credit card companies are pushing for new customers with the zero-interest option for opening a new line of credit. But wait! This offer will not be given to everyone. Having a good credit score will still be a requirement for the new card.
Since not everyone will be able to jump in on the zero-option credit card, keep back up options available. If you are one of the lucky ones who will be able to take advantage of no interest on a credit card, use them to better your financial situation. For starters, read the small print and find out how long the zero option will apply and what it will apply to.
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*Will the no interest only be offered towards new purchases?
*Will you be able to transfer another debt onto this card at zero interest?
*What if you utilize the cash advance option on the card?
*Do all transactions get treated the same?
*How long will my zero-interest last?
*Are there any annual membership or usage fees?
These are all good questions to have answered to help manage your new account in the most beneficial way. These "teaser rate" are usually over in a year when interest begins. If you want to make the most out of the no interest option, pay down as much of the balance if not pay if full before the special offer ends.
Know ahead of time the answer to, "What happens if I miss or am late on one of my payments?" Most often, a credit card company will use any excuse to dissolve the zero-interest option. Not only will you lose the long-term savings, you will be charged fees for your errors. Expensive mistakes can hurt your financial plan.
Don't more over too far direct online payday loans. Emergency access to cash may just be a saving grace when it comes to saving money from fees or keeping a zero-interest credit card paid in a timely fashion. Quick money into your account will keep your scheduled payments going out on time. Low cost online payday loans do work well when your next paycheck is still a few days away.
Managing your money is a great task of the monthly budget. In many cases, it does take someone to have a pretty good credit score in order to obtain special low or no interest credit. You will want to refrain from applying for too many new lines of credit at one time. The hard inquiries to your credit will lower the score. The message you will be sending to new potential creditors will be that of desperation. No creditor will want to lend money to someone they think is desperate for cash. This is read as someone who will spend the available balance quickly with trouble to pay it off. It would be beneficial to your credit in both the long and short-terms to take out a direct low cost payday loan and make the on-time payments.
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