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0 Apr On Balance Transfers Credit Cards

By admin on July 8th, 2011

Zero percent APR credit cards for business are continuously advertised in the market today and more and more card holders are enticed to own them. Should you really make the switch to a zero APR business credit card? Will zero percent interest rate credit cards really save you money or will it cost you more? What is the truth behind a 0% APR business credit card?

The Naked Truth

While it is true that you can save on paying the additional interest rate with a zero interest credit card, caution must still be taken. Just because a business credit card offers a zero percent interest rate doesn't mean that all fees and charges will also be reasonable. In fact, a zero interest credit card may impose doubly high charges on penalty fees, transfer fees, and other costs.

Also, the zero interest may only apply either on purchases or on balance transfers. If a small business credit card offers zero interest on balances transferred from other credit cards, the interest for new purchases you acquire can be expensive or it can also be the other way around.

Furthermore, the zero percent interest rate will not be applicable for a long time. Some credit cards may give a six-month period or a 12-month period for you to enjoy the zero percent interest. But do you really know how much the interest rate would be after the introductory period expires? Some business credit cards may catch you off-guard and you may find yourself stuck with a credit card that started with a zero interest offer but ended up with an unreasonably high interest.

Choosing Your Business Credit Card

Thus, one can never be too careful when choosing business credit cards. All credit card issuers are mandated by the law to disclose all their rates and fees in the credit card agreement. But the problem is, not everyone actually takes the time to read this entire document, which is often printed in very small letters that are hard to read. Most credit card applicants just scan through their credit card terms and agreement, thinking that it is too long and is a waste of time reading.

But such an attitude can really put you at risk. Remember, not all credit cards are after the best interest of their clients. In fact, most credit cards with zero percent interest somehow find a way to bounce back from the zero percent rate they offer through other costs in the card. Remember that the zero percent interest is just an initial offer. If there's a catch awaiting you, you will not know until you read the complete terms and conditions of the card. You don't want to be stuck with a business credit card with sky rocketing rates just because you did not take the time to read the agreement when you signed up for it.

Another thing to remember when applying for 0% interest business credit card is the timeliness of your payments. Usually, credit cards with zero interest impose strict rules of payment. When you fail with even a single payment, you may get disqualified from getting the zero interest for that month. Also, you may get charged with an additional penalty fee for late payment.

8 Responses to “0 Apr On Balance Transfers Credit Cards”

1. Susana Sky says:

   July 9, 2011 at 7:00 pm

   Is there a credit card that offers a long 0% APR for balance transfers and purchases?
   Is there a card that doesn’t have a balance transfer fee as well? My current 0%card is about to go to10%, and I have $3000 left on it from health care charges. What is the best card to go with? I normally never charge stuff, but this year was really bad for medical costs. Thanks in advance for any advice!
2. two_kee_kees says:

   August 21, 2011 at 2:03 am

   Is it bad to keep transferring credit card balances to 0% APR cards?
   Every time the APR on my credit card kicks in, I search for a new credit card with 0% APR and try to transfer the balances. Then I cancel the card that I just had the balance on. Is that bad to do? It seems to help whittle down the total when I’m not paying any interest.
3. A friend says:

   September 6, 2011 at 5:27 am

   I’m trying to find a Credit Card that offers 0% APR on balance transfers.?
   I have a credit card that has a 15.40 % APR and I’m looking to transfer the balance to another credit card. I checked several websites that offers you comparison with other cards. I just want to know if anyone knows which website or credit card offers 0%APR on balance transfer up to 18 months.

   I’m basically trying to find the best deal before I take a decision.

   Thanks!!
4. Brutus says:

   September 10, 2011 at 2:56 pm

   Discover card has good transfer card, check out http://www.fastcredcardapprovals.com under tranfer cards here you will be able to compare side by side on rates fees and rewards.
5. Steve says:

   September 12, 2011 at 4:57 am

   How can I get a small business credit card that offers 0% APR on balance transfers?
   I own a successful small business with excellent credit rating. I need a small business credit card that offers 0% APR on balance transfers and/or outstanding rewards-points program. What can you recommend to me? Also, isn’t there a web site that helps you find/match personal credit cards to your preferences – is there such available for business too?
6. bdancer222 says:

   September 13, 2011 at 7:16 am

   0% APR offers are few and far between. Even low rate offers are hard to find right now.

   And they all have transfer fees. Use to be that the transfer fees max at $75. Not any more. It’s 3% of the whole amount.
7. nickname says:

   September 15, 2011 at 5:38 am

   When can I transfer to 0% APR credit cards (read details of my credit card bills)?
   I know my credit is nowhere close enough to do a 0% APR balance transfer…so… tell me when you think I’ll have good enough credit…Here are the details…I used to have 8 credit cards, now I only have 5. (I closed my Macy’s and JCPenney and Mervyn’s ones recently after I paid them off in full). This month, I am going to pay off and close my Old Navy credit card, so I will only have 4 credit cards and here are the details of them….

   Chevron- $2,500 credit line…. I basically have it almost to the top each month..like $2,490 by the time I pay it each month

   Shell- $180 credit line..same deal, almost to the top each month

   Bank of America- $7,500 credit line, almost to the top each month

   Capital One- $2,650 credit line, every month it’s like $2,750 it’s been ‘over’ for the past year, even though I never use it cuz I only pay the minimum cuz that’s all I could afford so it’s constantly ‘over’ the limit.

   ..I am working on getting a better job so I can start paying them down, but for ‘good credit’ or ‘good enough that you can transfer your credit cards to 0%APR balance transfers,’ how much of my current debt do i have to have paid off so that I can qualify for those 0% balance transfers? (Which will help me out even more so I can have like no interest for a year on credit cards)
8. T2 says:

   September 29, 2011 at 11:43 am

   I googled business credit cards for ya and sites like Findbizcards etc don’t have anything in terms of business credit. You’re going to find that since this economy is in the crapper, banks are less than willing to lend to a business, even if it’s successful.