How Zero Percent Credit Cards Can Help Consumers Pay Off High Interest Debts

Zero percent credit cards do not charge interest within a window of time frame from 6 – 21 months. During the intro period, the debt that you transfer to the card won’t be charged with any interest. The reason why most people have difficulties paying off their credit card debts because the interest fees added to the principal amount has increased the amount to the point that they can’t afford it. But, if the interest fee is removed from the debt, it will be a lot easier for you to pay off the debt. This is exactly what zero percent credit card does.

It removes the interest for a period of time that is refers as the introduction period. You can pay as much as you want every month until the debt is fully cleared. If you managed to pay off the credit card debt within the intro period, you will have save yourself from paying a lot of interest fees. Every single payment that you make will go toward clearing the credit card debt that is transferred to the balance transfer credit card.

After the introduction period is over, you will be charged with a regular interest fee.
The variable interest fee that you will be charged after the intro period is stated on the credit card application page. If you know you can’t pay off the credit card debt within the intro period, you should look for a card that charges low interest after the end of the intro period. Most cards have balance transfer fees so you should ask the representative at the credit card company if the zero percent balance transfer credit card you apply will charge you any fee when you transfer the balance.

After finding out the balance transfer fee, you can do some calculation and see how much you will save if you use the balance card to pay off your existing credit card debt within the intro period. You must make sure that the zero percent credit card you apply can be used for balance transfer. Some zero percent credit cards only provides intro period for purchases so make sure you check first.

You must have a discipline behavior and not easily spend your money on unnecessary things if you want to successfully pay off your debt with a balance transfer card. You should cultivate a frugal lifestyle and save as much as you can so that you can quickly pay off your credit card debt. Many balance transfer cards charge a late payment fee and penalty APR interest rate so you should set up a reminder to help you to remember in paying the credit card bill promptly by the due date.